Home buying process scenarios.
There will always be a scenario or two which you will face when looking in to the home buying process.
It is important when you find a home you want and put an offer in on, to be knowledgeable about the way your offer looks so you are able to reach an agreement with the seller.
If you are putting in offers but keep losing it to other buyers when starting the home buying process, read on…
The most irritating side of home buying are the emotional highs and lows:
You are told it is a historic buyers market and that interest rates are so low you need to buy fast. But then, you find the perfect home, you make an offer, but you’re told by your real estate agent that somebody else beat you to the deal.
If the buyer will not negotiate, fortunately, after reading this, you will know how to buy a house and you won’t have to deal with the emotional roller coaster that ensues when you go about it the wrong way.
First of all, every seller will negotiate. The seller in these home buying scenarios is not the problem.
How To Buy A House – Choose The Right Real Estate Agent
The problem is that poorly guided home buyers treat every prospective home the same way. They have a market opinion, but each home is situated uniquely in the market. Would you use the same negotiation style for a home priced to sell immediately as you would with a home that is grossly overpriced? I don’t think so, but many buyers do.
So solve this first problem by making sure you contact The Lawhead Team.
How To Buy A House – Work The Process
Too often, new home buyers want to run out and start looking at houses. In fact, many buyers end up finding their real estate agent when they do this.
And this is horrible. When you put the cart before the horse, nothing good is going to happen.
There are things that should be done before you put yourself into a position to create an emotional attachment to a new home. For example, you should choose your real estate agent, not just get the one that “comes with the house.”
Also, you should get your financing in order (or your cash), so that you understand the parameters of how to buy a house in the value range you desire.
And you better gain a solid understanding of current market conditions. Supply and demand in the area(s) you want to be, as well as what your posture is going to need to be. This might be a buyer’s market overall, but it’s a seller’s market in some small niches. Knowing the market will allow you to better understand the competition for the home that you will find.
There are other important parts of the process that you should discuss with your chosen real estate agent, and all of this can be done before selecting properties to view. While this might not sound as fun as just going to look at houses, it will save you thousands, if not tens of thousands of dollars, and it truly is how to buy a house!
How To Buy A House – Choose The Right Properties
Your home buying property search, when done using the right tools, will lead you to the “best deals on the market.”
That means it is highly likely that other buyers will find the same homes (everybody wants a good deal, right?). So you have to be the best offer the seller receives!
If you hire the best real estate agent, you work the process, and you choose the right properties, then the rest of how to buy a house is easy.
Any home you’ve extracted from the thousands available will be attractively priced (because you’ve eliminated more than 90% of the market with the process).
When you factor in liquidity in the housing market, then you will know how many other buyers are likely interested in the home that you favor. If it will be more than just yourself, you will need to make a bold offer. Often times, wise home sellers have priced their homes lower than what the final sales price will be, so don’t hesitate to make an offer above asking price if your (highly skilled and hand selected) real estate agent advises you that is what is needed to be above the competition.
Remember, homes priced below the market attract multiple buyers, so the seller’s asking price is far less important in how to buy a house than your understanding of the value of the home. And that is why your real estate agent selection is so critical when starting the home buying process.
And if somehow your search has found a home that is grossly over-priced, you need to understand that this is a homeowner who really does not have a home to sell. When you make your offer (at what you think it is worth), this seller will not budge. Avoid these sellers at all costs, as nothing good can happen by looking at an overpriced home.
Contact The Lawhead Team to start your home buying process today.