Whether you are a first time buyer or this will be your third home buy, below is a great deal of helpful information that will keep you informed during the home buying process. By knowing what you’re up against, will greatly reduce your stress level throughout the Seven Processes of Buying Property.
When it comes to choosing a real estate agent, “we don’t have the information that we have about other service professionals,” says Stephen Brobeck, executive director of the Consumer Federation of America, in Washington, D.C. However, there are several things you can do to pull back the veil of uncertainty to accurately assess a real estate agent’s performance history or potential for success when it comes to your home or business, as a buyer or a seller. “Would you pick up the phone book to choose from the yellow pages a brain surgeon? Of course you wouldn’t, you would make your selection from a list of qualified professionals recommended by others who know of their reputation and success. Shelley O’Hara, author of ‘The Complete Idiot’s Guide to Buying & Selling a Home,’ says, “When you announce your desire to purchase a house, you may be surprised at the number of real estate people who want to represent you. Agents come out of the woodwork. You won’t have to worry too much about finding an agent — you do need to worry about finding a good one.” Buying a house is the most important financial transaction most people will make in a lifetime, and the most important thing when either buying or selling a home is to select the right real estate agent for you. Funny though how many people usually go about it backwards. They read a newspaper or get one of the home magazines in the supermarkets, and they call about a home they see advertised. They should first select the real estate agent — one who will understand what they need and can navigate the system for them. “Advertising is designed to make the brokers’ and agents’ phones ring. Typically no one buys the house they called for, but from that point on, they’re ‘joined at the hip’ with a real estate agent they don’t know anything about — whether they are good, bad or indifferent or new to the business. They need to find an agent before they find house.” You must make inquiries before you sign with an agent or broker, as commissions can be pretty substantial, and a reason real estate agents will often try to sell you anything and don’t listen to what you’re saying. They’ll tell you every house is the best house they’ve ever seen, every room is the prettiest, your kids are going to love it, and your dog will have lots of friends to bark with. They’ll tell you anything you want to hear! So, remembering that this will be one of the most valuable possessions, it is of the utmost importance you find an agent you can trust. A real estate agent that is capable of maintaining the highest fiduciary duty standards you can entrust anyone with — trust and confidence. And they should be an agent responsible enough to disclose all the material facts of any transaction — everything they know about the property — be it good or bad. If your agent knows that the basement floods with three inches of water every time it rains, they are obligated to disclose that fact to you.” “When it comes to choosing real estate agents, we don’t always know who you would be comfortable with, it’s not like finding an other service professionals from the yellow pages,” says Stephen Brobeck, executive director of the Consumer Federation of America, in Washington, D.C. “so do your homework and ask a lot of questions; especially from other satisfied buyers.”
The long and winding road that leads to the door of your new home can be confusing and exhausting. It helps to know you are not alone and that you have, at your disposal, your Agent’s professional expertise. I will help you to do the following: • Educate you through the entire process.
• Listen to your needs to understand your real estate objectives.
• Help you understand all of the paperwork.
• Handle any problems that arise during the transaction.
• Properly prepare forms, contracts and disclosures, which are required by law, and make sure that they are legally correct.
• Provide comparable sales data to assure that you are paying the proper price for your home.
• Help you find the right home in the right neighborhood.
• Screen homes before your inspection to make sure the property meets your needs.
• Guide you regarding the repairs that should be made.
• Show you homes in an effective and professional manner.
• Guide you in your selection of escrow/closing and title people.
• Oversee the closing process.
• See that the completion of the transaction is smooth, including obtaining keys and taking possession of the property.
• Help you spot sellers who are attempting to take advantage of you.
• Help you understand the use and limitations of good faith deposits.
• Advise you as to when you should seek the advice of an attorney.
• Make sure the appraisal process is handled properly.
• Help you to understand the complete loan, escrow/closing and title process.
• Advise you as to any inspections such as septic, well or soil, which might be applicable to the specific property in which you are interested.
• Guide you as to how the escrow/closing instructions should be prepared.
• Properly handle the walk-through process with you prior to the final closing.
• See that any repairs or requirements are met prior to the closing.
• Advise you as to what course of action should be taken if the seller refuses to close the transaction.
• Negotiate and deal effectively on your behalf with the seller, other agents, escrow/closing, title people and attorneys.
• See that each and every facet of the buying process is effectively and professionally handled in your best interest.
For most of us, buying a home is the biggest single investment we’re likely to make – and we’re only likely to do it maybe once or twice in a lifetime. The process is, by nature, filled with checks and balances – and many complex details. Traditionally, agents were legally obligated to protect the interests of the home seller. Today preferences are changing. One of these changes is that more home buyers are choosing to have their own real estate agent, known as a buyer’s agent, to legally represent them. A buyer’s agent represents you, the buyer, not the seller, and has full fiduciary duties, including loyalty to you. By definition, the buyer’s agent has your best interests in mind throughout the transaction. The percentage of home buyers with buyer representation has grown significantly in the past decade. According to a recent National Association of Realtors® survey, nearly half (46%) of home buyers used the services of a buyer’s agent last year, and four out of every five buyer’s agent agreements were in writing. The benefits of buyer representation is the dedication of a buyer’s agent to the home buyer. The buyer’s agent and home buyer establish a mutual agreement, known as a buyer agency agreement, that will entitle the home buyer to, but is not limited by: Loyalty The real estate agent must act in the best interest of the buyer. Disclosure All material facts such as relationships between agent and other parties, existence of other offers, status of earnest money, seller’s financial condition, property’s true worth, commission split with other brokers, and legal effect of important contract provisions. Confidentiality Any discussions, facts, or information that should not be revealed to others but does not include responsibility of fairness and honesty in dealings with all parties. Accounting in dealings Reporting of where any money placed in the hands of the broker is kept. Reasonable Skill and Care Arriving at a reasonable purchase price and advising the buyer of such, affirmatively discovering material facts and disclosing them to the buyer, investigating the material facts related to the sale. With a buyer agency, the interests of the home buyer will be represented in the purchase of the home. This scenario is different from a typical transaction where the buyer is not technically represented.
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