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There is a difference:
Not all real estate agents are alike. Most real estate offices serve both buyers and sellers, and often the same realtor represents both the buyer and seller in the same real estate transaction. Homewright works only with Buyers. As an exclusive Buyer’s Agent, Homewright ensures that the best interests of the Buyer are always served, without any question of divided loyalties or conditional trust.
Establishing a working relationship:
Homewright begins the process by taking the time to thoroughly understand the Buyer’s housing or investment needs, preferences, and timeframe. Establishing a good working relationship and trust are essential at this stage. This provides the Buyer with an opportunity to learn about Homewright’s professional capabilities, illustrate some of the techniques and technology that are used, and answer any questions the Buyer may have.
> Read more to find out how Homewright will assist you as a Buyer’s Agent...
Starting a home search:
The first step in finding the right home or investment property involves establishing “search criteria” that describes what the Buyer is looking for. Several sources used to research prospective properties include: Multiple Listing Services (current and expired listings), on-line real estate classifies, For Sale By Owner (FSBO), and even unlisted property, in some instances. This can be a timely and incomplete process if attempted without professional assistance. Once a list of potential properties has been compiled, all information can be e-mailed to you for your immediate use.
Exploring mortgage options:
Early in the process, mortgage counseling helps a potential homebuyer or real estate investor:
- Examine budget and credit rating.
- Understand various financing options and their implications, the importance of obtaining mortgage pre-approval (not merely pre-qualification), and the different types of lenders.
- Ascertain whether or not the Buyer has sufficient funds available for a purchase contract deposit.
- Explore eligibility for acquisition or renovation assistance in the form of low-interest loan or grants.
The home selection process:
As the search process begins to produce a list of potential properties, additional profile information of the property can be prepared, such as the market history of a listing, assessor records, maps, and other useful information. This approach provides the Buyer with the information needed to determine which properties to arrange an appointment to visit; thereby saving time and expense by eliminating pointless site visits, and avoiding "Buyer's Fatigue."
Preparing for home visits:
Based upon your availability, appointments are scheduled for Homewright and the Buyer to visit each selected property listing. Beforehand, we will discuss the etiquette and pitfalls to avoid while visiting prospective homes. We will also review what additional information can be gleaned from an on-site visit, and the sequence of negotiating and presenting a purchase offer. After each visit, we will take the time to debrief and fully discuss the potential of a particular property, especially whether it merits further consideration.
Visiting prospective homes:
In order to fully explore the home purchase options available on the market, it will take several site visits to different properties and, possibly repeat visits to the same property. However, the time will come when the Buyer is ready to enter into purchase negotiations and to make an offer. At that time, Homewright works with the Buyer to prepare a purchase offer with conditional Buyer protection clauses, for example:
- Subject to the Buyer obtaining bank financing.
- No major defects found in the home inspection report.
- No negative testing results (water quality and flow rate, radon, lead based paint, septic system, etc.).
- Purchase price not exceeding appraised value as determined by an appraisal report prepared for the Buyer.
- No title encumbrances.
- Seller shall transfer title to Buyer by means of a Warranty Deed.
Making a purchase offer:
The objective is to make the most informed decision, after having fully considered available market alternatives, and to negotiate from the strongest position possible. If the number of Buyers (demand) far exceeds the inventory of property “for sale” (supply) this may create market conditions that place the Buyer at a disadvantage. In these conditions, the Buyer is in a weaker bargaining position and must act quickly; or, may want to consider a number of other creative approaches to a purchase. For example, the Buyer may consider to purchase and renovate an existing property as an alternative; or, purchase a lot and build a new home; or, purchase a smaller home with the potential for future expansion; or, simply wait and reenter the real estate market at a future date when conditions change and are more favorable to the Buyer.
Preparing for closing:
Once the Seller has accepted the purchase offer, Homewright will provide assistance throughout the closing process (the transfer of ownership of the property to the Buyer). Homewright will assist with:
- Submission of financing application.
- Selection of a closing attorney.
- Ordering of property insurance, a title report, property survey or other related items.
- Interactions with Seller’s Real Estate Agent.
- Review, in advance of the closing, of a typical closing statement and lender disclosure statement and; if available, review a preliminary estimate of closing costs and adjustments.
On the day of closing Homewright and the Buyer will visit the property just prior to the closing transaction to conduct a final "walk-through" inspection. This will provide an opportunity to assure that:
- The condition and features of the property are as expected.
- All locks and keys are appropriately labeled and operable.
- Equipment is operational and service records, warranties and manuals are available.
- The electrical and water meters, and fuel levels are recorded to verify any potential credits and adjustments.
- Utilities, telephone, fuel, cable, etc. accounts are transferred by Buyer so as to avoid disruption of service.
After closing:
Homewright will also be available after closing to answer any additional questions related to the Buyer’s real estate purchase that may arise. Also, Buyer will be cautioned about the importance of budget management and maintaining sound credit rating after closing.
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