How will you help me compete for my dream home without overpaying?
A skilled real estate agent will tell you that preparation and speed will be your primary weapons to create winning offers in a competitive market.
There are many things to prepare before you should start touring homes, and an excellent agent will help you have all of the appropriate documents ready to go before an offer goes out. A few basic items include having a pre-approval letter from a lender and an existing relationship with a mortgage expert who is eager to help you buy a home.
Additionally, you may want to prepare documentation on your financial information sheet detailing your job history, salary and bonuses, 401(k) balance, and other assets. A quality Realtor will also educate you on what you need to craft a winning offer, but will not create unnecessary pressure just to close the sale.
Ask your Realtor how responsive they will be, how quickly they can get you showing appointments, and what their typical work schedule is. Be clear about the hours you are available and those you are not. You do not want your agent calling you at inappropriate times when you have been clear about your availability.
I need to sell my existing home before purchasing a new one. How will you help me ensure I can sell my home before closing on a new one?
Every real estate transaction is unique and depends on your specific monetary situation and market conditions. However, a quality Realtor should not hesitate to tell you the reality of the situation. This may include advising you that selling your primary home is necessary if you do not have the funds to secure financing quickly.
The strategy your Realtor proposes may mean working creatively to gain the funds without creating undue risk. In a seller’s market, any offer contingencies put you at a disadvantage. A buyer’s agent will walk you through the risks and help you decide the best steps forward.
In some cases, you may have to move into temporary housing after selling your home. This could involve living in an Airbnb or extended stay hotel for a few weeks or months. Also, ask your Realtor about rent back agreements, where you can continue living in your home as a renter after the sale closes. This could give you access to funding — while also making your move smoother if you are just bringing items across town.
What inspections do you recommend?
In addition to a basic home inspection, an agent might advise you to request and pay for additional inspections depending on the age, property type, and location of the home.
Neglecting inspections in the short run might help you save money, but it could cost you significantly in the long run. For example, if you buy a house with a pool and fail to have it specifically inspected, you could end up paying to fix leaks and replace pool filters immediately after moving in.
How do you handle inspection issues?
Many homes will have issues arise during inspections — even brand new homes. A great Realtor will educate you on their approach to help manage issues.
In some cases, this may mean asking the seller to make the repairs before handing the house over. Other times, the buyer can request a cash credit for the cost to repair the problem. In the latter option, your lender may push back and require that the problem get fixed before closing. If that’s the case, a good buyer’s agent will insist on giving the buyer selection over a contractor. Talk to your Realtor about your options so you already have a game plan ahead of an inspection.
What should I do if I like two homes at the same time?
A good agent will help you understand your different options, lay out the pros and cons, and provide recommendations. However, they should ultimately let you decide the path forward.
One strategy could be making an offer on the home you like the most, waiting for a response, and then working on an offer for the second home if the first is a no-go.
Another strategy could involve making two offers simultaneously, but putting in some type of contingency that allows you to legally back out with little to no penalty. A good agent will know how to execute several scenarios, or at the least, pull in the right people (ie. contract lawyer) to help you decide.
Do you plan on taking any time off that could affect my home buying search? If so, do you have a team in place that can still help me?
Agents are normal people and vacations or sick leave could happen at any time. A trustworthy agent will never leave you in the dark. If scheduled, they should be upfront in telling you their situation.
But if not planned, you should feel assured that an agent has a team behind them, as is the case with the Betsy Hamilton Real Estate Team. In some cases, a Realtor might ask another agent to step in and handle their clients while they are away. Either way, you should feel confident that your home purchase will not be delayed because of your Realtor.