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5 Tips to a Smooth Home Buying Experience
1) Understand the local market. Ever heard the expression “don’t believe everything you hear”? The media’s not always right. The key to remember is all real estate is local. Be careful what you take away from aunt Mary who bought her home 30 years ago. Believe me, I know they mean well. Or what about your friend who says they bought a foreclosure for $20,000 less than the asking price? Small detail but they left out the part about having to replace the entire heating and air system and install a new roof. Educate yourself!
2) Who represents who? Okay, it’s not grammatically correct (my apologies to you English majors) but I have found that most people don’t really understand who a real estate agent represents. They search for homes online, then call the listing agent to show them the property. Guess what? The sellers agent has a duty to the seller to represent them and to get the most money possible for the sale of that home. It’s not wrong, it’s just the way it is.
3) How do Realtors get Paid? In our area, the seller (almost) always pays the buyers agent (unless the property is listed for sale by owner, and no compensation is offered). Again, it’s important to understand where the money goes and how your agent is paid. Be clear on this upfront.
4) Understand the process. Find an agent who can talk in human terms. Agents often assume that today’s homebuyers know what we’re talking about when we talk about “comps” for example. Huh? That’s short for “comparable sales” and usually used when we are talking about what other homes like the one you are (or may be) interested in have sold for. Spend time getting educated on the process before you actually attempt to buy a home. I promise you, this one tip will save you time, money and headaches.
5) Understand the Purpose of a Home Inspection. A home inspection is usually built in as a part of the real estate contract. You’re excited about your new purchase. It’s understandable. A home inspector represents a neutral set of eyes and can save you money. Most importantly, you’ll know what you’re getting into. Every home is going to have issues. Are they issues you can live with? The real importance of a home inspection is to find out what’s really a problem and what’s not. Most contracts have an “option period” built in so that you can opt out of the contract if the inspections reveal major problems. Sometimes, the seller may work with you to resolve problems.
Purchasing a home is a big investment. Do your homework.
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