Home Buyer Bootcamp ~ First Thoughts
Stop losing out on that dream home! Real estate strategies that can give you the best chance of getting the home you desire.
Most of you that read my articles know that I end all of them with the phrase "Knowledge is Power." As the United States real estate market tightens and home inventory continues to establish historic lows, that statement has never been more valid. Buying a home means much more than owning real property. Where you live is important and will likely dictate many things about your life beyond the four walls.
Many buyers lose out on the home they desire and never really know why. They make an offer and hear things like "you were outbid" or "they accepted another offer" but never truly understand the dynamics taking place behind the scene. Without an understanding of what went wrong, they tend to make the same mistake over and over until they either overpay, take unnecessary risks, or both.
I hope this series of articles will educate home buyers and sellers on what is happening behind the scenes of a real estate transaction. A better understanding of how the process works will ensure you have every opportunity of owning the home you desire. After all, real estate, like other things in life, is about opportunity and making the most of it.
Yes, I know the series is called Home Buyer Bootcamp so why should sellers even consider reading further? I believe that to be a good home seller one has to understand the real estate acquisition process from a home buyer's perspective. Also, many sellers are buyers as well, and there are other strategies to consider when having to sell a home to purchase another. So seller's read on.
The Path To Homeownership ~ Preparation
Many believe the path to homeownership starts with finding the right home. I tell you, finding the right home and owning the right home are two different things. Home searching is much more fun than preparing to own a home. Unfortunately, losing out on your dream home due to a lack of preparation is the worst!
First things first, get an experienced real estate agent ~ Don't find an agent with a house, find a house with an agent. Too many times, buyers shop for homes and get whatever agent calls them back. Just because all real estate agents have a license does not mean they are all the same. Good buyer representation is invaluable and can set you up for excellent home buying success. Do your research.
An experienced agent can help you with things like finding a qualified local mortgage lender. Mortgage evaluation prequalification is a massive necessity for many reasons. It is essential to understand the economics of buying a home to establish a price range and monthly payment. We will be talking more about this in future articles.
Now comes the fun part, home shopping ~ Your agent will help you establish home search criteria — price range, location, needs, and desires. Your agent will set you up on an auto MLS search using your chosen criteria. You will be notified within 7 minutes when a matching property is listed. The auto search will make sure you are first to the party and don't lose opportunities.
In the next article, I will explain the process of submitting an offer and what happens to it. I will address things like seller credit, escalation clauses, appraisal caps, home inspections, etc. I promise it will be interesting, so stay tuned and enjoy your summer!
Knowledge is Power!
Jeffrey C. Hogue