Navigating a Real Estate Transaction as a Buyer

Home Buyer Wilmington Real Estate Property Shop
Navigating a Real Estate Transaction as a Buyer
Monday, September 21st, 2015

Let’s talk about the residential transaction from the Buyer point of view.

 

First, if you are looking to purchase a home, please hire a REALTOR®. There are so many aspects and

moving parts to a transaction. The hard work begins AFTER you find your dream home and are under

contract. You will have to decide on what is the best loan for your particular needs. Getting prequalified

is a very smart first step. Knowing before you start looking how much you are comfortable with

spending will make your decision so much easier when you find “it.” Provide your REALTOR® with two

lists. One that will list the things you MUST have and another list of your wish list. Must haves include

master bedroom on the first floor, open floor plan, type of siding, the number of bedrooms, what side of

town you want to live on? A wish list could be a fence or pool, things that can be added later.

 

Now we start looking. As REALTORS® we have the ability to set our clients up on something called a

client portal. We enter specific criteria and a search is automatically generated showing us what is

currently on the market that fits the parameters of the client’s criteria. At first you will get a complete

list of what is currently on the market that fits the criteria. This might be over 100 listings. Following that

initial search, you will receive a message at least once a day with new listings and price reductions. You

will have the opportunity to save or reject each listing. We can then see what you have saved or rejected

and will schedule a time for you to view the ones you like.

 

You find the property you like and we make an offer. Now the negotiating begins. It really should not be

all that messy. Everyone involved in the transaction knows their job. The buyer is to provide everything

needed for the loan, to do their inspections in a timely manner and to provide the seller with the

necessary repairs that have shown up on any report.

 

The seller knows that they are to provide clear title, understand the items that showed up on inspection

reports that do need to be addressed (changing the paint color in a room is not a request the seller

should be asked to do) We are looking for items that are not performing the function for which they

were designed.

 

Both the Buyer and the Seller need to be aware of changes that are coming soon that have the potential

of delaying the closing. Changes to appraiser responsibilities and to lending disclosure requirements are

right around the corner. Please understand, have patience and keep the lines of communication open

with all parties. In my opinion, a transaction that in the past took 30 days will most likely take 45 days.

 

Ask questions, be an informed consumer. As REALTORS® we want our clients to be well informed, to

understand the ins and outs of this process. This is most likely the largest investment you will make. A

home provides more than just a roof over your head. It is the place that your life takes shape, it is your

safe harbor, it can enhance your financial future. So again, if you have questions, ask! We may not be

able to answer them all but we know the people who can. Your financial advisors are there to lead you

on investments that will enhance your portfolio, county and city zoning staff that will tell you if that

small home based business is allowed in a certain neighborhood, the manager of the Home Owners

Association that will make sure your ideas are within the covenants of the community.

 

Put your team together, do your due diligence, ask questions when needed…..and then enjoy all that

home ownership provides.

 

IMG_7201  By: Patrice Willetts