Set-up A System To Track Down The House You Want!
So what can be said about going for that dream house that you have your heart set on, you and your family could be in a new home within a short time.. But you may want to consider a few things before you just jump up, and rush to a decision that might come back to haunt you.
Now this isn’t to discourage you in any way what so ever from purchasing a home, but look at it as information that is provide to help guide you in a good direction while at the same time enlighten you to some direction or choices that can be avoided that is not so great.
So where do you start first you’re thinking, yea when you start from the beginning on anything thing in life it does seem to be a little difficult but don’t let that stop you!
So first why not start with the Realtor, and when dealing with them they can trick some people into a uncomfortable situation.
That happens when the Realtor sends you a referral (which is probably not in your best interest and goes in the favor of the Realtor), that is not something you might want to get involved into.
Another thing is if you are getting constant referrals from Realtors, then you might want to start to question why that is. So do this — get yourself a “Real Estate Attorney” (hire one to work for you in your house hunt venture), and the RE-attorney can then negotiate things like fees, or any terms of conditions with the Realtor.
All the while you are basically being walked through the whole process by your RE-Attorney, which is a much better outcome for you in the long-run.
Then of course you will need to do this, go online and start searching for “potential” homes while keeping in mind — the aspect of doing so safely. The reason for this is to drill into your head about any buyer traps (or) schemes that can put you in a bad place because of bad decisions that can cost you big time..
SEO (Search Engine Optimization) is the key thing whenever you are doing a search for information which helps you to identify fraudulent activity.
Open House (or “walk-in” house shopping) is like taking your pinky finger and placing it in a 240 volt wall socket, because walk-ins house shoppers can become “bait” for the broker if you are to actually go through with the deal to buy the house.
And you as the buyer then loses all of your bargaining power not to mention giving up your right for proper representation, and on the high-end the listing broker will come out the “victor” because they can milk the revenue gained for their services in which they would get paid double..
Comparing loan officers is a must, even though you might have a dozen to choose from. But you should narrow your search down to between 2 to 3.
You should be looking for a “lock-in rate” option that is the time window of comparing various home loans (rates) like interest rates or comparison rates.
(I’ll put a video in below to give a little more depth into interest & comparison rates.)
The next thing that you want to do is seek out a buyer agent, and you don’t want to seek out any type of firms that provide listing home information.
The reason to avoid them is simple, that is because the backing that they may offer you (representation) is weak and they also run the risk of facing illegal discrepancies if they do try to assist you in transactions associated with seeking to buy a unit.
So do yourself a favor and get a (EBA) Exclusive Buyer Agent, and remember you will have to negotiate compensation plus the terms of your representation.
And never give in to any agreements with a dual agency, nor never allow the agent that you are dealing with to collect any incentives from the seller and that also that same thing applies if they are dealing with brokers that pay referral fees to others brokers.
Next is to hire an attorney or Independent Title Company, to properly close your transaction inquiry. You have to also make sure that your closing attorney wasn’t the one from the beginning that was helping you with the negotiation agreement terms that was from your title insurance coverage that you receive from the closing attorney.
Think about this as well in states where title companies go through the process of a closing, you have to make sure that you are going with an independent title company.
The reason being for that is to avoid title companies that are affiliated with professional firms, because all that will bring YOU is a boat-load of fees to pay. And these are large commissions or fees that are contingent upon the transaction closing.
Now if a large title defect is recognized, then it is important that your title company is free of biases that can effectively resolve the defect. Another thing is to make sure that the title company has attorneys on hand (their staff of attorneys), that can oversee the whole the title examination process itself.
Ask either the title company or realtor to obtain a copy of the seller’s prior owners title insurance policy, doing that may put you in line for a discount on the title insurance.
So other then that happy house hunting, and the best of luck!!
(Video Credit: Heidi Armstrong)
If You Buy A Home Do It Responsibly!
(By: Jaye Irons)
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