The Buyer Dream Team
When I meet or talk with a buyer, I often begin by suggesting that we first create a shortlist of people who will form their Dream Team before starting the home search. First, who will be their mortgage broker? Next, who will be their real estate attorney? Finally, do they have at least three home inspection companies?
Why Should I Figure Out My Real Estate Dream Before I Find My Dream Home?
Why should I figure out my mortgage broker, real estate attorney, and real estate agent early in the process? I understand why I need the real estate agent, but why do I need everyone else so soon? Well, having your Dream Team in place from the beginning ensures a smoother and more efficient home-buying experience. First, your mortgage broker can assist you in understanding your budget and obtaining pre-approval, which is crucial for making serious offers. Next, a real estate attorney will guide you through the legal aspects, ensuring everything is in order and protecting your interests. Therefore, involving these key players early on sets you up for success.
Additional Advanatages Assemble The Team
In today’s real estate climate with COVID-19, agents do not conduct open houses the same way as before. Buyers in many markets can’t just walk up to the property without registering for an open house prior and if they can they often find it comes on as fast as it went off. The listing agent often asks if the buyer has been pre-approved for a mortgage and may request a copy. Another reason why it’s important to assemble the buyer’s Dream Team before attending an open house is the fast-paced nature of the real estate market. Often, properties come on the market and leave just as quickly. Therefore, you might only have one chance to see the unit and put in an offer. By having your Dream Team ready, you can move swiftly and confidently when that perfect property appears.
Assembling your team can take a lot of stress out of the process of buying your dream home. Each team member thought you might want to ask a few key questions before bringing them on board
Real Estate Agent questions to ask
Are you familiar with the markets we looking to buy?
How long have you been in Real Estate? How long have you been with your current firm?
What are the biggest challenges you see with buyers you work with today?
Are there any other areas you recommend we look to buy?
Can you help us manage expectations of the current market we are going to buy in?
Is there any paperwork that we need to complete and can you explain the paperwork to us?
Are buyers waiving certain things to get their accepted or offering carrots to sellers or are sellers offering a bonus to buyers?
Are the questions we should ask when going to an open house without you?
Do buyers and sellers in this state use Real Estate attorneys in a transaction or is it done all by real estate agents?
How are you getting paid?
Do we need to obtain homeowner insurance and if yes can you recommend someone?
Questions to ask your Real Estate Attorney
How much do you charge and is it an hourly or flat fee?
What are typical closing costs?
Are closing being done in person or virtually?
Where is your office located?
Do you specialize in just Real Estate Law?
Are there questions I should ask when touring homes or have my agent ask so you have that information asap?
Questions to ask your Home inspector
How much do you charge?
What form of payment do you accept and when is it due?
How long is a typical home inspection?
Do you ever do pre-home inspections and what is the difference between a pre-home inspection and vs regular home inspection?
When I am touring homes are there questions I should ask that help you?
What does your home inspection report look like? How detailed is it and how soon after a home inspection do I get a copy of the home inspection report? Do you do radon inspections along with pest inspections if we want one done?
Questions for your lender
If I am a first-time home buyer and do a first-time homebuyer program are there any benefits? Can you recommend any?
If you are self-employed is there any additional information you will need from me to obtain a mortgage?
If you are a Doctor are there any programs that can help you finance a home? Are there pros and cons you see?
I served in the military are there any programs I should be aware of and what are the biggest plus and minus to these programs?
What are your rates, terms, fees, and closing costs, and are any negotiable?
What is PMI and How can I avoid it and if I have to have it how much extra will it be tacked onto my mortgage? Does PMI ever go away?
Do you offer remote Closing?
Is my loan ever sold to another lender?
How long will the rate on this loan be locked in? If I am shopping around how long do I have to lock in this rate?
How long will the loan approval process take?
How long will it take to close the loan?
Are there any charges or penalties for prepaying this loan?
How Much Will I be paying in total over the life of this loan?
My parents are gifting me some money for the down payment how much can they give me? Is there anything else we need to do paperwork-wise?
How Team works for you
The best real estate agents can help you assemble the team. The best agents will want you to do this early. You want your Buyer agent to work with your attorney and mortgage broker and if they are proactive that is the best. It’s additionally important to communicate with your team how you’re buying your home. Are you buying your home remotely, What is your timeline to close? How are you financing your home? If you are taking money out of another account? how many business days do you need to plan to transfer money to the closing attorney? Buying a home doesn’t have to be stressful it can be enjoyable but I find the clients who take the time to put the team together in the early stages and listen to their team end up smiling more than being upset.
Looking Ahead
Looking ahead fall will soon be here, and you might be thinking about buying that dream Ski home in the mountains of New Hampshire or finding that in-town city place right in Boston Back Bay. Maybe you’re relocating from the East Coast to the West Coast. Right now is a great time to start thinking about your plan. Thinking about a move in your future let’s talk and take the stress out of the new adventure you’re getting ready to have.
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