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THE BUYING JOURNEY
Question: “Do you believe homes sell for a fixed price, or do you believe they sell in a range of value based on the experience and negotiating skills of your REALTOR®?”
Answer: “My job is to help you get the home you want for the price and the terms that are best for your situation. There are seven ways I do this:
1. Loan preapproval
The process of buying a home begins with loan preapproval. When you’re going to buy a home it’s important to understand all the loan options and different programs available. Before viewing homes, we can coordinate with the lender to demonstrate your strength as a buyer to the seller. We will also help you find a loan partner that can help us present an offer that is compelling to the seller. So right from the start, we will work to save you money by finding loan programs and specific loans that fit your needs.
2. Maximum Exposure
First, we will go through a series of questions that will help me help you find the right home. It will save you days or even weeks on the back end. More importantly, you are more likely to get the home you want.
Starting out most folks are on Zillow, Realtor.com or another search portal online. The problem is that that doesn’t include many of the coming soon listings and off-market inventory. I will provide you with information about homes before the other see it. Did you know we can see all the homes that someone wanted to sell that didn’t sell? Those are called either expired or withdrawn listings. Pocket listings and coming soon are homes that are preparing to come on the market but not yet advertised. It is important for me to know what you are looking for so I can begin to provide you with a full view of all the homes available.
3. Market dynamics
As you are searching for a home, you need to understand the market dynamics. The market dynamics are the relationship between active listings, homes that are under contract, and the homes that have sold. When you narrow your search in on a specific town or neighborhood it is imperative to know as much as possible about that specific area.
· What’s the average list-to-sale ratio?
· Are there any closing costs sellers in this area have been paying for the buyers?
· Minimum, Maximum, Median and Average Days on Market
· Expired and withdrawn listings
The national news shares what is happening nationally, but it is more important to understand exactly what is happening in your desired micro area. I want you to understand the micro market dynamics better than most real estate agents so that we can get you the best deal possible.
4. Offer Strategy
Once we find the home, my job is to shift the focus to offer research.
The research I want us to understand includes, but is not limited to:
· How long has this home been on the market?
· How many showings have they been getting?
· Why is the seller selling?
· Are there any critical dependencies for the seller in terms of the time frame for a sale or sales price?
· What did they pay for the home when they bought it?
· What type of financing did they get when they purchased the home?
These are all pieces of information we can use and potentially leverage to get you the best deal possible. Once we have the offer together, the presentation of the offer is another way to make your offer stand out from others. We submit every offer in an organized fashion along with coaching the listing agent on how to present our offer in the best possible way. The email includes one clean PDF, with our verified approval, with an easy-to-understand summary of the offer. This makes the job of the listing agent easier and shows him/her that we are going to be easy to work with.
5. The components of an offer
I’ll help you negotiate the best contract. Negotiation is my key skill. Price is only one of the five components of an offer. These include purchase price, closing costs, contingencies, deposit and settlement date. These are all negotiable and are all critical to getting you the best deal.
The closing costs are the costs associated with buying the home, including mortgage expenses, title expenses, transfer fees, and several other purchasing-associated fees. The seller may pay any or all of these, it’s negotiable.
Keep in mind, when we come to an agreement to purchase a home, we have the right to buy that home, we do not have to buy that home. Therefore, we are not going to give our power away, and we are going to protect you through the process by the contingencies we utilize in the offer.
6. Contract period
I’m your transaction manager. There are a lot of moving parts in a real estate transaction. My job is to keep you informed and handle those parts, so your contract closes on time. This includes working with the lender, the inspector, the appraiser, the title company and anyone else involved in the transaction while maintaining your protection throughout the process.
7. Settlement
I will be with you through the closing.
· Making sure the numbers are all correct and you have received all the credits you deserve
· Setting up a final walk through so you are assured all repairs have been completed and the property is how you expect it to be
· All inclusions are present and in proper condition
· Coordinating a closing with the lender and title company that’s convenient for you
· Making sure you get access to your new home easily and on time
8. BONUS: Post-settlement
The closing of the home is just the beginning for my services, and I’m here for you if you need anything. You need a contractor, a painter, a mover, anything you need going forward. If you have any questions about this process contact me straight away, I lov