If you’re a first-time home buyer here in Middle Tennessee, you probably know this is one of the biggest purchases you’ve made. Additionally, each stage of the process is quite complex and can leave buyers feeling stressed and overwhelmed.
In order to make your financing, shopping, bidding, escrow, and closing easier, Village recommends joining forces with one of our Accredited Buyer’s Representatives, or ABRs. What follows is a brief, partial overview of what your buyer’s agent will do for you.
Your ABR will assist you with analyzing your finances and determining how much you can safely spend on your home. Next, your ABR will help you choose from among trusted sources for your mortgage loans.
Once you have an idea of which financial institutions offer you the most favorable terms, whether you’re eligible for incentives, and the types of mortgage loans that are available to you, you’ll want to sit down with your buyer’s agent to compare your options.
Your agent will have in-depth knowledge about how your choices about financing may impact you far into the future, so it’s important to resist the urge to rush as you’re making these decisions.
At any given time, market conditions favor either buyers or sellers. There are multiple factors at play, and like all other markets, real estate is continually fluctuating a bit. However, because you want accurate, current information about market trends, bidding trends on list prices, how long homes are remaining on the market, and what inventory looks like, no one is a better resource than your buyer’s agent.
Whether you’re a Middle Tennessee native or are moving here from another location, you’ll be delighted by the wealth of knowledge your ABR has about our region. Be as detailed as you can when you describe your list of needs vs. wants, paying special attention to attributes that cannot be changed.
For example, a home’s neighborhood, zoning, and proximity to the highway are more permanent factors. Obviously, landscaping, paint colors, cabinetry, and flooring are superficial that can be changed, and are therefore less of a consideration for many buyers.
Once your ABR has a clear picture of the types of homes you are interested in, they will create customized search parameters that will send you an email automatically when a suitable property is listed. This way, you’ll be among the first to see properties as they’re listed on MLS.
Furthermore, your ABR will network with other premier agents to find properties before they’re in the MLS. When you want exclusive access to homes in advance of the general public, it’s essential to enlist the services of an experienced buyer’s agent.
Once you’ve selected your top properties, your ABR will disclose all known material defects for each. Then, you’ll work together to analyze which properties are the most suitable considering your budget.
Of course, projected resale value is important as well, so your ABR will include this information. Even if you plan to purchase this property and hang onto it for the foreseeable future, your equity will be entirely dependent on your property’s market value.
Guiding You Through the Bidding Process
Once you’ve fallen in love with a home that fits your budget and meets your needs, your buyer’s agent will guide you through the process of making an offer. When it’s time to negotiate, s/he will represent you, keeping your instructions and financial situation at the forefront of their mind.
Your ABR has a clear, in-depth understanding of the home’s comparative value, so you won’t wind up paying more than a property is worth. When a buyer works independently, they can get tunnel vision about a property they adore. In the end, they can get wrapped up in the bidding war, believing that a home is worth whatever another buyer offers.
Of course, this isn’t true, but it takes experience and education to know just how far to push a bidding war.
Inspection and Repairs
Have you heard that, due to the competition of today’s housing market, buyers are skipping inspection? At Parks Realty, we do not recommend taking this route. Instead, your ABR will recommend trusted inspectors who will give you a detailed report on the property in question.
Next, your buyer’s agent will explain any issues that the inspection revealed. If there are any repairs you want the seller to complete before the sale, your buyer’s agent will be your representative through the process of requesting them and negotiating terms.
After repairs have been completed, you’ll walk through the property again with your agent. This walk-through ensures that the home has met your expectations. Once you’ve approved the property’s condition, you’re ready to begin the process of closing.
Assisting You with Paperwork
When everything is prepared for the closing process, the tedious paperwork efforts must begin. Your ABR will ensure that you receive all required disclosure forms from the seller and talk you through any applicable contract contingencies.
Here’s the great news: your ABR will complete the paperwork for your sales contract and other forms. Compared to buyers who go it alone, you’re guaranteed to be purchasing an ideal property at the best possible price with the least possible personal effort.
There’s simply no downside to purchasing a home through a buyer’s agent! Did you know your ABR will also help with communications between a seller’s attorneys, appraiser, real estate agent, title company, and any other involved professionals?
Once you’ve completed the process of purchasing your home, your buyer’s agent will still make themselves available to you as your most trusted real estate advisor. If at any point in the future you have any need for real estate advice, have any questions, or want clarification on your home’s market value, you should feel free to reach out to your ABR right away.
When you’re ready to connect with a buyer’s agent, please contact us at Village. When it’s time to buy a home, you never want to go to it alone.