EXACTLY how I would buy my own home in 2021 as a real estate agent(Truth) …. #61

#realtor #firsttimehomebuyer #realestatetricks

What if you want to buy a home in this crazy market? I help buyers find homes every day and I’ll show you how in this video.

1. Talk to real estate agent or mortgage person first?
It depends, but I would talk to the real estate agent first. Reason being, they are likely to know a mortgage person they trust that can get a deal done. You can certainly start the process with a mortgage person first but you are likely to have a bunch of questions about the entire process vs only the mortgage.
2. Find a real estate agent. So who do you pick? Do you go on Zillow and call the person you see on the page? Do you ask your family and friends who they used? Doesn’t matter. Whatever makes you most comfortable.
3. What are you looking for in an agent?
a. Ability to communicate in a timely manner. If you call them, they need to be able to return the call that day, or if it’s late, the next morning. If you email them, 24 hours max on a response. If they can’t communicate in a timely manner, it’s not going to work.
b. Someone who you like. Don’t pick an agent whose personality you clash with. There will be stressful times during the buying process, and you need to work with someone you feel comfortable around
c. Someone who seems knowledgeable, but not waay to knowledgeable. There are literally agents who sit and drink coffee at the office all day and memorize the real estate sales contract. There are agents who will quote you sales prices for every house on a block. AVOID. With my process you will learn as you buy
4. Submit documents to mortgage person and get pre approval. 99% of offers on homes will have to come with a pre-approval for the seller to even consider your offer. That or proof of funds. If you are interested in buying a home, there is no reason to wait to get a pre-approval. There is no benefit in waiting. Also, this sets up our maximum asking price perfectly for search.
5. Choose some anchor location.
So this can be proximity to work, it can be a zip code, it can be a school district. It can be somewhere affordable…the key is it has to be a location. As an example in St. Louis, do you want to live in the city or the county? That’s too broad. North West South or East? Then ask the agent if there are any homes that fit your price range in that area. If they don’t, find a different spot.
6. You’ve chosen your anchor location, start looking at houses. Your agent should have an automatic search set up for you with the criteria and location you have expressed.
a. Look at the pictures, ask the agent about disclosures, drive by, and then set showing. Drive by because at least 50% of the value of the home is in the location. If the house is next to a gas station, and you don’t want to live next to a gas station, better to know that on a drive by and mark it off the list.
b. Set a showing. When you set a showing you are gonna want to ask yourself some questions.
1. what is the asking price of this home relative to others we’ve seen? More value, less value?
2. What will the competition be like? Is this house so perfect that we will be in a bidding war?
7. Make an offer
You make an offer in consultation with your agent. If this is your first offer and you haven’t had a chance to learn the sales prices of any homes you’ve physically seen already, you are going to have to rely on your agent for a strategy.
8. Offer rejected.
If offer is rejected, be sad for a bit and get right back to it. Move on. There’s always going to be another house out there
9. Offer accepted.
Congratulations, you’ve got an accepted offer. Depending on your offer, there will be dates that you will have to do certain things to keep the house under contract. This might include
a. Scheduling home inspections
b. Negotiating inspections
c. Finding out if the house can be insured
d. Waiting for an appraisal
e. Waiting for an occupancy permit
10. Work with your lender on getting the financing in place. When the lender asks for a document, it’s like a game of tennis, you hit the ball back. Lender asks for Tax form, you send back the tax form.
11. Loan Commitment.
At loan commitment, you are in a great spot. You are going to be able to buy this house.
a. Set up utilities in your name for the day AFTER you close

b. Call movers. now, if you aren’t planning on moving in the day of closing, that is great makes it much easier.

Where do people foul up?
1. They never get a mortgage pre approval
2. They don’t ever physically go to showings
3. They don’t learn what sold and for how much
4. They think the agent should pull them to showings vs the buyer actively searching out new opportunities.
5. They find the 1 house everyone else wants and then offer far less than what the competitive offers will be.

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