What are the 3 things a buyer should know before they meet with their real estate agent?

  • Mike McCurry
  • 07/2/12
I feel that the most important thing they should know is how much they will be approved to spend on a home. All buyers should have had prior contact with a mortgage broker to have a pre-approval to begin the search unless, of course, they are paying cash. It is essential, given today’s market, that the buyer should be qualified for the amount they want to spend or above.

If the buyers are planning on paying cash for their purchase and not taking out a mortgage, they must be able to show that they have proof of funds prior to making an offer. These 2 items, the mortgage pre-qualification or the proof of funds from the bank, should be shared with the Realtor prior to beginning the search. They will be in a better bargaining position if these are made available to the seller during negotiations.

Decide on how quickly the buyer wants to move. Many prospective buyers don’t think they will “fall in love” with a home before they are actually ready to make the purchase. The purchase process normally proceeds faster than a buyer intends and it is prudent to be prepared. Does the buyer have a home that needs to sell prior to buying or do they live in a rental with a stringent least that must be adhered to?

Lastly, I feel it is important that the prospective buyer has enough savings to complete the purchase. Normally, a 10% down payment is required and there are always closing costs and extras that need to be planned for.

Finding a home is easy once the prospective buyer has his or her financial affairs in order.
 
 

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Mike believes that people are at the heart of every real estate transaction. That’s why his approach to buying and selling always starts with developing a real relationship with his clients.

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