Home Buying Process

Real Estate Negotiations are Handled by a Home Buying Expert when you are represented by Buyer's Only Coastal Realty.

Home buying representation from exclusive buyer’s agents focus on negotiations, since they devote their work to the buying side and are considered home buying experts. They understand that home buyers value their negotiation skills and that ‘everything is negotiable’ in real estate. Not just price but terms, conditions, contract clauses, disclaimers, exclusions, and dates.

Exclusive buyer’s agents will make sure the sellers know about other competitively priced homes on the market competing against theirs. They will attempt to learn the sellers’ motivation for selling,bottom line price and any deadlines they are trying to meet. They will ask if there have been other offers or if they have any offers at the present time. They will use clauses and contingencies in the offer to protect your earnest money deposit as well as afford you the time for the appropriate inspections necessary to learn more about the home.

They may suggest requiring a short window of time for the seller to respond to your offer depending on the type of market. The state of the market, whether it be a seller’s market or buyer’s market can affect your negotiations dramatically. When there are rising prices, fewer homes, and multiple offers competing against yours, you have must less of a chance of getting a bargain. You may end up in a bidding war when the market is ‘hot’ and it may even be necessary for you to be likable to the sellers when they must choose from among several offers on the table. On the other hand, when it is a buyer’s market, sellers are forced to be more accommodating and you will strike your best deal.

The exclusive buyer’s agent will advise you how long the property has been on the market as well as conduct a property value study or prepare a CMA (comparative market analysis) to help you decide the amount of the initial offer. They will encourage you to try to find at least two homes, preferably three homes that satisfy you to improve your bargaining position for your first choice home.

A thorough home inspection will also help you determine if the home is in the condition represented by the seller and the home buying expert will be ready to renegotiate should there be repairs needed or a request for a credit to cover repairs. Be prepared to walk away if you cannot strike a deal. It is a good way to test your resolve about the value of the house.

 

Get a Better Selection of Homes to Choose from

A better selection of homes to choose from is the goal of many home buyers as they set out to buy their next home. One way of achieving a greater ‘inventory’ of homes to select from is to choose agents who are exclusively representing real estate buyers. These exclusive buyer’s agents have made the commitment to identify all homes in the marketplace, including homes listed in the Multiple Listing Service (MLS) homes, new Home Developments, Bankowned Homes, Short Sales and For Sale By Owner.

This commitment to a comprehensive search for all available properties can be especially important when looking for luxury real estate such as vacation homes, estate homes, condos, townhomes, equestrian property, car property, income property, oceanfront homes, golfcourse homes, lake front homes and other types of property.

 

STEPS FOR BUYING A PROPERTY

Using an exclusive's buyer agent can help you learn about the process of buying a home while having an advocate to represent your interests throughout the experience:

1) Get pre-approved for a mortgage or if going all cash, get verification of funds from your banker in writing - Credit report, FICO score, type of mortgage, shop for best rates and programs.

2) Determine your wants and needs: style of home, size, price, location.

3) Have us set up your personal website to the local MLS(Multiple Listing Service) The Clientgateway - for daily emails of property for sale in your criteria as it comes on the market, to start noting and marking your favorites. (You can also use the self search to the MLS on our site in conjunction to the Clientgateway.

4) Check out the neighborhoods - schools, crime rate, traffic, zoning, and work commutes. Rely on your exclusive buyer's agent's expertise and in-company resources. Check the web for helpful information.

5) Prepare the offer and negotiate - Have your exclusive buyer's agent prepare a property value study and ask the seller if there are any other offers and his motivation for selling, deadlines, etc.

6) Conduct the home inspections and other inspections. Take advantage of the inspection contingencies in your offer and get thorough inspections to eliminate any surprises after you move in to your new home.

7) Final negotiations and sign the Purchase & Sale Agreement. Use the inspection report to re-negotiate, if necessary and sign the P&S after review.

8) Walk-through inspection prior to Closing. Visit your new home before you sit down at the closing table with escrow (in California they use an escrow for closings and sellers do not attend) to make sure everything is as you expect it to be.

9) Closing.

As a NAEBA member ourselves, exclusive buyer agents represent you solely, you can count on them to guide you through the process effectively.We are also Realtors, but as a members of NAEBA (National Association of Exclusive Buyers Agents) this guarantees our authenticity as buyer only brokerage. NAEBA does not allow members who list homes or work out of a real estate offices that lists homes, in any capacity. We guarantee you will not have any dual agency worries with our office.

 

suzanne@coastalbuyers.com