Things to Consider Before Buying a Home

Choosing an Agent
Buyer Agency
Before Buying
Know What You Want
Hidden Details

What is a Really "Good" Agent?

• A Member of NAR, the National Association of Realtors.
• Someone who is prompt and responsive to phone calls and issues.
• Someone who has all the answers and more.
• Definitely only a Full-Time agent. (Run from the ones who are only part-time. If they were doing their real estate jobs successfully they wouldn't need another job to pay the bills, would they? Only talk to committed agents.)
• An agent who is sincere and caring and has your best interest at heart.
• A Very Good Listener – If they don’t listen, move on.
• An Agent who has been in the business for at least 5 years and preferably longer. A lot of people have lost their jobs in the past few years and thought it would be fun to be a real estate agent. Nothing wrong with that, but real estate is far more complex than the average person realizes.
• Someone who has a Full Service Marketing Program and is not afraid to spend the up front money necessary to sell your home.
• The marketing program should be detailed for your specific home and needs.
• Must live no more than 30 minutes away and really knows the general area.
• An agent with performance awards.
• An agent with good manners and dresses professionally.
• Check out the testimonials and check out their reputation.
• An agent who does not just appear for the listing appointment and you never see or hear from that person again until the closing. (How can a group of people sell your home quickly and successfully when they haven’t seen your home or don’t know what your needs and requests were?)

Buyer Agency - Know About It, Understand It, Use It!

This was developed for you, the buyer, and is very misunderstood and misconstrued.

What is Buyer Agency? Obviously, it's for the buyer. All buyers should be represented by an agent who works only for them (also known as the "Selling Agent") If you only use the "Listing Agent," that agent will be representing the Seller and not you!!! (No one can successfully serve two gods). Believe me, your contract will be written so that the deal works for and on behalf of the Seller and your interests are not protected. The Listing Agent must do as the Seller says - always.

So what have you missed? (You thought that not having an agent saved you some money?)

1. Comparables for the neighborhood and any other pertinent information will not be shared.
2. What about the contingencies that a Buyer’s Agent would have written to protect you? Forget about those!
3. What happens when there is a problem with the inspection? Sorry, the agent is working for the seller and not you.
4. What if you decide you don’t want to purchase the home after all? Do you think the agent will search to find that loop-hole that might be in the contract so that you can walk away and get your earnest money returned?
5. What about all of the maladies inherent in homes today? Do you think the agent will reveal and that exist in the home and don’t happen to be the disclosure? We can’t do that!

Think about this carefully: you have probably relinquished far more than you would ever know by not using not using a Buyer’s Agent and by listening to some far-fetched rumor – "everybody says this is what you should do" method. Don’t follow the herd – be smarter than that. Does your attorney represent you or the person you are up against?

So You Think You Want To Buy a House? Where Do You Start and What Is There to Consider?

How much can I spend? First thing to do is call a mortgage lender. Call one who is referred by a friend or realtor.

Get a "Good Faith" estimate from the lender so you know the specifics of the deal (in writing) and make sure you understand them. I usually have my clients send a copy to me for review.

I recommend you stay away from "interest only", no-money-down, and "ARMs" (adjustable rate mortgages).

Be Smart – Don't "Max yourself Out" by buying the most expensive house you are qualified for. In short, "Don’t Be House Poor." You do not want to not eat out and not be able to vacation. Construct a budget that works.

Understand what other costs might be involved in moving:

1. Movers/Trucks
2. Moving Boxes
3. Utility Hookups
4. Up front Association Fees
5. Up front Lender Fee
6. Up front Inspection on the New Home
7. New Furniture, Blinds, Landscaping, Washer, Dryer, Refrigerator
8. Miscellaneous (There's always something you didn't see coming)

Tell Your Realtor What You Want and BE SPECIFIC.

If you tell me what you want, I can go find it and take you to your possible choices.

• Where do we "Need" to Live? (Proximity to Work, Schools, Church)
• What do we want to Buy? (Ranch, 2 Story, Split Level, Contemporary)
• New or Resale? (Important Decision)
• Are we moving up or down? Is this the second home? Are Children Arriving or Leaving or Boomeranging Back?
• Basement, Slab or Crawl space?
• How large or small should the yard?
• The "Must Have Rooms"? Formal Dining, Formal Living, Great Room, Kitchen, Large Master Suite. Where does your family needs focus?
• Outside should be: Frame, Brick, Hardiplank?
• Must have Association with Covenants, Swim/Tennis, or None?

What Is It That I Don’t Know About Buying A Home?

Now you are fairly well prepared to purchase a home. You understand that you should hire an agent who will represent you and and only you. You know and understand what your Finances will be in the purchase of the home. You have a list of what it is your family desires and needs in a home. What is it you don’t know? Believe me: a lot!

Below I have listed just a few of the "maladies"/problem areas and things you should know about when you are purchasing a home: These are items experienced agents deal with every day.

• Termites (Georgia is #2 State for Termites behind Florida)
• Do you understand really understand Termite Warranty Bond?
• Louisiana Pacific Siding, Masonite Siding, Georgia Pacific
• Siding?
• Mold
• Lead Paint
• Encroachments – How to Avoid Them?
• Surveys – Are they Really Necessary?
• Title Insurance – Do I need it?
• Homestead -What is it? Is it Important?
• Inspection? Do I really need to do one?
• Sink Holes
• Polybutylene Piping
• Neighborhood Associations and Covenants
• Flood Plains
• Previous Insurance Claims on the Home
• Home Buyer Warranty. Yes or No?