The Elena Ha Group
1st Heritage Realty

Where to Start: Setting yourself up for success

• Interview a quality agent – Finding a quality realtor can be a daunting task, but it is an important one. A good realtor can help you navigate the complex world of real estate, negotiate deals, and ensure that you get the most value for your money. Often times, clients will use friends, family, relatives to represent them in a transaction. So, what makes a great realtor in your book? Do you simply want someone you know or do you want someone who can give you the biggest saving in a transaction? Here are some qualities you should look for in a good agent:
  • Someone who has a solid track record of successful transactions in your area. They should also be familiar with the specific type of property you are interested in buying or selling.
  • A realtor who is responsive and communicative. They should be available to answer your questions and provide updates throughout the buying or selling process. A good realtor will also listen to your needs and concerns and work to address them.
  • An agent who is trustworthy and ethical. Look for someone who is a member of a reputable real estate association and has a good reputation in the industry. They should be transparent about their fees and willing to provide references from past clients.
  • Something to consider is doing business with a newer agent. Why be one of many clients in their book when you can be one of the few clients in a newer agent’s book? This realtor does not need to know everything about real estate, but they might have a solid sales background. They just need to be responsive and be willing put in the necessary time to research the answer for you. Look for true quality, not the number of years in business or someone you know.
• Get a full loan preapproval – Getting a loan preapproval is an essential step in the home buying process. Ask your realtor for their partner lenders and why they recommend this specific individual. It is a crucial tool that can help you determine how much money you can borrow and what kind of home you can afford. Most importantly, pick a lender that will collect all your financial documents up front and send to underwriting. A preapproval generated simply with you providing the numbers online is not a true preapproval. Nothing is more frustrating for all involved parties than finding out there is an issue with the preapproval after working hard to get your offer on a home accepted.
• Sign the buyer-broker agreement – This is a contract between you and your real estate agent that outlines the terms of your working relationship. It also ensures that you’re committed to working with that specific agent, which helps build trust and a stronger working relationship. Some agents will require an agreement signed before showing homes, others do not. The seller usually pays for the listing agent and the selling agent’s commission. While a buyer-broker agreement is not required in all states, it’s a good idea to consider signing one to protect your interests and establish a solid foundation for your working relationship with your realtor. Be sure to review the agreement carefully and ask any questions you may have before signing.

What to look for in a home?

When purchasing a home, there are several key factors to consider in order to ensure that you make a wise investment and find a property that meets your needs. One of the most important considerations is location. You will want to find a home that is situated in a desirable area, with easy access to amenities such as schools, shopping, and transportation.

Additionally, you will want to consider the size and layout of the home, as well as any special features or amenities that are important to you, such as a backyard, garage, or updated appliances. Other important factors to consider may include the age and condition of the property, its proximity to parks and other recreational facilities, and the overall value of the home in relation to other properties in the area.

By carefully considering these factors, you can make an informed decision when purchasing a home that will meet your needs and provide you with a comfortable and enjoyable living space for years to come.

Found your dream home. What now?

The first step in the home buying process is to make an offer on the house. This offer typically includes the purchase price, any contingencies such as home inspection or financing, and the closing date. The seller can either accept, reject, or counter your offer. This comes back to why selecting a realtor from the beginning will assist your with the negotiation process. This is especially important when facing a multiple offers situation. Will your realtor know what to do to make a winning offer? Money is not the only way to appease the seller because someone else can always offer more.

Once your offer is accepted, you will need to hire a home inspector to evaluate the condition of the property. This inspection will identify any issues or repairs that need to be addressed before closing. This is a great opportunity to get seller concessions or purchase price reduction. Can your realtor negotiate a great deal and advocate for your needs? Please see ‘Local Resources’ page for some recommended inspection companies. Regardless of the home prices, you want to make sure to perform all inspections necessary. For every house, it is recommended that you should general home inspection, sewer scope, HVAC inspection, termite inspection, and a roof inspection. If your new home has pool, then you should also get a pool inspection.

Next, you will need to secure a mortgage loan. Hopefully, you will have a full preapproval by now and have already selected a lender you’d like to work with. A good lender is a closer. Someone who is responsive and does not drop the ball when you are under contract. A good realtor will only take you halfway. The loan officer will have to carry the torch for the remaining distance.

After you have secured your financing, you will need to have the home appraised to ensure that the purchase price is fair and accurate. If the appraisal value is lower than your purchase price, you may need to negotiate with the seller to reduce the price. As repetitive as it may sounds, picking a realtor who can run a good comp will hopefully saves you from making an offer that is over the appraisal value.

Finally, you will need to close on the property. This involves signing all the necessary paperwork, paying closing costs, and receiving the keys to your new home.