Buying real estate can be quite complicated. Especially for a first time buyer that hasn’t really paid attention to real estate recently. It’s different then buying nearly anything else. The closest thing to compare might be buying a car, but that even is not a fair comparison at all. We try to help buyers of all experience levels have the most stress free time we can when buying a property. We try and advise buyers on what they can expect during the purchase process and what things to look out for. We like to say that we try and provide the best service before during and after the closing of a newly purchased property. We’ve found over the last couple of years that many agents after the closing take their commission check and run, never to be heard from again if there happens to be unresolved issues after closing. But many agents do a good job as well.
Here is generally how we work with buyers. Though each situation is different based on the type of property a buyer wants and the type of buyer themselves.
First off we have a conversation about what type of property a person is looking for. We discuss characteristics, price, location, timeframe to a purchase. We talk with the buyers about what types of properties are currently on the market for their price range and what to expect. We like to be honest about what it will take to find a suitable property given a buyers situation. We are not the types to promise the moon and say what we thing a buyer wants to hear in order for that buyer to utilize our services.
Next we talk about what type of finances are needed. If a person has cash then we start looking for a property right away. If a person needs a mortgage and if a person doesn’t know a lender we will refer a couple of different mortgage experts that we trust to get the loan done without a lot of drama. If the buyer already has a lender in mind to work with we are generally happy to work with anyone with a couple of exceptions.
It should be noted we as real estate brokers will never know your detailed finance situation unless you tell us. That is between you and the lender. The lenders we recommend are experts at loans and mortgages. We will question the lender for you if it seems fees they will charge you are too high, but we won’t know your credit, your debts, or anything unless you tell us yourself. The only thing we want to know from the lender is that you can qualify for a loan for the price range you want. That pretty much should be a yes or no answer from a lender.
Once you have figured out how you will pay for a property we will then start searching for the property you want. During the current market this could mean looking at many different properties submitting lots of offers. Getting discouraged, getting tired, getting hopeful and finally getting an offer accepted. But also depending on the property you are looking for you might have lots of choices with little competition from other buyers.
Once you find the property you think you might want and depending on the market for the property we will advise you on what maybe a good price to offer on that property would be, what things to ask for in the offer contract to make sure you have a competitive offer if you are one of many offers. Things to look for in a property that might cause the transaction to be difficult or sadly sometimes impossible.
We like to go over the offer contract with each buyer the first time they make an offer to be sure everything is understood. The basic contract is the same for nearly every property, but it is a long one just the same with different parts that protect the seller and the buyer. There are dates to be paid attention to and we will pay attention to them for you.
We guide you through the purchase process and the lender will guide you through the loan process. Which can be complicated and filled with little details that the lender will require of you.
There are many things during the buying process for a buyer to be guided through. Inspections, surveys, deadlines, closing documents, title documents and what they mean, appraisals and the issues that come up from an appraisal. Even the process of wiring money to a title company for closing has to be coordinated. Amendments to a real estate contract are becoming very common during a transaction for various things that the buyer and seller don’t really even care about. Like for example minor corrections or changes that a lender will require that sometimes no one ever has heard of before.
The closing is usually the easiest thing to do in a transaction. By then usually all the details are taken care of. You haven’t bought anything until the closing. I always chuckle a little bit when I hear someone say they bought a house when really they just had an offer accepted. There are a lot of things to do before the property is actually bought. We try and guide you easily to that final closing.
If you have any questions about any type of real estate buying please don’t hesitate to call or e-mail..