Thinking of Buying a Home?
Should I buy? Should I rent? It all boils down to your “WHY.” And it’s my job to help you figure out “why” you want to move, and how buying or renting fits in with getting you set up for your future and long-term goals!
Most agents won’t even represent renters, and will just push you to buy a house, even if that’s not the best move for you or your goals.
Well that’s what I’m here for – to make sure you have all the tools and education that you need in order to make the best decision for you!
Take a look at the basic steps below, and also take a look at my checklist of things to ask about!
Schedule a meeting with your Real Estate Consultant, and get the ball rolling!
I’ll go over all your questions like:
What’s the process?
Do I get pre-approved?
What is a Real Estate Consultant versus a Traditional Agent; and why do I need a Consultant?
Do you work for me, or for the seller?
It is especially important to have your own Real Estate Consultant by your side during showings, working for you, not the Seller!
Most traditional agents might just show you homes, without explaining the proper paperwork or the process; and they might not even be working for you, they might be working for the seller!
I’ll walk you through every showing, representing you and your best interests, and making sure you know every step of the process!
Sound complicated? Well that’s why I’m here!
I’ll guide you through every step of the process, from writing an offer to handing you the keys to your new home!
Making sure you’re kept updated, making sure you can make informed decisions every step of the way, and keeping the process as stress-free as possible, is my #1 priority!
How do I find homes to look at?
My recommendation for our local area is to use Nestfully.com (click the button below which will take you to Nestfully’s website, and read more about why Nestfully is the best option below)!
I can set you up with a direct portal into the MLS (Multiple Listing Service) which is the database that Realtors use to enter property listings into. Our local MLS is BrightMLS. The MLS is owned by the local Realtor Associations, and only agents who pay to subscribe to the MLS are allowed to enter listings.
All the consumer-facing websites like Zillow, Trulia, Redfin, ApartmentGuide, Homes.com, etc. all pull data from the MLS.
Nestfully is BrightMLS’s direct consumer-facing portal and integrates directly with BrightMLS (BrightMLS pays them).
Most other consumer-facing websites that aren’t paid directly by the MLS, even though they pull data from the MLS (we call this syndication) are NOT accurate. Some are pretty good. But here’s the reason why many are not – most consumer sites have an option for real estate agents to pay them for “leads.” This means that these websites have to drive traffic to their sites…and this means that these sites don’t care about accuracy, they just care about website traffic that they can give to their agents!
For example, let’s say that Website A tells you your property is worth $550,000, and Website B tells you your property is worth $525,000…well which one are you going to ask to give you an agent to sell your property? Of course, the one that says they can sell it for more! Never mind that the property might actually be worth $490,000 and the numbers the websites misled you to believe are complete misrepresentations of the current market!
Another example – Website A knows that this property has gotten them a ton of clicks…are they really going to let everyone know that the property is not available as soon as it is off the market? Or are they going to milk it for months so that everyone thinks that the property is available, and will reach out to one of their agents to see the property…even though it’s already been sold?
I won’t name names as to the worst culprits of this dishonest marketing, but I’ve seen some of these websites take MONTHS to display accurate information and have valuations hundreds of thousands of dollars off!
Some consumer-facing websites also purposely withhold some MLS records, because they want For Sale By Owners or For Rent By Owners to pay their system fees to list the properties on their sites, and don’t want you to use a Real Estate Professional to sell or rent your home!
Nestfully.com does NOT sell leads and is paid by BrightMLS just so consumers have a portal to access its listings with, and therefore does not have any of the issues mentioned above!
Like I said, some of the other websites take months to update…Nestfully normally is almost instantaneous.
Now keep in mind, Nestfully does NOT integrate with every MLS nationwide, so if you are looking somewhere outside the DMV, let me know and I can get you connected to a local expert that can guide you on the best websites to use to search for homes in any other areas of the country!
Buyer’s items to ask about checklist:
Lender/Loan Type: Work with a local lender, not a “big-bank” one! A local lender is familiar with the area and knows what special loans you might be able to get (for example, USDA Rural Housing Loans which are only available in some areas). A local lender also gives you a real person that you can text or call, not just some call center where you have to fight an automated system just to get through to someone! Many of the “big-bank” loans are fantastic for re-finances, where there is no pressure and there is all the time in the world, but when you need an answer 5 minutes ago, there is something to be said about being able to pick up your phone and call the lender’s cell phone!
Pre-Qualification vs Pre-Approval: A pre-qualification just means that you have told the lender about your financials, versus a pre-approval means that they have actually taken a look at your documents and assessed them to make sure that you will be approved! It is very important to seek a pre-approval and not just a pre-qualification – yes, a pre-approval takes longer, but it finds many issues that might otherwise not come up, so we can fix them easily now, versus while under pressure from deadlines in a contract!
Loan Fees: Some properties/loan types/lenders have different requirements! Make sure your Real Estate Consultant communicates with your lender on exactly what they need and when!
Application Fees: Some lenders will charge a fee at the time of official application. Sometimes this application fee covers the appraisal and/or other fees, and sometimes it doesn’t.
Appraisal: Some lenders will charge an appraisal fee up front, and some will not charge it till closing. It’s important to know what you’re going to have to pay upfront, versus what you’ll have to have at closing!
Inspections: Some loan types and some lenders have required inspections. Make sure to know ALL inspections that are required! Well, Septic, and WDI (Wood Destroying Insects i.e. termites) are all examples of required inspections that have an EXTRA COST! Some jurisdictions may require a Radon inspection as well! These are NOT NORMALLY INCLUDED in a standard home inspection and can easily jump up and surprise you if you haven’t asked about them beforehand! Traditionally the buyer is responsible for the cost of all/most inspections, depending on the type of loan and loan requirements. Even if a loan is not *required*, it is suggested to get as thorough of an inspection as possible! Look for an inspector that has gone above and beyond the basic state licensure, and joined a board like InterNACHI, and gotten additional certifications such as becoming certified as a Certified Master Inspector!
HOA Dues: Don’t forget to budget for your HOA dues if applicable!
Insurance: Work with a professional insurance agent that can help you find the best insurance for your needs!
Title Fees/Taxes: There will be some taxes and fees due to the state/county/and title company for their services and title insurance! Make sure to plan for those and ask your lender about which of these costs are a part of your loan and which ones you have to pay upfront!
Moving/Storage: Make sure to budget for moving and storage expenses!
Personalization/Decor/Furniture: I know it’s exciting once you finally are under contract and the prospect of moving into a new home is right in front of you! But DO NOT PURCHASE ANY LARGE ITEMS ON CREDIT IF YOU ARE GETTING A MORTGAGE! I cannot stress this enough and have heard from many other agents that have had their deals fall through due to an issue with a change in their client’s credit. For any big purchase, check with your lender first! Once you actually have closed and the loan is funded, give it a few days for everything to officially process through the banks and the mortgage system, and then you are free to use your cards as you wish (of course please make responsible financial decisions though…this doesn’t mean you should go spend all your money on new furniture!)
All in all, there are a lot of expenses to be prepared for, and I’ll help you go over everything and figure out what to budget for, and make a plan to make your experience the best possible that it can be!