Buying and selling a home is a process that some people just do once or twice in a lifetime, so oftentimes it feels unfamiliar and awkward. Having an experienced real estate agent that can walk you through the various steps is so helpful. Listing agents want buyers to have specific things when it comes to purchasing a home. Buyers agents want sellers to have specific things, too. Here’s what they are:
Listing agents generally want the potential buyer to have the following:
- A competent agent.
Listing agents generally want to work with a knowledgeable agent that is experienced in managing contingencies and is ethical throughout the process, especially when there are multiple offers on a property involved.
- A pre-approval letter.
Going house shopping without a pre-approval letter showing what home price you’re qualified to shop for, is a time drain for everyone involved. Before shopping for a home, buyers should have a pre-approval letter from their lender that has credit, assets, and income verified. That gives agents parameters on what homes are within the buyer’s range.
- Reasonable expectations.
Buyers have many ideas on what they want their next home to look like, but those expectations need to be realistic. In other words, buyers need to have reasonable expectations of house conditions based on the age of the home.
Buyers agents generally want the seller to have the following:
- A knowledgeable, competent agent.
Working with another agent who has experience in using the right forms and standard processes is important, and working with another agent that is ethical is also key. In today’s market, there are often multiple offers on homes and working with someone who follows ethical guidelines in those situations especially is important.
- Empathy and realistic expectations.
Sellers want to sell their home, but it’s important to keep in mind that buyers are facing a lot of stress in the process trying to find a home. Buyers agents appreciate sellers that have empathy for what buyers are facing in a low-inventory market. In addition, sellers that have realistic expectations of what types of repairs a buyer will ask for as a result of the home inspection is also important to making the selling process go smooth.
- Resources and information.
Sellers should be proactive about finding reputable, licensed contractors to get repairs done quickly and efficiently, the first time. This will help the selling process go a lot smoother. In addition, sellers should stay informed about the closing process and stay on top of getting their paperwork in order so there are no unnecessary delays.
Buying a home or selling one can be an exciting, but overwhelming time in your life. No matter what position you’re in, you and your Realtor should be able to work well together on whatever steps are coming next. If you’re looking for a Realtor to help make your home sale or home purchase a reality, contact me today.
Buying a home is an incredibly exciting time! It also involves a lot of details and it can be a little overwhelming at times – especially if this is your first time buying a house! To make things a little easier, here are some tips and information that you should keep in mind when it comes to making one of the biggest purchases in your lifetime.
#1: Don't change your financial position.
When you’re buying a home, it’s important to keep your financial position steady. Don’t quit your job and try to find something new. Also, it’s not a great time to become self-employed, where your income could become unstable. In addition, be sure that you keep the money that you have set aside for closing costs in a place where it will not be spent. Wait to make big financial changes after you have closed on the home and have moved in.
#2: Don't change your credit position.
Having good credit is a big part of securing your loan and moving into the final stages of closing. Don’t buy a car, truck, furniture, boat, or motorcycle during the process of buying a home and be careful that you don’t max out your credit cards, apply for new ones, or fall behind in your payments on cards that you already have open. Don’t be lured into those “90 days same as cash” deals, either. That will show up on your credit report as well. Making these types of mistakes can cost you time and could be detrimental to the overall process of buying a home.
#3: Don't change your bank accounts.
This may not sound like a big deal, but changing your bank accounts or making large deposits could throw a kink in things. Before you do this, check with your loan officer.
#4: Be ready to provide a lot of information.
Get ready to provide a lot of personal paperwork and have any forms completed in a very specific timeframe. Federal guidelines have changed a bit and there are new deadlines that have to be strictly adhered to. Don’t worry, your loan officer and your Realtor will walk you through every step so you know exactly what’s needed and at what time.
#5: And of course, be honest and open.
Don’t omit debts or liabilities from your loan application. Now is the time to be very clear, not withholding facts that could help expedite the loan process.
Most importantly, try not to stress. It’s normal to be overwhelmed at points in the process and feel doubt how things are going. So, when in doubt, call your Realtor or loan officer, but try not to blame us for the rules – we didn’t make them up! We are glad to help you through the many steps and make sure you come away from this happy and excited to be in your new home!
Tips Provided by Nancy Johns, Blog Written by Brooke Strickland (brookestrickland.org)