January 07, 2019
What Sort of Attitude Benefits a Prospective Home-Buyer in the Process?
When someone is considering getting into the market to purchase a home, we believe it is worth taking stock of their situation. Rather than rushing headlong into the market making certain misbegotten assumptions, we recommend potential buyers take an attitude of circumspection about their capacity to purchase a home, and to go into the process with a certain readiness.
For one thing, before a potential buyer goes around looking at homes for sale, it is only logical that they get a sense for what homes may be within financial reach. That means first shopping for loans—looking at whether the potential buyer would best benefit from a 30-year or 15-year loan, with fixed or adjustable rates, among other considerations, depending on what they are looking to get out of the market. Then, once they have received a prequalification from potential lenders, the potential buyer should take the extra step of obtaining a letter of pre-approval. This will give any sellers they encounter a bit of security in accepting an offer they might make—because the sellers will know the offer is backed by a lender.
Once the pre-approval letter is secured, then it’s time to find a real estate agent. Buyers will do best to seek out a buyer’s agent—because this is an agent who is hired to strongly negotiate in favor of the buyer’s interests. (A listing agent—who works for the seller, after all—is contracted to get the best deal for that seller, and may not have a buyer’s best interests at heart; in fact they may be required by law to do otherwise.) Buyers should keep in mind that they are not required to sign an agreement of exclusivity with an agent on the first day of showings. It can make sense to shop around for an agent until they find one with whom they click, on both a professional and perhaps a personal level. (Indeed, we know of situations in which a second or third buyers’ agent became close friends with prospective buyers for years to come.) An agent who “gets” where a buyer is coming from will be more likely to effectively narrow the vast field of potential properties into a well-curated few, helping a buyer avoid shoppers’ fatigue.
Once a buyer has found that perfect home for their budget, the offer is accepted, and all contingencies in the purchase agreement have cleared, we here at Topouzis & Associates, P.C. stand ready to be absolutely sure our clients are conveying and purchasing title clear of judgments and defects. And we help our clients put into place a good policy of title insurance—another must in the process—to make certain. Contact us if you’d like us to do this for you.