Have You Selected "The One"?
Why Experienced Home Buyers Need An Agent
Why Do Experienced Home Buyers Need Representation?
By Cheryl Dukes
CherylDukesRealEstate - eXp realty
(10 minutes read)
Here's What To Expect During Your Home Purchase
Initial Meeting:
Even seasoned buyers who have purchased one or several homes will benefit by using a knowledgable and capable real estate agent to assist with their home purchase, particularly those purchasing at the high end.
Knowing who to contact and how to contact them is key, especially for off-market homes. Homes can be for sale that are not listed. With luxury real estate, there is a market of homes that are never listed anywhere. Within the industry, these properties are called "pocket listings". Owners of these properties want to sell their homes, but don't want the general public to know about them, because they don't want to deal with a bunch of "tire kickers" and "sight see-ers". For these homeowners, confidentiality is their primary concern. They only want quality agents to show their homes to qualified clients. These are most likely private individuals, business owners, CEO's, athletes and other celebrities for whom privacy is of the utmost importance.
Likewise, confidentiality is also important to many home buyers. Individuals I represent are always consulted about the extent to which they want their acquisition made public.
There are also homes that have been on the market but did not sell during a specific time frame, most likely because they were priced incorrectly. Being able to identify these homeowners and make contact with them has resulted in my clients being offered a path to purchase a home that otherwise might not have been realized once the home left the market. This requires extra work on my part, but you will see that I am always willing to go the extra mile for the individuals I represent.
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Wait . . . There's Still More Prior To Viewing Your Selected Homes
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PreQualification
Proof of funds is required prior to viewing homes for sale, as most high end sellers do not want unqualified prospects viewing their homes. You don't want to waste your time either, looking at homes that are outside of your price range. To protect everyone, I only show homes once we have proof of funds on file. If you are concerned about confidentiality, no worries. All info shared by you is held in strict confidence and I am prepared to sign a confidentiality agreement if you feel it is necessary.
If you plan to pay cash for your desired home - that's great! You can move on to your next chapter quickly. In this instance, we'll need a recent (prior 60 days) statement from your bank or investment account showing sufficient funds for the amount of your purchase. A statement on letterhead from your investment broker or accountant is also acceptable.
If you plan to finance your purchase, I must receive a prequalification statement on letterhead from your selected lender which confirms the purchase amount you qualify for, along with the amount of funds you have available for your down payment.
In the event you do not already have a reputable lender in mind, I am happy to recommend a few seasoned and respected lenders who can vouch for you based on the financial documentation you provide.
ok - NOW It's Time To Go See The Home of Your Dreams!
Thanks to our initial consult, we can go see homes at your convenience that will not waste your time and that put us one step closer to our goal of getting you the home of your dreams. I will show you the homes available for sale that you selected, plus others as I become aware of off-market properties that fit your interests.
Not only will you get a chance to tour each home on your short list, I will also provide you access to info about the area - schools, travel time, shopping, neighbors and anything else you feel is important to know, along with any special or unique features of the homes you select.
"The One"
Once you've settled on "The One", it is time to write a purchase offer. I walk you though the purchase offer, so you know what you are offering and how it applies to you. We will tailor the offer to meet your needs while incorporating the seller's negotiating position into our decisions. I will also research the property's legal description, liens against the property, foreclosure status and how much the sellers owe on their mortgage. In addition, I will analyze the amount of time a property has spent on the market and analyze price reduction patterns. Finally, I will compare your selected home to other comparable homes that have sold in the area to determine both an offer price and estimated final negotiated price.
Other things we consider before submitting your offer include the amount of earnest money you will put down, due diligence dates, closing date, whether or not your strategy is to have the seller pay some of your closing costs, whether the home needs a home warranty or if it already comes with one, and how your offer can stand out amongst any competition from other buyers who might be trying to get their hands on your chosen home.
We will consider everything we need and incorporate all important considerations into your offer in order to reach an accepted Agreement!
Let's Make a Deal!
Purchase offers need to be presented properly. If a seller receives a poorly written offer, and a prequalification letter from a lender with no real track record, then the seller is likely not going to accept the offer. Presenting your offer in a personalized way and as a fully qualified buyer capable of closing on the home is key.
Most buyers buy their home emotionally. So once you do your part (i.e., fall in love with the lush green landscape, the state-of-the-art kitchen or the spacious bathroom), I will guide you to make sure you statistically do not overpay for your asset.
After Your Offer Is Accepted:
Once your offer is negotiated and accepted by the seller AND we have a fully executed Agreement, your lender will begin working on getting your loan cleared to close. Most escrows (the time from contract acceptance to closing) last 30 to 45 days (if you are financing your purchase). If you are paying cash, this period can be shortened to as little as one or two weeks.
And Now It's Smooth Sailing, Right?
Not so fast. Before you start lining up your moving trucks, we still have a lot of work to do.
It's Due Diligence Time
During your due diligence period, you may terminate your purchase contract for any reason whatsoever, including changing your mind.
However, one of the considerations that we look at during your due diligence period is a home inspection. You are encouraged to hire an independent, certified and licensed inspector to inspect the home you are about to purchase (and yes, even new construction homes in Georgia need to be inspected for deficiencies, termites, radon and other items as applicable).
If you do not already know a qualified inspector or cannot obtain a recommendation from someone you know and trust, just ask me and I will offer you names of a few respected inspectors who serve the Atlanta metro area.
During this time your lender will also need you to provide requested financial information in order to get your loan processed. The lender will also order an appraisal of the home to make sure the lender does not lend more than the home is worth.
If any problems or issues arise with either the inspection and/or the appraisal, I will advise you on the best way to proceed. To avoid complications, I want to reiterate that it is important to select reputable inspectors and lenders for your home purchase.
Can We Move In Yet?
Once inspection issues are resolved and the lender has given your loan the clear to close, you can go ahead and line up the moving trucks and finalize the closing time. At our final closing appointment - once funding takes place - we'll take a minute to capture the moment, AND then finally you can look forward to me getting you the keys to your next home and you giving me a high five!