For Buyer – How To Start The Buying Process

 To View:  Buyer Level Of Services Comparison  (Click Here)
 
To View:  Buyer Agent Service Comparison   (Click Here)
 
To View:  The Exclusive Buyer Brokerage Representation Agreement  (Click Here)
      
To View:  Why Use An  Accredited Buyer Representation ABR®  (Click Here)

                                        Only Good Negotiators
                                   Can Assure the "Good Deal"

In Summary:  Your Buyer's Agent is a trained, licensed, experienced Real Estate Agent who knows the tricks-of-the-trade, the common sales methods, and the not-so-common marketing techniques used by Seller's Agents to sell houses.  Having a professional who is, by definition, legally obligated to represent You the Buyer and Your Best Interests is Invaluable.  And BEST OF ALL IT COSTS YOU NOTHING!

Use a Buyer's Agent
    
First, find and hire an agent who represents You, not the seller. This is most beneficial to the Buyer during the price negotiation process. When You work with a Buyers Agent, he is not legally required to inform the seller anything about your purchasing requirements.  Best of all the Buyers Agent is focused on getting you the Buyer the lowest purchase price and the best terms of sale.

As a homebuyer, you do not want to be "sold" anything.  Your goal is to find a house on your schedule that meets the wants and needs you define, fall in love with the house on your own, and decide, on your terms, to buy it at a price and in a manner that is right for You with contract terms that are in your best interests.  However, to do this, you need as much accurate information about the house, the market, the neighborhood and the law as you can get.  Some of that information may ultimately lead you to decide to Not Buy the house - thereby  putting the potential sale of that house in jeopardy.

As the Buyer, you need to make a Real Estate Agent enter into an agreement with you designating the person as your Buyer's Agent.  Only then is this agent legally obligated to work in your best interests.  If a Real Estate Agent does not enter into this agreement with you, and proceeds to put the Seller's interest above yours, the agent is actually doing their job and acting in accordance with their legal obligations.  Once an agent enters into the Buyer's Agent Agreement with the Buyer, if the agent then puts the Seller's interests above your, the agent can be found in breach of contract, fined, have their real estate license revoked, and may even be sued by the Buyer for damages.

If you are currently working with a Real Estate Agent who has not explained to you how Buyers Agency works, as yourself "why not".  A Buyers Agent is required, by law, to help you purchase a house at a price that is right for you and then represent your interest is every step of the home buying process.  A Seller's Agent is required, by law, to get someone to buy the house for as much money as possible as quickly as possible and then ensure the seller's interest are represented throughout the process.  If your agent has not entered into a Buyers Agency agreement with you, they are not only allowed, but Obligated to work for the Seller!

Your Buyers Agent is a professional Real Estate Agent.  As Real Estate Agents, they are trained and licensed in real estate law.  The have training and experience in buying and selling real estate gained from the company they work with.  The know the trick-of-the-trade, marketing techniques and common sales methods some Seller's Agents use to "sell" houses to unsuspecting buyers.  In short, Buyer's Agents are considered experts in their field.  The Sellers have experts working for them and pay them handsomely to do so.  When you have a Buyer's Agent working for you, that the seller pays for, you are instantly on the same footing with the seller.  Going to buy a house without having a Buyer's Agent on your side is like being in court without a lawyer and representing yourself while the person suing you has an entire law firm working the them!  You are a a disadvantage. 

In short, having a Buyer's Agent costs you nothing.  If you don't have a Buyer's Agent, the Seller's Agent keeps more money.  For the price of FREE to you, make sure you have a qualified, experienced Buyer's Agent working as an expert on your behalf!
   
Be Wary About the Listing Agent
    
Traditionally, buyers would stop at a house for sale and be shown the property by an agent sitting there. But the problem with that method is that the agent sitting there is usually the listing agent. And in most cases, he or she represents the seller.
 
Be careful about what you say to a listing agent. A listing agent's role is to find a buyer, and to get as high a price and as good terms as possible for the seller. He or she is required to inform the seller of any facts that may influence the seller's decision about whether to accept an offer or not.
 
For example, if you mention to the listing agent how much mortgage you are qualified for, don't be surprised if the seller knows too.
  
Always keep in mind that you want the lowest price and the best terms. If an agent is not directly working for you, they could very well be working against you.
  
Working With One Agent
  
Some buyers like to leave their name with three or four sales people.  Although it may seem to be to the buyer’s advantage to have a number of people to work with, it is usually a very ineffective approach.  The basic assumption is that a committee of agents can produce more results than working exclusively with one Realtor.  Like most committee assignments, results are often discouraging.

   

You need the total commitment of one person who knows and understands your particular situation.  Tell this one person that you will work with him as long as you see the effort required to get the job done.  In this way, you will have a dedicated agent who will take on the personal responsibility of handling all the details of your home purchase.

   

You see, Realtors don’t receive a salary.  They are not on an expense account.  This is why working with more than one agent is not a good idea.  None of the Realtors know if it will be financially worthwhile to spend much of their time with you, because they know that you may buy through another agent.  So, you don’t get the total dedication you need by playing the field.
Buyer Representation
       
Remember, the listing agent was hired by the Seller to get the highest possible price for their property. The listing agent is contractually obligated to represent the seller, not you!   As our customer, I will represent you when you are ready to make an offer on a property. My buyer representation services are free so it doesn't cost you any more to be represented than it would if you were to call the agent representing the seller.  Signing a Buyers Brokerage Agreement with me will put you in a stronger negotiating position and not surprising, this will probably result in a lower price.
 
The Buyers Broker fee is paid by the seller, not you.  What this means is that you obtain professional representation and service at no cost!  By entering a Buyer Brokerage Agreement, you receive valuable representation at no additional cost to yourself.  Your Buyers Broker will look out for your best interests.
    
Surprising, as it may seem, in most home purchases the only one NOT represented is You, the buyer!   It is strongly recommended that you hire an Exclusive Buyers Broker - an agent whose exclusive loyalty and skill are used on your behalf.
    
As your Buyers Broker, I will assist in searching for the best loan programs.  It is suggested that the Buyer obtain Pre-Approval or Pre-Qualification by contacting a Lender.  Pre-Approval will put You the Buyer in the strongest bargaining position and gives assurance of getting the best possible price.

 

Many homebuyers think a Buyer's Agent simply "finds" them houses, helps them write an offer, and then sits back and waits to get paid. In the home search phase of the process, your Buyer's Agent will consult and advise you. Many people just starting their home search have no idea where to start, what to look for, or where to go. In this phase, your Buyer's Agent will help you prioritize your "wants and needs" and give you tips on what to look out for when browsing listings. Seller's Agents advertising listings use many common sales and marketing methods that your Buyer's Agent will be able to point out for you. 
 
Once you've found the home you're looking for, the role of your Buyer's Agent increases. Your Buyer's Agent will walk you through the lengthy Purchase Contract and point out which exclusions, inclusions and contingencies should all be decided on in your best interests. 
 
Next, your Buyer's Agent will present and negotiate the contract with the sellers and their Seller's Agent. This includes dickering, positioning, and even "selling" your offer to the sellers - all while working in your best interests. 
  
Once the offer is accepted, the role of your Buyer's Agent transitions from consultant to quarterback. Here, your Buyer's Agent will coordinate the law firms, mortgage companies, title companies, appraisers, inspectors and real estate companies to make sure everyone is doing their job, has the information they need in a timely manner, and deal with any glitches that arise on your behalf. 
 
Your job during this phase is to pack, switch over the utilities, explore your soon-to-be hometown, get your kids ready for their new school, and delegate the hard work of bringing your new home to closing to your Buyer's Agent. 


For More Information On Buyer Brokerage Relationship (Click Here)
  

Whether You Are Seeking A

Family Home, Luxury Estate or Spacious Condo,
  

Jack Barry Can Help You Obtain

The Best Price, The Best Lender And The Best Loan

To Fit Your Needs

 

Get "Pre-Approved" - Not "Pre-Qualified!"
 
Do you want to get the best property you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Price is only one element in the negotiations, and not
necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller.
 
In years past, I always recommended that buyers get "pre-qualified" by a lender. This means that you spend a few minutes on the phone with a lender who asks you a few questions.  Based on the answers, the lender pronounces you "pre-qualified" and issues a certificate that you can show to a seller. Sellers are aware that such certificates are WORTHLESS, and here's why!  None of the information has been verified!
 
Many times unknown problems can come to the surface! Some of the! problems I've seen include recorded judgments, alimony payments due, glitches on the credit report due to any number of reasons both accurately and inaccurately, down payments that have not been in the clients' bank account long enough, etc.
 
So the way to make the strongest offer today is to get "pre-approved".  This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few days to a few weeks depending on your situation. It's VERY POWERFUL and a weapon I recommend all my clients have in their negotiating arsenal.
  

Location
   

Choosing a location when buying a home, the property should offer convenience to work, shopping and recreation.  The ideal location should also be based on its potential as an investment.

  

There are three specific areas to be aware of when determining whether a home is in a good location.  First, the general community it is situated in, secondly, the street on which the home is located and lastly, the condition and value of adjacent property.

    

House Hunting Tips
     

The best way to find your next home is to put one agent in charge of you house hunting.  Unlike a committee, you will have a dedicated agent who takes on the personal responsibility of handling all the details of your home purchase.

       

The Best Possible Terms
     

It is crucial for you the buyer to purchase your new home on the best possible terms. 

        

Deciding to Buy or Sell a Home
Is a Serious Decision.

 

Help Me Help You!
For A Free Of Charge, No Obligation Of Any Kind 
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Jack Barry     727 344-7610     Cell 727 224-8821

Jack@JackBarryWaterfront.com
  
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