Spent any time calling on real estate advertisements or For Sale signs ?

You’re calling to ask a few questions… It sounds innocent enough. What you may not realize is that Real Estate ads and signs are designed to capture the interest of buyers and generate leads for the sale. Basically to engage a conversation for the benefit of the seller. At face value that doesn’t sound too bad, after all you may be interested in buying the property. But most people don’t stop to think about what this can really mean. Keep in mind the agent that placed the ad or posted the sign represents the SELLER not you the BUYER. Their primary fiduciary duty is to that seller and only secondarily to you if a purchase offer is written. Sounds a little one-sided doesn’t it? Ask your personal agent to do the calling for you. It’s their job and it can easily place you in the driver’s seat while protecting your best interests. They work directly for you and what makes it even better is that the seller pays their commission. A win, win!

 

Pre-approved / Pre-qualified; there’s a huge difference

Getting pre-approved and not just pre-qualified can put you in the strongest negotiating position possible. Additionally many sellers will no longer accept an offer from those merely pre-qualified.  Pre-approval can normally be obtained within just 24 hours and signifies that the information you submitted to the lender has been verified not simply reviewed and the lender fully intends to fund the requested loan amount. To the seller this often means you are serious, capable and the only conditions to be met are your purchase offer and a satisfactory appraisal. That’s powerful!

 

Select your personal Realtor

Prepare to interview. Your Realtor will be an important part of your life for a while. Beginning with your home search and extending through the entire purchase process the right Realtor will be invaluable. The wrong one may lead to worse than disappointment. You can refer to the page  ‘Choosing the Right Realtor’ for helpful information.

 

Traditional, Pre-foreclosure or Foreclosure?

It’s amazing how much ‘wisdom’ and/or hearsay leads buyers to a specific type of property sale. Sadly much of the reasoning we here is ill conceived and often neglects to consider all things of pertinence. The fact is no matter what type of sale it is there will always be some great values out there. You simply need to know how and where to look for them. Each type of sale condition has it’s pros and cons. Which is right for you? Look for help from a Realtor that listens to your needs without bios. Refer to the section ‘Choosing the Right Realtor’.

 

When possible sell your current residence before you buy another

If you have a residence to sell do it before searching for another unless you can comfortably afford both. Those wishing to purchase a new property making that purchase contingent upon the sale of their current property may be setting themselves up for disaster. Firstly your offer is much more likely to be turned down because of the obvious uncertainties that lay ahead. Even worse you may choose to pay more for the property in hopes of getting your offer accepted. But the highest and most expensive liability is the potential $ loss you may be in store for. Let’s say your contingency offer were accepted. There will undoubtedly be some sale timeframe you’ll have to comply with. If for any reason there are problems with the sale of your current property you may be forced to either lower the selling price substantially to entice a hurried sale. If this doesn’t yield a closing of escrow you may have to relinquish the full deposit made toward the new property.  Play it safe, sell before you buy when possible.

 

** If you have any questions please call us at 559 – 917 – 8020 for assistance.