How does the magic happen with home buying? The way they show it on HGTV it looks so easy! These 3 steps at the beginning of your search will set you up for success. You may even create your own home buying show!
As you know, today’s market is challenging, and moving rapidly. With inventory at historic lows and competition fierce, a little advance work goes a long way towards a smooth home buying process, and successful negotiations.
Top 3 tips to prepare for an offer
Whether just dreaming of possibilities or if you have a deadline to be in your new home, the following 3 steps will prepare you for success;
1) Create your team – NOW is the time to interview and hire an agent. Being represented, and securing that in writing will protect your confidentiality and strength of negotiations while you explore all options, including off-market properties.
If you plan to finance, now is also the time to get your pre-approval ready to go. If buying with cash, your agent will need your proof of cash on file along with your buyer agency documents for your offer.
2) Market Data – Study market trends closely. I provde market analysis for my clients to be able to track local trends, as well as detailed comparable sales analysis (‘Comps’) well in advance of making an offer.
3) Negotiation Strategies – it’s important to discuss openly with your Realtor what your negotiation style is, explore pros and cons of options, and strategize together ahead of time so that you not only will be in a position to win, but also know your “walk away” limit.
In today’s low inventory seller’s market, it’s especially important to analyze the big picture of your win, risks you’re willing to take (or not) and your “walk away” limit before getting caught in the midst of the emotional roller coaster of a competing offer deadline.
How do I hire a Realtor?
There are 2 basic documents to hire a Realtor to represent you;
1) Consumer Notice – this is an explanation of agency, not a contract. PA law requires us to provide this disclosure to every consumer we meet.
2) Buyer Agency Agreement – once signed, this secures the privacy of your negotiations. It clarifies for everyone who you choose to represent you and protects you from agency confusion that can arise by attending open houses.
Who represents you should be your choice, not accidental! In my agreements, I always put “on written notice” for ending the agreement. My commitment is to exceed expectations.
If something’s not working for you, I hope you’ll give me the opportunity to correct the issue. However, please be assured our working agreement can be terminated in writing, as simply as by sending an email stating your wishes. Your confidentiality will remain protected.
Wait, do I need an attorney?
In Pennsylvania, you do not need an attorney for the home purchase process. I order title, ensure complete city certs and condo or HOA documents are delivered on time, facilitate and coordinate a smooth settlement.
You are welcome to use an attorney! It’s just not a requirement like in parts of New Jersey and New York. If you’d like referrals to several excellent local real estate attorneys, please let me know.
Many times buyers I speak to feel they might be “wasting my time” since they are early in the process. That’s so sweet! But my business model is VIP, concierge service throughout the process – from dream stage to moving in. I’m here to help!
Let’s talk! Please click on my calendar and book a no-obligation consultation at your convenience.