The Koster Team Home Buyer's Guide
When purchasing a home it will be a massively daunting task. For most, even the process of how the purchase works is vague. We here at The Koster Team want to help you breakdown what is going on to help the first time homebuyer or perhaps a seasoned home buyer understand where they need to start.
It’s important when buying a home to choose the right real estate agent below are three attributes to look for in a good agent.
Knows the Market
If you are new to the city or maybe it is your first time buying a house in the city you will want an agent who knows the market well. Someone who is familiar with the area and can quickly place you in the right neighborhood based on your needs and wants.
Has the Right Credentials
Just like you wouldn’t go to your mechanic for a physical; it’s important that you don’t chose a real estate agent without the proper credentials such as:
ABR (Accredited Buyer's Representative): Completed additional education in representing buyers in a transaction.
SRES (Seniors Real Estate Specialist): Completed training aimed at helping buyers and sellers in the 50-plus age range.
Lastly, if your agent calls themselves a “Realtor” with a capital “R” it means that they are a certified member of the National Association of Realtors.
Know How Long They’ve Been in Business
With longevity in the industry comes experience and the more experience a real estate agent can offer in their field the safer you as a client can feel, knowing that you are in good hands.
When you obtain financial pre-approval you are determining what your available budget is to potential purchase a piece of real estate.
Your initial buyer’s consultation allows for you and your real estate agent to sit down and hash out all of the finer details about what you expect in your new home. You will be asked questions that help your agent find the size, location, and price of the house you are looking make your home.
As soon as you complete your consultation your real estate agent will get right to work to select properties that best fit your needs. Once your agent finds available properties that are potentially appealing to you, your real estate agent will work with the house’s seller and schedule a time for you to view the house.
If you like what you see from your viewing then you make an offer on your selected property. When preparing your offer it is especially important to included the following two things in your offer.
You and your real estate agent will want to first determine the dollar amount that you will want make to the seller of the property.
It’s important to included an offer expiration that allows enough time for the seller to consider the offer and accept the offer or make a counteroffer.
Once you are happy with the offer being made and the seller has accepted it, it’s time to get down to business. This is the time when you negotiate the terms of the contract and tie up any loose ends before accepting the contract. After everything is agreed upon it is time for you and the seller to sign the agreed upon terms.
Once the terms are set the seller now has a timeframe to get everything in order on their end. For example, if the contract stated that the buyer has to conduct certain inspections then this would be the allotted time they would have to do it. Everything would be predetermined in the terms and contract. This is often called the “Sale Pending” stage and during this time a seller can still be actively trying to sell their property and accept offers, should your offer fall through.
After the contingents are met and the timeframe fulfilled, it is time to close on the property. This consists of signing all the documents, completing financing, and the title deed being transferred.
You’ve now reached the last stage of the buying process it’s time for one last step, take your keys and make your new house your home.
