What should a buyer expect from their Realtor? A Realtor is hired to represent a buyer in the purchase of what very well could be the largest asset of their life, so what is expected?
Firstly, understand that the Realtor/buyer relationship is a partnership and there is a team necessary to complete the process. Buyer, agent, loan officer, financial advisor, attorney, title company, inspector, and brokerage support. When all parties to the transaction are in sync it creates a smooth, seamless experience.
Setting expectations - It starts with a dialogue that explains the market and buying environment. Right now it is a seller's market so buckle up and be ready to listen to the strategy for this type of market. Inventory is at historic lows, rates may be rising, and pent up buyer demand looms.
Finding your property - Be enrolled in a portal and on the agent's website to get notified of any new properties. Response time will be critical from scheduling a showing, to making an offer, to doing an inspection. A new property on the market means getting in to see it immediately and acting quickly.
What is needed - A current preapproval from a reputable lending institution. The choices are a retail bank, a mortgage bank and a mortgage broker. Ask your Realtor which is right for you. Please note that your financing options, downpayment amount are important factors. Is your team ready to perform? Have an inspector and attorney on standby.
How to win an offer in a multiple offer situation - Be prepared with your preapproval, proof of funds, inspector, and attorney. Be sure your Realtor composes the offer to purchase email to include the facts: you have an attorney and inspector on hand to perform quickly. Include any timing issues with closing and be as flexible as possible. When involved in a multiple offer situation remain calm, remove your emotions as to not get disappointed if your offer is not accepted. Think of it as a business transaction although you are in love with the house! Put in your BEST offer, this could sometimes be 20% more than asking. Be sure to ask for comparable SOLD properties as well as PENDING properties to see how much the market has accelerated in the past 6 months. This will help to determine where to start. Some buyers are willing to overpay for a home that you do not think is worth it...it happens. If this is you, then the home has absolute value and overpaying should not be an issue. If you do not want to overpay in this highly competitive market, expand your search into an area with less buyer competition or seek other options. Offer to pay closing costs, for the seller to rent back with no charge, to pay moving costs. Contingencies are often waived such as inspections and appraisals. Discuss these points to see what your options are. Tactics may add value to your offer in addition to purchase price. Don't give up!
Buying a home is an exciting time, enjoy the process, you WILL find the right home with a knowledgeable Realtor!
If you like what you are hearing in this blog please contact Elisa, Team Leader with The Café Residential Team at McGrath Realty Inc and 35 year residential expert. We specialize in a delivering an educational and stress-free real estate experience.
914-912-1355 call/text or [email protected]
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