Tips for Home Buyers
This is no secret, but has been a little under reported …
It’s a challenging home buyers’ market out there.
Recently I had a Waupaca client in the $140,000 to $175,000 home purchase price range, who made 5 different purchase offers, before one got accepted. Each time this couple made an offer they got beat by a better offer. Finally, one of properties they had lost out on, came back on the market as the deal fell apart so, we swooped in and got a new offer accepted.
Having to make a series of multiple offers is a bit extreme in Waupaca, but it clearly shows that it is a sellers’ market, which presents challenges for home buyers today.
To help with your search, here are a few custom written, local tips to help you acquire the home of your dreams:
Get a Buyers’ Agent –
A “Buyer’s Agent” is just that – the agent of the buyer. So, you want someone that is fully committed to YOU instead of an agent who is working both sides of the table. When listing a person’s home for sale, that agent owes their fiduciary responsibility to the seller; often new buyers will simply call the listing agent’s phone number that is associated with that property.
That’s like having the same lawyer represent you and your opposition!
Sign up for auto EMs from the local MLS
High quality homes that are priced right and in good areas are selling quickly.
A Realtor can put your search in the local MLS so that you’ll receive automatic emails – Immediately – when new listings, that fit your basic home buying criteria go live to online sites such as Zillow.
Being the first to know a home is available will increase your chances of being first through the door of your dream home.
High quality homes that are price right and in good areas/neighborhood are selling quickly.
Get Pre-Approved for Your Home Loan
Sounds obvious right? Well I still get people calling who have not been pre-approved for a home loan. And, sometimes buyers find out they cannot get approved for the value of a home they would like to buy and other times, buyers find they can spend more than they thought for a new home.
And, there’s a big difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage. Anybody can get pre-qualified for a loan. Getting pre-approved means a lender has looked at all of your financial information and they’ve let you know how much you can afford and how much they will lend you.
Additionally, do your research so you know all the costs associated with getting a loan.
I have a couple of very experienced lenders who work quickly, answer their phone or call back quickly and who are very good at getting the very best mortgage deals for our clients. Like anything else in life – not all mortgage brokers or mortgage bankers are the same and we know the best ones we are in the business of recommending professional that client thank us for once the deal is done. Call and we will get you hooked up with a professional home loan person.
Give Your potential New Home a Physical
In my opinion, it is Realtor malpractice to recommend not having a home inspection.
Recently, I helped a client buy a “spec house” – a home that was just completed and which had not been lived in yet. The buyers had done their research and decided to pay the $325 fee to have a local home inspector give this “new” house a once over. No problems were found and the home inspector, who was a former builder, explained that he thought the home showed very good craftsmanship.
Another home purchase I helped with, on a six year old almost $2,000,000 house, the inspector found a roof problem that turned into a $14,000 repair project. In this case we negotiated to have the seller give the buyers $14,000 at closing and then the buyers hired a roofing contractor of their choice, so if there was a problem in the future, the buyers knew who to call.
Again, always ask for a home inspection. It is up to the buyer to pick their home inspector but, if you do not know any inspectors we an provide options.
If the home inspector finds “defects” in the home you are about to purchase, having an experienced and knowledgeable Realtor on your team is important to be sure you negotiate repairs or price reductions that are in your very best interest. I have been working buyers all over the value spectrum for over 11 years so, you will sure learn from my experiences, to help assure you negotiate the best possible terms for any home repairs that need to be done before you buy.
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