Dear Future Home Buyer,Wow...interesting times out there! Short sales, foreclosures, changing loan programs....it's so hard to know what to do. Is this the right time to buy? Or should you wait? Where should you go to find answers.
If you are reading this, you already know there are many websites which are available to give you some insight. You can now find home listings, mortgage rates and even your credit report online. But what you still need to know is how to put all this information together to build a coherent plan of attack. A good buyer's agent can help you do this. And a buyer's agent represents you free of charge. Their commissions are paid by the seller.
A buyer's agent is not someone who necessarily rejects real estate listings, but in your case will be someone who is representing YOU and only YOU. This is not someone who is representing both buyer and seller in the same deal. That, in my opinion, is a recipe for trouble...and something I never do.
A buyer's agent will help bring a team of experts together to work with you depending on your needs. This might include a tax consultant, a mortgage broker, and/or a credit counselor. It will certainly involve a comprehensive discussion of your home needs. You will explore cities, size of home, community amenities, school districts, resale values...all the things that should go into an educated home purchase.
This can be done in various ways. I like to set up a custom website for each buyer and load it with a personal search. Using this site, you will receive all the listings directly from the MLS which suit your criteria. On this site, you can save, sort and make comments on the listings...and send them directly to me by email if you have specific questions....or see something you'd like to view. Once we develop a working list...we can go see them.
This is all the things you would expect a real estate agent to do for you....but do you know what happens after you find the perfect home?
During escrow...your buyer's agent is there for you too! We not only negotiate the price in the offer, but represent you during the escrow period too. You will have a home inspection. There might be repairs needed. Although most listings now say "as-is" even banks recognize that sometimes making repairs for a buyer ready to close is better than holding firm and risk starting from scratch with a new buyer. Especially if the problem is severe.
A good example is mold. Most banks, regardless of whether it's a short sale or foreclosure, will address a mold problem. Once they have been made aware of the existence of mold, they must disclose it to every new buyer...they might as well handle it with us. There are other major problems that can be addressed in a bank approval situation too. If we are working with a seller with equity...there is even more room to negotiate repairs, or credits, to handle problems with the home condition.
Other issues which might occur during escrow include insurance quotes, appraisal problems, title discrepancies. All situations your buyer's agent is prepared for, and experienced in solving. Can all problems be solved? of course not...but your agent will have the experience and resources to guide you during the entire process.
In short....if you are ready to buy a new home, or if you are ready to THINK about buying a new home. Start talking to a buyer's agent.
Good luck with your new home purchase and we are here to help when you are ready.
Karen
www.great-western-realty.com
Showing posts with label buyers agent. Show all posts
Showing posts with label buyers agent. Show all posts
Friday, March 20, 2009
Friday, January 23, 2009
What can your buyer's agent do for you!
I know that this market is unusual, confusing and frustrating. The good news, many "agent" who were really just order-takers have had to leave the industry. This should leave a group of experience, committed agents left to help you. This is a positive step for our market...more experience means better service and smoother escrows. But, if you haven't found the perfect agent yet, and are wondering what they can do for you, I'm hoping to give you an understanding of what to expect from your agent.
Obviously an agent will work with you to put together a list of possible homes to go see. Great Western Realty Group specializes in using the latest technology for Internet searches. Many buyers do a lot of the "leg work" on the Internet before they begin the physical search. Once you contact us with your specific criteria, your agent will create a personalized website for you to begin using at your leisure. This site will be linked to the Southern California MLS and you will receive all new and current listings directly on this site.
You will have the capability to sort home into favorites and possibilities. You can also make notes directly on the listings, email them to your agent for further questions and map them if you would like to drive by them yourself. We like to use this tool to develop a working list of homes you might like to see in person. It allows your agent to know in advance what interests you, we can offer suggestions and do back ground research prior to meeting with you. This system allows you to go at your own pace, with no pressure, often we will work with clients for over a year while they watch the market. Especially in this market, the ability to keep an eye on prices and inventory will lead to an educated purchase.
Once we have identified interesting homes, we will go see them. At this point you might write an offer on one, or more of the homes you see. The Southern California Market has seen drastic drops in price, but there has also been a flurry of offers, no reason not to explore all homes you have interest in. Remember that listing prices are simply the sellers' wish price, not the one they might actually take. The next step would be counter offers or acceptance of our offer. For the purposes of this article, let's assume you found a home at a good price and are ready to open escrow.
Escrow is the term for the closing process in California, other states use attorneys. An escrow officer and number will be assigned to you. The escrow officer acts as an impartial third party whose job it is to make sure that the terms we have all agreed to are carried out. They work with buyer and seller agents to get the full contract and deposit. They will order a title report and title insurance to make sure the seller has the legal right to sell the property. They will also check for liens on the property and make sure they are released. They talk to the current and future lenders, order payoffs and gather information necessary for the new loan documents. They also order Home Owner Association documents to verify that the association is not being sued nor incurring unforeseen expenses which might cause your dues to increase. All monies also go through escrow.
While escrow is handling all this, your agent will work with you to do all home inspections necessary for you to find out the quality of the home you are buying. This should always include a home inspection by a licensed home inspector. You might also need a mold inspection, if there is evidence of moisture problems. If the home is on a hill and/or if you notice cracking in the walls or concrete, you might be advised to get a geological survey. Other inspections could include termite, electrical or plumbing. The home inspection time is also an opportunity to get estimates for improvements or repairs.
The other important activity during this time is finding a loan. You have probably already begun this process by pre-qualifying with a loan officer, but now is the time to get final loan approval. Once you find loan program that fits your budget, your lender will order an appraisal. The lender will want to make sure that the home is worth what you are willing to pay for it. This is especially critical in our market. The last thing we want to do is over pay.
When all these items are done, and meet your approval, we will remove the contingencies and we "coast to the close." Your Great Western Realty agent will be available for you at all times during this process. I know you've heard stories about agents that disappear as soon as you sign an offer, but the great agents will always be there to help you through any hiccups that come along. We want you to find the home buying experience an easy, stress free one. And once you close escrow and have moved into your new home, we want that stress free feeling to continue.....so every buyer who buys a home through a Great Western Realty Group Agent will have a complimentary home warranty on the home.
A home warranty will cover you for all your major systems in the house for one year....and you can renew it if you like. Electrical, Air Conditioning, Furnace, Plumbing, Pool/Spa Systems and many other major items. This is just one more way your agent makes sure you are a satisfied home owner.
Please visit the search page of our site to get started, search for active listings.....and if you like, register your criteria for your free website.
http://www.great-western-realty.com/HomeSearch.htm
We look forward to working with you!
Karen
www.great-western-realty.com
Obviously an agent will work with you to put together a list of possible homes to go see. Great Western Realty Group specializes in using the latest technology for Internet searches. Many buyers do a lot of the "leg work" on the Internet before they begin the physical search. Once you contact us with your specific criteria, your agent will create a personalized website for you to begin using at your leisure. This site will be linked to the Southern California MLS and you will receive all new and current listings directly on this site.
You will have the capability to sort home into favorites and possibilities. You can also make notes directly on the listings, email them to your agent for further questions and map them if you would like to drive by them yourself. We like to use this tool to develop a working list of homes you might like to see in person. It allows your agent to know in advance what interests you, we can offer suggestions and do back ground research prior to meeting with you. This system allows you to go at your own pace, with no pressure, often we will work with clients for over a year while they watch the market. Especially in this market, the ability to keep an eye on prices and inventory will lead to an educated purchase.
Once we have identified interesting homes, we will go see them. At this point you might write an offer on one, or more of the homes you see. The Southern California Market has seen drastic drops in price, but there has also been a flurry of offers, no reason not to explore all homes you have interest in. Remember that listing prices are simply the sellers' wish price, not the one they might actually take. The next step would be counter offers or acceptance of our offer. For the purposes of this article, let's assume you found a home at a good price and are ready to open escrow.
Escrow is the term for the closing process in California, other states use attorneys. An escrow officer and number will be assigned to you. The escrow officer acts as an impartial third party whose job it is to make sure that the terms we have all agreed to are carried out. They work with buyer and seller agents to get the full contract and deposit. They will order a title report and title insurance to make sure the seller has the legal right to sell the property. They will also check for liens on the property and make sure they are released. They talk to the current and future lenders, order payoffs and gather information necessary for the new loan documents. They also order Home Owner Association documents to verify that the association is not being sued nor incurring unforeseen expenses which might cause your dues to increase. All monies also go through escrow.
While escrow is handling all this, your agent will work with you to do all home inspections necessary for you to find out the quality of the home you are buying. This should always include a home inspection by a licensed home inspector. You might also need a mold inspection, if there is evidence of moisture problems. If the home is on a hill and/or if you notice cracking in the walls or concrete, you might be advised to get a geological survey. Other inspections could include termite, electrical or plumbing. The home inspection time is also an opportunity to get estimates for improvements or repairs.
The other important activity during this time is finding a loan. You have probably already begun this process by pre-qualifying with a loan officer, but now is the time to get final loan approval. Once you find loan program that fits your budget, your lender will order an appraisal. The lender will want to make sure that the home is worth what you are willing to pay for it. This is especially critical in our market. The last thing we want to do is over pay.
When all these items are done, and meet your approval, we will remove the contingencies and we "coast to the close." Your Great Western Realty agent will be available for you at all times during this process. I know you've heard stories about agents that disappear as soon as you sign an offer, but the great agents will always be there to help you through any hiccups that come along. We want you to find the home buying experience an easy, stress free one. And once you close escrow and have moved into your new home, we want that stress free feeling to continue.....so every buyer who buys a home through a Great Western Realty Group Agent will have a complimentary home warranty on the home.
A home warranty will cover you for all your major systems in the house for one year....and you can renew it if you like. Electrical, Air Conditioning, Furnace, Plumbing, Pool/Spa Systems and many other major items. This is just one more way your agent makes sure you are a satisfied home owner.
Please visit the search page of our site to get started, search for active listings.....and if you like, register your criteria for your free website.
http://www.great-western-realty.com/HomeSearch.htm
We look forward to working with you!
Karen
www.great-western-realty.com
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