Why Use a Buyer's Agent?

It's important that you choose an experienced agent who is there for you. Your agent should be actively finding you potential homes, keeping you informed of the entire process, negotiating furiously on your behalf, and answering all of your questions with competence and speed. First, find an agent who represents you and not the seller. This is beneficial during the negotiation process. If you are working with a buyer's agent, he or she is required not to tell the seller of your top choice. In addition, he or she is also focused on getting you the lowest asking price. Also, when you use a buyer's agent, you will see more properties. Not only are they plugged into their Multiple Listing Service, but also they are actively finding homes that are listed as FSBO, or homes that sellers are thinking about listing.

What is a 'Dual' Agent?

Some agents will represent both buyers and sellers; they are called 'Dual' agents. In many cases, the same agent will list the property and submit your offer. In fact, they are required by law to remain confidential with both clients. There is nothing legally or ethically wrong here, however it is hard to understand how the agent can negotiate to the best of his or her ability on your behalf. Instead of becoming a negotiator, they often play the role of mediator. It is easy to assume that no agent can represent buyers and sellers as well as an agent who declares for just one party or the other. Buyers and sellers opt to use 'Dual' agents to get a savings in commission. An agent who represents both buyers and sellers doesn't have to split the commission with other agents and may be willing to throw in some of that commission, which, in effect, will get you a reduced price.

Why should I as a buyer inspect a home that isn’t even mine?

As a buyer, you are entitled to know exactly what you are getting. Don't take for granted what you see and what the seller or the listing agent tells you. A professional home inspection is something you MUST do, whether you are buying an existing home or a new one. An inspection is an opportunity to have an expert look closely at the property you are considering purchasing and getting both an oral and written opinion as to its condition. Beforehand, make sure the report will be done by a professional organization, such as a local trade organization or a national trade organization such as ASHI (American Society of Home Inspection). Not only should you never skip an inspection, but also you should go along with the inspector during inspection. This gives you a chance to ask questions about the property and get answers that are not biased. In addition, the oral comments are typically more revealing and detailed than what you will find on the written report. Once the inspection is complete, review the inspection report carefully. You have to demand an inspection when you present your offer. It must be written in as a contingency; if you do not approve the inspection report, then you don't buy. Most real estate contracts automatically provide an inspection contingency.

What are possible Environmental Issues?

When purchasing a piece of property, it is important to be aware of any environmental liabilities associated with it. For example, you should find out if there are any registered underground tanks within several miles of the property, any known contaminated properties in the neighborhood, or any property owners who have been fined by the government for failing to meet environmental safety standards. Before, it took a costly site investigation for the information, but now there are online environmental databases available at a fraction of the cost. Anyone can access reports on otherwise hard to detect environmental issues. With these databases, it is possible to obtain a listing of hazards near a property, or spills and violations attributed to businesses nearby. Some reputable databases include VISTA Information Systems, located in San Diego, California, which allows you to register and search the data bank for free, and E Data Resources, which is located in Southport, Connecticut. These services are all relatively inexpensive, but can provide you with priceless information that is useful before you make a purchase.

What is Lead Poisoning all about?

Lead poisoning is a serious problem which can lead to adverse health problems. In children, high levels of lead can cause damage to the brain and nervous system, behavioral and learning problems, slow growth, and hearing problems. In adults, lead poisoning can cause reproductive problems, high blood pressure, digestive problems, nerve disorder, memory and concentration problems, and muscle and joint pain.<br><br>Lead poisoning is especially a problem in cities with older buildings. Typically, lead is present in the paint from older buildings, in the water supply, and in the environment from cars and buses. Preventing lead poisoning in large cities, where there is so much possibility for exposure is both difficult and expensive. Federal programs have attempted to address this problem. <br><br>For buyers and sellers, lead poisoning is also an issue. Houses that were built before 1978 probably have paint that contains lead. Federal law requires that sellers disclose known information on lead-base paint hazards before selling a house. Sales contracts must include a federal form about lead-based paint in the building. Buyers will have up to 10 days to check for lead hazards and are likely to stipulate corrections.

How Should I Take Ownership of the Property I am Buying?

Real property has become increasingly more valuable and the question of how parties can take ownership of their property has gained greater importance. The form of ownership taken -- the vesting of title -- will determine who may sign various documents involving the property and future rights of the parties to the transaction. These rights involve such matters as: real property taxes, income taxes, inheritance and gift taxes, transferability of title and exposure to creditor's claims. Also, how title is vested can have significant probate implications in the event of death.<br><br>The Land Title Association (LTA) advises those purchasing real property to give careful consideration to the manner in which title will be held. Buyers may wish to consult legal counsel to determine the most advantageous form of ownership for their particular situation, especially in cases of multiple owners of a single property.<br><br> The LTA has provided the following definitions of common vestings as an informational overview. Consumers should not rely on these as legal definitions. The Association urges real property purchasers to carefully consider their titling decision prior to closing, and to seek counsel should they be unfamiliar with the most suitable ownership choice for their particular situation.

How to set the Price?

The price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.<br><br>Several factors will contribute to your final decision. First, you should compare your house to others that are in the market. If you use an agent, he/she will provide you with a CMA. The CMA will reflect the following:<br><br>*houses in your price range and area sold within the last half-year <br><br>*asking and selling prices of houses <br><br>*current inventory of houses on the market <br><br>*features of each house on the market <br><br>From the CMA, you will find out the difference between the asking price and selling price for all homes sold, the condition of the market, and other houses comparable to yours. <br><br>Also, try to find out what types of houses are selling and see if it applies to your area. Buyers follow trends, and these trends can help you set your price. <br><br>Always be realistic. And understand and set your price to reflect the current market situation.

Finding the Right Agent?

Not all agents work the same way. The most important attribute of an agent is that he/she is well connected to the real estate industry. He/she should know the market and provide information on past sales, current listings, his or her marketing plan, and at least 4 solid references. In addition, you also want to look for an agent that is honest, assertive, and one that best understands your needs. Try to go with a local agent. They can better serve your needs; they are familiar with what the local market condition is, the local prices are, and what's hot or not in your community.

How to make a Good First Impression?

If you want buyers to be interested in your home, you need to show it in its best light. A good first impression can influence a buyer into making an offer; it influences a buyer emotionally and visually. In addition, what the buyer first sees is what they think of when they consider the asking price.<br><br>A bad first impression weighs in as deeply. Don't show your property until it's all fixed up. You do not want to give buyers the chance to use the negative first impression they have as means of negotiation. <br><br>Ask around for the opinions others have of your home. Real estate agents who see houses everyday can give solid advice on what needs to be done. Consider what architects or landscape designers have to say. What you need are objective opinions, and it's sometimes hard to separate the personal and emotional ties you have for the home from the property itself. <br><br>Typically, there are some general fix ups that need to be done both outside and on the inside. As a seller, you should consider the following: <br><br>*Landscaping - <br><br>Has the front yard been maintained? Are areas of the house visible to the street in good condition? <br><br>*Cleaning or Redoing the driveway - Is your driveway cluttered with toys, tools, trash etc.? <br><br>*Painting - Does both the exterior and the interior look like they have been well taken care of? <br><br>*Carpeting - Does the carpet have stains? Or does the carpet look old and dirty?

Considering Offers?

When reading an offer, keep in mind that you are out to get the best price AND the best terms for you. If you focus solely on the price, you may overlook terms that could be favorable to you as a buyer.<br><br>Some terms that may work in your favor: <br><br>*higher-than-market-interest in a second mortgage for your home <br><br>*the buyer will pay for most or all of the closing costs <br><br>*the buyer will take care of any repairs <br><br>*quick close - the buyer is pre-approved and ready to close in a time that best suits you <br><br>*all-cash deal <br><br>When reading through offers, remember to look at the whole package. Take the time that you need to assess what is being offered and if it meets your needs.

Home Inspection?

Insist on a Home Inspection<br><br>A professional home inspection protects both you and the buyer. It allows both you and the buyer the opportunity to learn about the property's defects. <br><br>A home inspection usually covers the following: <br><br>*Plumbing conditions - if there is leakage or clogging <br><br>*Roofing conditions - the extent of deterioration, if there is leakage <br><br>*Electrical conditions - if there are inadequate circuits or potential fire hazards <br><br>*Structural problems - if there are problems with the underlying foundation of your home <br><br>As a seller, the home inspection reports protect you because it establishes the actual condition of the property at the time of sale.

How to find the Right Seller?

The best seller is one who is highly motivated. A highly motivated seller is more likely to sell for less than his or her house is worth. And it matters that you find out why; learning the reason why can help you get the price you want and help the seller get what they want: a timely sale. When given the opportunity to meet with sellers, ask them why they are selling. The reasons could be anything from job change to a new location to financial problems. If you can solve their problem, whether it is cash related or time related, do so. For example, if the sellers are highly motivated because they need to move quickly, give them a fast sale - and a lower price. If you can make an offer, even a low one, that gives them cash in a short time, they are more likely to accept. There are also some sellers that you should avoid. Not every seller is as genuinely motivated as they make themselves to be. Some possible hints: *they stall on having the home appraised or inspected *is unable to clear up liens against their property *does not own 100% of their property *they push back the move-out date *does not have a replacement property or back up plan It is impossible to find the perfect seller. But it is possible to find out which sellers are legit, and which ones aren't.