1. DON'T GET "PRE-QUALIFIED” GET “PRE-APPROVED”
If, like all of us, you want to get the best house you can for the least amount of money, you need to make sure you are negotiating from a position of strength. Price is only one element in the negotiations and not necessarily the most important one. Often other things, such as the financial strength of the buyer and their down-payment or the closing date are critical to a seller.
It’s useless to be "pre- qualified" by a lender. This means that you have spent a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you "pre-qualified" and issues a certificate that you can show to a seller. Sellers are aware that such certificates are worthless, because none of the information has been verified.
The way to make a strong offer today is to get "pre-approved". This means that all your financial information has been checked and verified by a qualified loan professional and a lender finds that if nothing changes they will lend you the money you need to purchase a home. This process often only takes a few days.
2. GET A BUYER’S AGENT
2. GET A BUYER’S AGENT
Listing agents place ads to get you to call them - they want to handle both the seller and buyer end of a deal. When reading an ad know that what is not mentioned in the ad is usually more important than what is. For example, many homes have some drawback that any good agent will never mention in an ad, such as traffic noise, power lines, or outdated plumbing and electrics.
Remember that the person writing the ad is representing the seller. When you look at a house with the seller’s agent they will not critique the property or point out any drawbacks you should know about - it’s up to you to find them out on your own. Or you can get your own agent - known as a buyer’s agent.
Remember that the person writing the ad is representing the seller. When you look at a house with the seller’s agent they will not critique the property or point out any drawbacks you should know about - it’s up to you to find them out on your own. Or you can get your own agent - known as a buyer’s agent.
Your buyer agent looks out for you and your best interests during negotiations on price, inspections and contingencies. In Massachusetts a seller's agent can work with you as a buyer for the property, but the listing agent must disclose that in the event of a conflict of interest they work for the seller and look out for their interests above yours.
Did you also know that many homes are sold without a sign ever going up or an ad ever being put in the paper? These great deals go to those people who are committed to working with their own buyer’s agent. When a buyer's agent sees a great house come on the market they call their client who is looking for that type of house.
So in order to get the best buy and to save time not looking at unsuitable properties, I always recommend that you hire your own buyer’s agent and if they’re good stick with them.
3. DON'T BE PUSHED INTO A HOUSE BUT DON’T BE AFRAID TO STEP UP FOR THE RIGHT ONE
Your agent should show you everything available that meets your requirements. Don't make a decision on any house until you feel that you've seen enough to pick the best one. Especially if a town is new to you, it is a good idea to get a feel for the town and its neighborhoods. A good agent has the patience and experience to work with you until you find the right house.
Having said that,however, there are two circumstances where you may need to make a fairly quick or bold decision. There are times when a home comes on the market and as your buyer agent, as soon as I see it I know it is what you have been looking for - a reasonably priced house in a good location 
in great shape. This one won't last and when I call, if you think you'd like it you should be willing to look at it now and make a decision quickly.
The other situation is that it's your first or second weekend looking at houses when you find "the one". It's great - just what you were looking for. But....you've only seen five other houses and what if you find one weeks from now that you like more? Sad to say, I have had clients in this situation and who weeks or months later were saying, "Gosh I wish we had jumped at that house.... it was just what we wanted." Sometimes the right one is one of the first few you see. Trust your gut if it is.
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in great shape. This one won't last and when I call, if you think you'd like it you should be willing to look at it now and make a decision quickly.The other situation is that it's your first or second weekend looking at houses when you find "the one". It's great - just what you were looking for. But....you've only seen five other houses and what if you find one weeks from now that you like more? Sad to say, I have had clients in this situation and who weeks or months later were saying, "Gosh I wish we had jumped at that house.... it was just what we wanted." Sometimes the right one is one of the first few you see. Trust your gut if it is.
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1 comments:
"DON'T BE PUSHED INTO A HOUSE BUT DON’T BE AFRAID TO STEP UP FOR THE RIGHT ONE"
This is so true. Many first-time buyers fail to act quickly when exactly the home they are looking for hits the market, especially when it is early in their home search. Later they are kicking themselves for not acting faster.
Great post.
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