Rates for a 30-year fixed mortgage have hovered around 4% in the past week after hitting a 12-month high near 5% in November. While those tenths of a percentage point will matter to your clients
5 Golden Rules of Home Buyers - don't break them.
Are you looking to buy a house? That's fine, but just keep in mind that in this heightened emotional state, it's easy to get swept up
Some decisions may be fairly
Worried you might not be aware of all the things you might do that could inadvertently rub home sellers or real estate agents the wrong way? Then heed these five etiquette rules that many home buyers might all too easily overlook.
Rule 1: See a house online you love? Don't call the listing agent
When you're looking for a house and find a place that looks like it could be The One, it can be tempting to jump the gun and call the listing agent immediately. But stop right there.
The reason? The proper channels of communication dictate that you should ask your own buyer's agent to reach out to the listing agent, who will, in turn, let the home sellers know of your interest. We know it sounds like a long game of telephone, but it's necessary for a number of reasons. Namely, it means both buyer and seller have an agent looking out for their distinct interests, facilitating the deal.
You're not going to get a better deal by going directly to the listing agent.
If you are not represented and if you do not have an agent, then feel free to call the seller's agent, but as a buyer, you should get an agent, as they can best represent your interests.
Rule 2: Don't ask your agent to show you homes until you sign a buyer-broker agreement
We know that signing legal documents is scary. But here's the thing: If you're not ready to commit to your real estate agent, you're not ready to get serious about buying a home.
You should sign a buyer’s agreement so that your buyer’s agent knows you are serious and ready to go. From a consumer protection standpoint, it's a very good thing for all involved.
A buyer-broker agreement is a legal contract that defines the relationship between the buyer (that's you) and your real estate agent. The agreement is good for both
And, if the relationship doesn't end up working out, you can always end the agreement and find another agent to work with. It's poor etiquette to work with more than one real estate agent at a time, and the buyer-broker agreement shows your agent that you're not doing that.
Remember that buyer's agents are only paid if they close a deal—they aren't paid for their time. As such, it's wrong to call another agent just because yours is unavailable or on vacation.
Rule 3: Don't make an offer without mortgage pre-approval
A mortgage pre-approval letter from a lender saying it will provide you with financing to buy a home up to a certain loan amount. It makes everyone's lives easier since it provides proof of how
Rule 4: Don't be late to home showings—or bail entirely
If you have an appointment with your agent to view a home, treat it like a priority. If you're going to be late or can't make it, call your agent and let him know.
If you don't respect your agents time, then you don't have a good working relationship.
Rule 5: Don't pretend you're ready to buy if you know you're really not
This one might sound like a no-brainer, but it's such a big part of real estate etiquette: Don't pretend that you're ready to buy if you aren't. Don't enlist the services of a buyer's agent if you know you're still in the fact-finding and "just looking" phase of your home search.
So go to open houses. It’s fine to window shop. Just be upfront with everyone about where you are in the process. Don't pretend you're ready to buy just because you want to be taken seriously. Many times you will
Now happy home hunting. Call us, if you want to get serious.
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