The best advice I can give is to get pre-qualified, which is an easy step to get you one foot closer to your dream home. During pre-qualification, the bank will review your credit and income, then draft a cost analysis specific to your price range.
A pre-qualification letter will then be provided, which gives your realtor leverage in contract negotiations. It also gives you, the buyer, more credibility, which is essential in today’s multiple-offer environment, as countless buyers lose out simply because they aren’t pre-qualified or are offering too low of a bid.
Because of the combination of high residential values, historically low rates and a diminishing housing inventory, it is seriously recommended you contact your lender for a financial checkup.
Scenarios in which houses on the market receive multiple offers and subsequently sell above asking price have become the standard.
Contact your bank and give yourself the competitive advantage needed in today’s fast-paced real estate market. (Memphis Business Journal)
1. ‘Can you tell me more about the house?’
2. ‘What shape is this place in? Have there been any recent improvements?’
3. ‘Has there been a lot of interest in the property?’
4. ‘Why are they selling and when are they looking to close?’
5. ‘How much do utilities usually run?’
6. ‘How much traffic can one expect in this area?’
7. ‘What is the neighborhood like?’
Home Buyer Scam Alert!!! Be careful of agent’s offering “VIP Home Buyer Service” or a similar service. What these agents are trying to do is charge you extra fees with names like “client service fee”, “doc prep fee” or “processing fee”. These agents will try to charge you thousands of dollars for these fees and they are absolutely unnecessary. Never pay your buyer’s agent (and the brokerage they represent) a penny!!! A great agent will give you VIP Service, look out for your best interest, negotiate on your behalf with expert skill, guide you through the transaction and never ask you for money. Home sale procedures are different outside of Los Angeles County, however if you’re buying a home in So Cal and your agent wants to charge you a fee, fire them
View Homes As Quickly As Possible. When there is a high demand for homes, do not be the buyer who waits until the weekend to view those properties. The faster you can see the home, the better chance you have of getting it contracted.
If you wait, others may are also interested in it and the property may already be off the market by the time you get around to seeing it
The biggest issue with dual agency is that having the same person represent both sides can be seen as an ethical dilemma.
If a listing agent has already established a relationship with the seller, they may want to settle with a higher price.
The agent’s role can get a little confusing for the buyer and the seller. You need to know your agent is representing your best interests.
A dual agent cannot have an undivided loyalty and cannot provide a full range of fiduciary duties to both parties.
Think about it. The seller wants the highest possible price for the property. The buyer wants the lowest possible price. There’s an inherent conflict of interest in a dual agency transaction.
As the buyer, you might think you can cut your costs and speed the deal by working with a dual agent. But if you get a good agent of your own, that person should be able to negotiate a better deal that outweighs a reduction in commission.