Buyer Services & Tips
Congratulations on your decision to purchase a new home! Your first step toward buying your new home will be to analyze your needs. Your real estate agent can assist in analyzing your needs so that you will be able to get a clear picture of exactly what you want your new home to look like and how it should function for you and your family.
Viewing a Potential Property
Unless you are extremely lucky, you will probably spend a lot of time viewing houses in search of dream home. Here are some tips to make house viewing easier.
- Don`t view every house on the market make a wish list of your ideal home and only view the houses that resemble what you are looking for.
- Make yourself time for viewing houses. Don`t view a house if you have only got half an hour to spare. You need at least an hour to two hours to check out the interior and exterior properly.
- Be selective. Refer back to your wish list and ask yourself whether the house meets your desires.
- Ask the Estate Agent how long the house has been on the market. This may tell you something about the asking price or house's potential.
- Ask if the house is already "Under Offer"
- Don`t set your heart on a property by the look of the outside. The inside might need a lot of work done to it, or it might be smaller then it looks.
- Write an inspection checklist. This is different then a wish list this will tell you what the property has and doesn't have. Also take a long a maintenance checklist that can help you detect any problems with the structure.
- Don't rely totally on the Estate Agent's description. Only you will know if the house is suitable for your needs.
- Be patient. Be prepared to wait for the right house and never make an offer just because you are "fed up with looking" - you'll regret it in the long run. Most people spend up to a year looking for the right home.
- Don't view too many properties in one go. You'll only wear yourself out.
- Try to create a friendly relationship with the seller. You may end up making an offer for the house, and a good rapport between you can go a long way.
- Try to find out the reason for the sale.
- Inquire from the outset what comes with the house (e.g. fixtures and fittings). Print of our inventory agreement to avoid any confusion once the sale has been made.
- Always view the house in daylight so that you get a proper look at the structure of the house. If you are interested in the property then go back at night to get a feel of the area.
- Avoid taking your kids. If you are interested in the house take them on your second visit.
- And if you like it contact your Estate Agent immediately to arrange a second viewing and make an offer. Don`t delay on making an offer even putting it off for a day could leave it open for another buy to come a long and snap it up.
What Do You Really Need In A New Home?
First, you should write down why you are looking for a new home. For example, Maybe you recently married and have outgrown your current residence. Are you currently renting and would like to have a home where you can begin building equity? Or, maybe your job requires you to move to a new city. Consider these carfully as they can determine how you approach your search for a new home.
Second, establish a time frame that you would like to stay within for buying your home . Depending on your reasons for wanting a new home and the current state of the market in the area you are looking to buy, you should be able to come up with a rough guideline, which you can finalize at a later time.
Last, you most likely have a mental picture of what you would like your house to look like and what features it should have. It's very important to write these ideas down to avoid any ambiguity later in your home search. You should make at least two lists: one should be a list describing your dream home and the other should list the features of the home that are an absolute must have in order to buy it. In a perfect world, your new home would fulfill both lists 100 percent. It is more likely that you will end up blending the two lists into a schedule of prioritized items as you progress through the buying process. This is a natural and evolutionary process as you get clearer about what you want and what is available.
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Choosing the Right Area to Live
You could find your dream home but if the area is not what you want then you will probably never be content in your new home. It is crucial that you find the right area before you even think about looking for a home. There are a lot of things to take into consideration when choosing an area such as crime, neighbors etc. Here are a list of things that you should find out about before opting for an area.
Amenities
Have you got interests outside the home that you like to do frequently? Maybe you like to do aerobics, got to bingo or you like to go to the cinema. Maybe you don`t have any transport of your own and you need to be close to local shops. You will need to think about things that you can`t live without and whether the area has them.
Here are some things that you should make a list of.
- Do the area have a busy high street and do they have enough of the shops that are of interest to you?
- How far is the nearest supermarket?
- Is there a big out of town shopping center within reach?
- Is there a leisure center or gym to serve the area?
- Are there enough parks for the children?
- Are there local youth clubs that your children can join?
- Is there a local library?
- Is there a cinema? If not is there one one in the surrounding areas?
- How far is the town center?
- Is there a local post office, newsagents, butchers etc.? Basically, is there anything that forms part of your life which would be difficult to do without? If the answer is yes and giving it up would make you terribly unhappy, then maybe it wouldn't be such a smart move.
Crime Very few people want to move into an area with a high crime rate. The level of crime in an area can have wide ranging effects, from making you uncomfortable walking the streets, extremely wary of who your kids make friends with, to being downright scared in your own home. Crime can rip the soul out of a community and turn people's lives upside down. There are obvious telltale signs to look out for - graffiti scrawled on walls and shop shutters, smashed windows, burnt out cars, crime is not always so obvious in the evidence it leaves behind. Find out about the crime rate in any area you are thinking of moving to. Check local newspapers, ask residents, shopkeepers. Don`t ask the seller they won`t give you an honest answer. How many houses are boarded up or are up for sale?
Generally the house prices in an area that has a high crime rate will be cheaper then that of its neighbors with little or no crime. You can find out how much crime an area has by using www.upmystreet.com This site also covers all aspects of an area from, house prices, schools to finding a plumber for that area.
Landscape
It can be worthwhile giving some consideration to the physical appearance of the area in which you want to live. You don`t want to open your curtains on a morning to be greeted by a over polluted factory. If you want to live in a city, which most people do. You will still need clean air. Find out the answers to questions such as
- How built up is the area?
- How green is the environment?
- Are there plenty of parks and trees?
- Is the area clean?
- How quickly can you get from the area out into the country? Is it near to the sea?
- Are there any factory`s in or around the area?
- Remember that certain industries have factories that some people find pretty ugly and that create unpleasant smells or noise. If you have no transport do you really want to live in an area that has lots of hills. What sort of factories are active in the area?
Neighbors
There is no real way of knowing what the neighbors will be like before you decide on a particular property. The last thing you want is "neighbors from hell". Most house owners keep themselves to themselves but it is still a good idea to find out a little bit about your future neighbors. Ask the owner of the house you are interested in, if they will introduce you to the neighbors They may get on very well and this might be a good sign. But just because they get on doesn't mean you will get on. If the owner frowns ask what is the matter with the neighbors They might have a running feud or they might simply not get on with one an other. Visit the neighbors if you can you should get an inkling whether or not you will like them. As there is know real way of knowing what the neighbors are going to be like, keep your eyes open and be ready for anything that might a rise. Transport If you are looking for peace and quite it is no good moving near an airport or a railway line. But if you haven`t got your own transport you will need a way of getting to and from work, shops in a neighboring town etc.
Answer these questions and you will clarify your transport needs
- How do you normally get around and will you be able to do that in the new area?
- How easy will it be to get work?
- Are there cycle paths and footpaths?
- Can you easily get on to the motorway?
- Does there appear to be many taxi services around?
- What is the local public transport like?
- Are there good bus services?
- Does there seem to be traffic problems?
- Is there a mainline train station nearby?
- What rail network does it connect you to?
- Is it difficult to get to an International airport?
Here are some useful tips on choosing the right area If you are moving with your partner, make sure you both go have the same ideas on where you want to live or one or both of you will not be able to settle. Visit the area during the day and night if you can. See if you can spot many For Sale signs if there are a lot of them on anything but a new development, this can be a bad sign. Why is everyone leaving? Similarly, take note of the apparent state of local businesses - are they run down, or does it appear that investment is coming into the area? Have a drink in one or two of the local pubs to test the atmosphere. You might even get to know a few of the locals.
Get Pre-Qualified Or Pre-Approved
Now that you have your list of features you want in your new home, you are ready to start looking! Well, not just yet. You are going to need to know in what price range to look. There are two ways to go about this. You can get prequalified or preapproved for a mortgage.
Either way, you will need to contact a mortgage company. There are some key differences between prequalification and preapproval for a loan that you need to be aware of. Loan prequalification is a simple process. It takes into account very basic information regarding your financial status and gives you an amount for which you may qualify. This can be done strictly on a verbal level or electronically over the Internet. The prequalified amount is based solely on the information you provide. In most markets, prequalified buyers usually hold little clout compared to preapproved buyers due to the fact that the information given during the prequalification process is not thoroughly investigated and therefore may be unreliable. Where a preapproved buyer is actually approved for a loan of a certain amount, a prequalified buyer is only told that they might be approved for a certain amount.
Pre-approval is a much more involved process. The lender will take all pertinent information regarding your finances and perform an extensive check on your current financial status. This will ultimately give you the exact amount that you will be eligible for (depending on what type of loan you decide to go with). Being preapproved lets the seller know that you have gone through an extensive financial background check and there should be no unexpected obstacles to buying the home. You can see how being preapproved would be more attractive to a seller than just being prequalified.
Make An Offer
Now that you and your real estate agent have found the home you would like to purchase, it's time to make an offer. Taking into account the recent sales of homes in that neighborhood which are similar in size, quality, conveniences, and amenities, what are you willing to pay for the home? Your real estate agent will consult with you and advise you on how to create an offer that will have the best chance of being accepted.
Your agent will ensure that you have everything down in written form... no verbal agreements. After consulting with your agent to put your offer in a written contract that meets all the legal requirements according to local and national guidelines, your agent will present the seller with a written document detailing what needs to be done by both parties to execute the transaction. The contract should protect the best interests of all parties involved and should be comprehensive in nature. Your agent will also ensure your financial position as the buyer by including any necessary contingencies, which would protect you if a particular requirement were not met. Once the seller ac cepts it, it may be too late to make any changes.
The contract, though not limited to this list, should include the following:
- A legal description of the property
- The offering price
- The down payment
- Financing arrangements
- A list of fees and who will pay them
- Amount of the deposit
- Inspection rights and possible repair allowances
- The method of conveying the title and who will handle the closing
- A list of appliances and furnishings which will stay with the home
- The settlement date
- Any relevant contingencies
Remember that the legalities of this phase are very important. If you have any questions or concerns, they need to be addressed right away. After all, no one has ever said at their closing, "I wish I had asked fewer questions."
Negotiate The Offer
Once your offer is made, you and your real estate agent may need to enter some negotiation in order to reach an agreement. Keep in mind that almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process -- that is, if you have adequate information and you use it in an appropriate manner. Your agent will have the market knowledge and negotiating expertise necessary to make sure that your offer is accepted at the best price and terms possible for you.
Some of the things that you may have to negotiate are:
- The price
- Financing
- Closing costs
- Repairs that need to be done
- Appliances and fixtures
- Landscaping
- Painting
- Occupancy time frame
The key to successful negotiating is keeping in mind that the end result must make both you, the buyer, and the seller happy. Otherwise, negative feelings will persist throughout the remainder of the process and someone may walk away feeling that they were not treated fairly.
Find The Vendors You Need
After your offer has been accepted, your agent will supervise the coordination of all necessary vendors and serving as your advocate when working with each vendor. Your agent will make sure that the vendors have access to the property at the appropriate times to perform their procedures and oversee the execution of those procedures on your behalf.
For instance, the property will need a thorough examination. Working with your lender, you may need to have a formal appraisal and a survey done for the property designated in the contract. A property inspection, a foundation inspection, and an environmental inspection may also need to be completed to make sure that the property is up to the standards set forth in your written agreement. If there are issues or inconsistencies brought to light during this time, it may delay or even nullify the contract depending on the contingencies set forth in the contract.
Homeowner insurance is another very important item that will need to be taken care of at this point. Insurance experts recommend that you obtain insurance equal to the full replacement value of the home. Unless you have insurance coverage on the home, the closing can not proceed. Having these procedures done in a timely and professional manner is a must. Investigate each vendor to make sure that they are reputable and have a clean operational history.
Your agent's experience in this area will be invaluable in making sure that everything is completed on time and in a professional and legal manner.
Choosing the Right Moving Firm
The cheapest way to move is to do it yourself but this can take some time and can be hard work. Moving is not going to be cheap so set a side a budget for moving even moving yourself is not going to be cheap.
Shop around
It is important to get the best deal you can from the removal firm you opt for. So shop around and get a few quotes before you decide which one you want to use. A reputable removal firm would not offer you a quote until they have seen your possessions. Call a few different firms to come out and have a look at what you intend to move. You should write them out a full list of things that you are wanting moved and also a list of things that you will be moving yourself. Only then can they give you a honest quote. Make sure that you get the quote in writing so that they can`t add any extra costs once you decide to use them.
- The removal firm will come to your house and give you a free estimate of the cost of your move. Expect to pay more if you want to move during a peak period (Bank holidays, Fridays, etc). Find out if the quote includes VAT and insurance.
- Find out if the firm is a member of British Association of Removers (BAR) accredited. BAR is the trade association for the removals and storage industry. This indicates that a firm is reputable, and means you will be protected by the Association's code of practice.
What you will pay
What you pay will depend on how many rooms of furniture you have, the distance you're moving and if there are any obstacles to your move, for example, piece of furniture that must come through a window because it won't fit through the doors.
Removal service
You should decide on what kind of removal service you require. For example, do you want the company to do your packing and unpacking for you, or do you want them to pack but not unpack your belongings or simply just move what you've already packed? Anything you pack yourself will not be covered by the insurance they provide.
If you are doing the packing yourself ask the removal firm if they can provide you with some packing boxes or crates. (They may charge you a small fee for this.) Or go to your local super market and get some large boxes.
Once you have chosen a firm
Make sure they know exactly how to get to your home, and give them a spare key if necessary. Also make sure you give them a mobile number so that they can contact you on moving day.
The big day
If you have done the packing yourself make sure you give them an inventory plan of all your goods and keep a copy for yourself so that you don`t forget what has been packed and what boxes they are in. Once everything is unpacked make sure that everything is in order and that nothing is broke or lost. If anything is broken or lost contact the removal firm as soon as possible to ensure that you can get the insurance back off of it.
Pre-Close Preparation
As the closing date draws near, your real estate agent will contact the escrow company or closing attorney and your lender to make sure that all the necessary documents are being prepared, and that they are complete, accurate, and delivered in a timely manner. Your agent will also need to confirm that the documents will be delivered to the correct location so they can be reviewed and that they will be ready for the appropriate closing date.
At this point, you and your agent should find out what form of payment you will need to bring to the closing for any unpaid fees. Make sure that your payment is made out to the appropriate party. Ensuring that each closing document is ready and available will enable you to have a quick, easy closing.
Closing On The Home
"Closing" refers to the meeting where ownership of the property is legally transferred to the buyer. It is a formal meeting in which most parties involved in the buying/selling process will attend. Closing procedures are usually held at the title company's office or lawyer's office. Your closing officer coordinates the document signing and the collection and disbursement of funds. Your agent will be present at your closing to read the documents on your behalf, answer any questions, or help to resolve any last minute or unexpected details that may come up.
In order for the closing to go smoothly, each party involved should bring the necessary documentation and be prepared to pay any related fees (closing costs). There may be more than one form of acceptable payment for your closing costs, so ask the closing officer which form of payment will be required and to whom it should be made out. Closing costs will generally total an amount equal to 2 to 3 percent of the total loan value, not including down payment and the buyer's escrow account.
Sellers sometimes pay for a portion or all of the closing costs, depending on local market conditions, terms of the purchase contract, and the seller's cash and timing considerations. Any such concessions should be acknowledged in writing. Most lenders will allow a credit from the seller to the buyer for the non-recurring closing costs. However, they usually won't allow a credit that reduces the amount of the buyer's down payment or any of the buyer's recurring costs, such as expenses for fire insurance premiums, PMI, or property taxes.
Post Close
Congratulations on the purchase of your new home! Now that you have taken ownership of the property you will need to have your local services such as electricity, cable, and phone set up. Your real estate agent can help you coordinate the set-up of these local services. No doubt your agent already knows who the local vendors are for such services as water and electricity, as well as others, so he or she can help provide you with a list of contacts.
Also, you should already be aware of the expenses that are typically associated with owning a home. Neighborhood Association fees, landscaping costs, and annual taxes should be budgeted for throughout the year.
Moving Tips
Remember moving is one of the more stressful time in a persons life. Here is a checklist to help make moving enjoyable and to make sure that you don`t forget anything.
Don`t forget to pack
Remember, there's more to packing than just throwing things in a box. Packing takes time and patience and by taking your time things will be properly organized and will be easier to unpack once you arrive at your new home.
Changing address
When moving there are so many people that you have to in form of your new address. And you can`t forget the important things such as, clothes at the cleaners, things stored a way in safety deposit boxes.
Moving with Kids
Moving house can be a distressing experience for children. Children like stability and can find it hard to adapt to changes. Involve your children from the start. Whether you are buying or renting let your children decide if they like the new home and the area before you decide to move there.
Communicate
It is very important that you let your children know all you can about the new home, area, schools etc. Children are very imaginative and can build their own version of how things are going to be. Research the area for schools and activities that are of interest to them and share your knowledge with them. This will put their minds at rest and they can start looking forward to the move. or tease them about questions they may have that seem trivial to you they are very important to your kid/s.
Encourage your children to talk about any worries that they might have. Try to understand their concerns the best you can and reassure them that you are there for them and that you will help them to adjust as much as possible.
Allow your children time to grieve over leaving behind their home, school, friends and family. Encourage them to write or let their friends visit (if you don`t live to far a way.) Take them to visit their favorite places one last time before you move.
Involve the kids
Take the children to have a look at the new home and the neighborhood. If you live to far away from the new home and can`t take the kids take photos for them to look at so that they can get a feel for the new home.
Don`t let your children stay with relatives or friends while you are moving. Instead, include the children in unpacking and arranging their new rooms. Arrange children's rooms first, they'll feel more secure if surrounded by familiar things.
Moving with small children
- Take them to the new home and let them visit parks and play groups in the area.
- Leave toilet training and other routine changes until your child is fully settled into the new home.
- Allow them to choose their own rooms.
- Visit the new school with your children several times before the first day
- Sort their room out first to get them settled.
- Expect some regressive behaviors, such as thumb-sucking, sleep disturbances, or bed-wetting to appear before. It might take them a while to get settled. Reassure your children at all times and don`t shout at them if they are a behaving a bit badly.
- Let them help you pack a box with their favorite toys, books, bedtime companions, and clothes this will make them feel more comfortable when traveling.
- After a few weeks check with them concerning school, their new room, friends, etc
Moving with older children
- Throw a party for your children to say good bye to their friends properly.
- Give your children specific jobs to help with the move. Let them know that their cooperation is essential and appreciated. Let them pack their own things.
- Encourage your child to investigate your new community by visiting or writing for information, then sharing it with the rest of the family.
- Research the area for activities and clubs that your children will be interested in.
- Let them to choose and decorate their own rooms.
- Take your children a long to visit their new school before their first day.
- Do not try to convince them of how much they will like the new home, neighbors, school and the area. Only they can decide on how long it will take them to adjust.
- Try to time your family's move to coincides with the beginning of a new school year or term. Making new friends is easier when a new term is just starting.
- Let them know that they can invite their friends to come and stay at weekends and on holidays.
Budgeting to Buy a House
- Before buying a house make sure that you are financially secure. Buying a house is the biggest expensive single thing a person will spend their money on during their life. Make sure you can afford to buy your house by following our tips.
- Run a Credit Report to make certain that there are no discrepancies or problems in your credit history.
- Do an analysis of what your current financial situation is, where the money comes from and where the money is presently going. Develop a household budget for your current situation. Get into the habit of using it on a consistent basis. Keep your spending patterns in check.
- Do an analysis of how buying a house will affect your budget.
If you want to buy a house, start by working out how much you can afford to borrow. If you are in a lot of debt try to pay these off first before you start your budget. (But don`t get into any more debt in the mean time.) If you have a lot of high-interest credit debt, try to move your balances to cheaper cards and plan to spend a year paying off as much of that debt as possible. The less debt you have the easier It will be to get a Mortgage.
Identify your long-term financial goals.
- Owning a house may be one, saving enough for retirement may be another.
- Write down your monthly income, savings, and spending.
Open a savings account to start saving for your house.
Cut back on nonessential spending.
If it is possible to do so without adversely affecting your down-payment situation, pay off minor debts. Before applying for a mortgage begin to gather items such as your last 3 years Income Tax returns, current copies of pay stubs and records of any supplemental income you may have. If you are self employed, you will need all business records and tax returns for the last 3 years. Having these items close at hand will save an enormous amount of time when the Mortgage Company begins to ask for them and they will ask for them. You will have to pay a 5% deposit. Make sure you have it before you consider buying a home.
Raising the Money for the Down Payment
Here are some ideas that you could use to raise the deposit for your new home.
- Ask your parents, other relatives or friends for help. If they can't give or loan any money, perhaps they'll agree to co-sign the loan.
- Sell (or borrow against) other real estate you own.
- Sell securities you own, or borrow against them through a loan from the stock brokerage.
- Sell collectibles or heirlooms you own.
- Cash in on any insurance you have.
- Get a second job. It'll help you raise cash, and the extra income will improve your chances of qualifying for a loan. You can quit later.
- Look for an investment partner who'll put up some or all of the cash in an equity-sharing partnership. You make the monthly payments and the two of you split the eventual resale profits.
- Pawn something you own and use the proceeds for a deposit. You can get the item back after you've moved in and can afford to pay the pawnbroker back.
- Refinance your car or other vehicles.
Mortgage Types
Finding the right type of mortgage and repayment method for you is crucial. This is an area where independent financial advice is essential.
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Repayment Mortgage
Each repayment contains some capital and interest. In the early years, the monthly repayment is made up almost entirely of interest. There will be a gradual reduction in the amount of capital owing. This mortgage is guaranteed to be repaid in full so long as you make each repayment when it is due.
Standard variable rate mortgage
Lenders set a standard variable mortgage rate which will fluctuate in line with the market conditions. It can prove to be a suitable option for those whose immediate future is unplanned and who may not wish to commit to a product which includes a tie in period in the form of redemption penalties. But can be difficult to accurately budget for your mortgage payments.
Discounted variable rate mortgage
Discounted variable rate mortgages involve paying a set amount below the basic variable mortgage rate for a certain number of years. After the discounted period the rate will revert to the standard variable rate. There will usually be a charge for early repayment.
Fixed rate mortgage
A fixed rate mortgage allows you to fix your monthly payments for a specified period of time. After the fixed rate term has expired, the interest rate will revert to the standard variable rate available at the time. It may be possible to fix again when the period ends. This mortgage allows easy budgeting because you know exactly how much your monthly payments will be.
Fixed rate mortgages will protect you against possible rises in variable rates but, if general rates fall below the level of the fixed rate then this could work out a more expensive option.
Flexible mortgages
Allows you to make additional or lump sum payments in excess of your scheduled monthly amount, enabling you to pay off your mortgage early. This reduces the amount of interest charged. In addition, you can choose to re-borrow the money at any time.
Capped rate mortgage
Somewhat like the fixed rate in that the maximum amount you pay is determined during the given capped period, however if interest rates come below your capped rate then your rate will reduce to that rate as appropriate.
Cash backs
The lender gives you either a percentage of the loan or a flat amount as a cash incentive. This is not added to the loan and does not attract interest, though it may be repayable if the loan is repaid before a given period of time. It is common for a cash back to be combined with other mortgage products such as fixed or discounted rates. Cash back appeals particularly to first time buyers, money can be used for legal fees, soft furnishings etc.
ISA (Individual savings account)
Throughout the period of the loan only the interest is paid off. At the end of the loan period the loan amount is still to be paid off. To pay this amount a separate endowment policy or other suitable strategy is created at the start of the loan period. The funds created by this are used to pay off the loan. If the investment has done better than expected then you will have the surplus funds. However, if the policy does not cover the loan amount you will have to cover the shortfall.
If you have any dependents it is a good idea to make sure that, in the event of you becoming seriously ill or dying, they can continue to live in your home.
Other charges
- Valuation Fee: depending upon a) the lender b) the type of valuation/survey you require.
- Lender's Arrangement Fee: payable either in advance or on completion and is sometimes added to the loan
- Legal Fees: Solicitor's fees which may include the need to pay
- Higher Percentage Lending Fee: An insurance fee if the mortgage is more than a certain percentage of the value of the property. This is used to protect the lender and not you. If the lender claims on the insurance policy you will owe the insurer the amount paid out.
- Buildings and Contents Insurance: All lenders require that you insure your property to the full cost of rebuilding it. You should also have the contents of your home insured in case of a burglary, fire etc.
- Mortgage Payment Protection: This will help protect your mortgage and you in the event that you are unable to work through accident, sickness and/or involuntary unemployment.
Services and Compensation
The compensation (commission or fee) can be paid by either the buyer or the seller. Most sellers agree at the time that they list their property, to compensate all agents, whether they represent the buyer or the seller. With a written Buyer Agency agreement, the agent can help you:
- Find a suitable property
- Arrange financing
- Learn more about the property
- Help you prepare a written offer to the seller
- Promote your best interests
Finding the Right Agent
Finding the right estate agent is crucial if you want to sell your house for the best price and in the shortest time. A property that stays on the market for a long time can give the impression that there is either something wrong with it or that it is overpriced. Any delays selling your own home can mean you miss out on your next dream home because someone else is in a better position to move quickly. Don't bother physically looking at properties if you are not ready to buy. It is a waste of your time, the owners' time and the agents' time.
Before viewing
Speak to a mortgage advisor and solicitor before you start looking.
Word of mouth
The best way to find an agent is from word of mouth. Ask people you know if they have sold/bought a house and what estate agent they used and if they were any good. This way you will find out which ones are the best and which ones to stay clear of.
Tour the area
Tour the area and surrounding area you are looking to buy/sell and jot down the 'For Sale' and 'Sold Boards' or ('Under Offer') per agent. Then make a comparison chart. Calculate the agent with the highest number of sold boards as a % of the total number of boards they have up. Try to buy through the agent with the largest market share. (Often the prices of their houses are cheaper). Selling your house should be a quicker process as well as they will have more clients then others.
Get a few quotes
If you are selling make an appointment with at least 3 agents to come out and give you a valuation prices and ask how much commission they charge before deciding on the one you want.
Register
Register with as many agents as you can. If any of them don`t get back to you with in 2 weeks contact them but if they continue to fail to get back to you then take your name off their mailing list. Make a note of the agents you are registered with.
Get to know your agent
Meet your estate agent face to face and not over the phone, not only will you know what he/she looks like but it is more personal and you can build a relationship up with him/her.
Give them a wish list
A wish list is just a description of the type of home, it`s features, the area et c.. that you are looking for. Most agents don`t care about what you are looking for in a house just what price you are willing to pay. And they will keep sending you property listings for that price range. Cut all of this out by giving them the wiliest and tell them that you don`t want to be contacted unless the property resembles what you are looking for.
Contact details
Most agents have lots of buyers and a limited amount of time to contact them about new properties that come on the market. Make sure you give them as many contact numbers as possible.
Viewing
In a busy market, view properties without waiting to see the particulars. View a property during the day so that you can get a good look and to see if there is any thing that needs done to it. If you are interested in a house go back and have a look around the area at night then you will know if the area is as quite as it looks during the day "or if there are kids hanging around on the street corners".
- Make a real effort to get on with the owners.
- Ask how long the property has been on the market. If has been on the market for a while there might be a reason, in need of major repairs, bad neighbors, bad neighborhoods etc..
Offering
As soon as you decide you want it put in an offer straight away. Most people don`t they think they can wait a while and when they go to make an offer the house is already gone.
- Don't give the agent any impression that you might increase your bid (if you are nervous about slipping up, put your bid in writing).
- Get a 'home buyers' survey carried out if the property is more than 10 years old.
- Don't be afraid to re-negotiate the sale price if a home buyer's survey identifies work that needs doing.
- Try to set a deadline exchange date and ideal completion date when agreeing your offer.
- Make your offer including any major fixtures and fittings you want included.
Agent duties to Buyers
- Promote your best interests
- Be loyal to you
- Follow your lawful instructions
- Provide you with all materials facts that could influence your decision
- Use reasonable skill, care and diligence
- Account for all monies that firms handles for you
NOTE: Effective July 2, 2001, in every real estate transaction, a real estate agent shall, at first substantial contact directly with a prospective buyer or seller, provide the prospective buyer or seller with the brochure “Working with Real Estate Agents” and explain the different types of agency law. [NC Real Estate Commission Rule 21 NCAC 58A.0104(c)]
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Do's & Dont's Regarding Your Real Estate Agent
When you are selling through an estate agent remember that they have your best interest at heart. After all if your house doesn't`t sell they don`t get their commission. Here are some pointers on do`s and don`ts with regards to conducting business with your agent.
- DO try to build a relationship with the agent. It can work wonders and you will find that you are getting honest feedback about the marketing of your home.
- DO realize that they have other clients too. Agents with lots of properties on the market generate lots of buyers, which is exactly what you want.
- DO keep them informed of any changes to your position or circumstances.
- DO make sure that the agent can get hold of you easily. If he/she has a client in the office wanting to view your property and they can`t get in touch with you the buyer may decide to look at another property.
- DO take the agent's advice with regard to price if your home has been on the market for more than 12 weeks.
- DO plan regular updates with them.
- DO ask them to detail what the marketing plan is, so that you know what they are doing.
- DO always keep the communication corridor open. Never let communication break down to such an extent that neither party wants to phone the other. You have a mutual interest in selling.
- DON'T wander into the estate agent's office demanding an update regarding the marketing. Make an appointment to come in and see your contact. That way you won't get quickly made-up excuses but a properly thought-out update.
- DON'T ring up every time you go out of the house just to let them know that you will be out.
- DON'T blame the agent if a potential buyer fails to turn up. It is usually the buyer's fault.
- DON'T forget that they know the market far better than you, especially when it comes to prices.
Disclosed Dual Agent
An agent acting under a disclosed dual agency relationship, may represent both the buyer and the seller, provided that there is a signed agreement by both parties, and that this dual agency relationship is disclosed with the written consent of all parties.
The agent may not disclose to either party, without the written consent of the party adversely affected by the disclosure, any information obtained within the confidentiality and trust of the fiduciary relationship. The agent must not disclose to the buyer that the seller will accept a price less than the listing price, nor tell the seller that the buyer will accept a price higher than the price offered. The dual agent basically acts as a facilitator or liaison between both parties.