Sept. 3, 2019
YOU are the Most Important Person When Buying a Home
I say. " you’re the most important person" because service to you should be paramount..and the Number #1 person to insure your success is your Realtor.
You cannot overestimate this individual’s importance.... and it would be ill advised, to wait until the last minute to find a great Realtor. This is not a professional you should identify at the last minute in the home search process but one you should team up with very early on.
The real estate professional you choose will be a critical advisor, negotiator and consultant throughout your purchase or sale of your home. Since you’re making a financial investment, the experience and talent your Realtor have or lacks is as important as hiring an experienced & talented heart surgeon to save your life!
If your previous Realtor did not show you their value, hire better.
Here are the key aspects of why a GREAT Realtor is essential to counsel you during the home buying process. In other words - What a good Realtor duties are.
Pre- Purchase & Search (Not listed in order of Importance)
1. A good Realtor will be an excellent advisor providing several options that’ll allow you to move into your new dream home with relatively minor expense prior to selling your old home. (This should this be your goal.)
2. A good Realtor will provide strategies and act as a timing consultant as you prepare for your relocation/move.
3. A good Realtor can preview and provide assessments on homes before you view a home, providing you an excellent early insight to areas, pricing and housing inventory. However, even more importantly, the experienced Realtor with integrity will advise you, if the home you are interested in, is the best you can find within your budget OR if it is simply the best home available at the moment.
4. A good Realtor can be a key advisor to discuss moving logistics. No matter how many times you’ve moved an experienced Realtor has experience with various scenarios involved in hundreds of moves.
5. You’ll have real-time Real Estate market information. A good Realtor will have market stats and data before any newspapers, TV stations or economic journals. A good Realtor sees where the market is trending months before the general public reads about it. If you have a professional Realtor representing you, you can request that you be notified of early market situations that may affect you.
6. Street by street value assessment. Even before buying a home, during the home search process, an experienced Realtor can provide you ‘value’ information on communities in detail. For example, every community has streets and sections with a higher value or lesser value. An experienced Realtor will be able to share details you would not otherwise know. This is invaluable when it comes to resale. Buying can be like a marriage. The wedding may be fun, much like buying a home should be... However, a divorce, like selling a home- you overpaid for, can be one of the most painful experiences of your life. Buy right!
7. A good Realtor will have assessed your home buying/selling/moving situation numerous times and can share insight and advise on previous scenarios to benefit you.
8. During the home search, a professional Realtor will arrange all viewings with you and schedule the showings at a convenient time for you, coordinating multiple showings with multiple agents. This eliminates a lot of coordination stress off of you.
9. An experienced, honest Real Estate Agent will be able to analyze and evaluate the details of each home that increases or decreases resale and the current value of a home. This is more than noticing obvious upgrades but small details that impact not just the price you should pay for the home but what your ROI will be when you sell. I often will use the words "honest and experienced” when referring to an ideal Realtor because I have seen homebuyers try to resell their home ONLY a year after purchase in a stable market and lose hundreds of thousands of dollars because they substantially overpaid when they purchased. Think it can't happen to you??? The buyers who are over-paying are some of the smartest people in the world. However, given a field outside their expertise, errors happen. Hire smart and I’m NOT talking about the real estate agent you like, that may be or feel like, a ‘buddy,” friend or family member with a real estate license who would really love the commission from a sale.
10. As noted above, a great Realtor will be able to evaluate and completely share with you over twenty-five significant factors that affect the value of the home you are considering buying. Each of these significant factors can impact the home’s value between 3% and 25%. Do you think an agent who received a license a year ago can competently do this? Do you think an agent who received their license 3 or 5 years’ ago can do this with great competency? My observation is that 15 or more years of experience is required to learn the ins and outs of what issues, items and details increase or decrease the value of a home and to what degree.
11. An experienced, honest Realtor will not rush you and work with you in a patient, thoughtful manner to ensure you get not just a home but the VERY best home within your given price range. This means using their years of experience to point out deficiencies in comparison to better homes they have seen but may not yet be on the market. This is how it works: a professional Rolls Royce dealer may have seen hundreds of Rolls Royces. So if you are looking for a particular model and year you may find one that you feel, “looks worthy of purchase.” But the dealer, with years of experience in this model, may suggest waiting, knowing it is very likely that the one you like ‘seems like a ten’, based on all that you’ve seen, but based on his/her knowledge, knows a better version will likely come up in the next three to six months.
12. An honest, experienced Realtor will have an 80% better chance of being able to get you a mortgage rate LOWER than what you would find and even a better rate than your bank. I just had a very savvy financial home buyer search and search for the lowest loan rate. After looking for a week and telling me, ‘Don’t worry, I’ll find the best rate’ the lender, I suggested, in the beginning beat all of his competition and saved him $400.00 per month. In that one act, my experience and resources saved my client over $45,000. Does having a great Realtor make a difference?? Absolutely! My experience, talent, character and honesty save most of my clients hundreds or tens of thousands of dollars. So when I meet people who suggest they can do it themselves or hire a friend or a family member or went to a discount broker because they saved $5,000, I just wish they only knew.
13. One of the most critical parts of the home buying process are home inspections. These inspections are meant to include the home, the land the home rests on, the neighborhood, the surrounding community and the street. A good Realtor will assist you in these inspections, helping you find the talent resources to inspect every item that may potentially be a concern and suggesting many items to inspect you may not have even considered. This is another substantial asset of a good Realtor. The importance of the home inspections, the value of and the importance of the negotiations following the inspections cannot be overstated.
14. A good Realtor will review all of the detailed home inspections notes with you, answer questions as they relate to items that are typically repaired and those lessor repair items that may or may not be a typical repair item but you as a buyer can ask the seller for.
15. The Best Scottsdale/Phoenix Realtor will always support any and all of your repair requests. And of utmost importance will negotiate the highest amount of credits, repairs or a reduction in sale price based on his/her years of experience. Can this be done by an agent with only a few years experience ..with a great degree of competency? Will this be done at all with a discount broker? Repairs on most homes and items to be addressed typically equal thousands of dollars and in many cases can reach over $50,000. Is this something you feel needs experienced guidance? I am pretty sure you are nodding your head yes. I have seen homebuyers loose over $30,000.00 dollars due to inadequate representation. I have no doubt this is a low number in relation to all the transactions completed every day.
16. While in the inspection, the transaction as a live process continues. Other legal documents are being reviewed and negotiated between the buyer and seller. This may include addendums to the original purchase contract, review and discussion of seller’s property disclosure statement and HOA documents. A good Realtor is available to review all of these documents with you.
17. In addition to all of the other activities during the inspection period,” title research” has begun. Your excellent agent has also made sure to suggest an excellent title/escrow company that will not only protect your escrow/purchase deposit, but ensure all liens on property are disclosed. Please make sure to review the Schedule B and amended items to schedule B.
18. In addition to inspections in the first 10 days after contract acceptance, the escrow company will send you a full set of CCR’s. Your excellent agent will be available to review all of these documents with you and address any concerns. Again having an experienced consultant/Realtor is a valuable asset.
19. After inspections and the final agreement to the repairs and/or credits between the buyer and seller, your agent will follow up with the sellers’ agent to help ensure repairs are completed meaning as exactly as requested with regard to quality. Often times the seller’s agent may attempt a variation of how you requested the repair to be done or they may try to change the manner in which the repair was requested. Again, your excellent agent will work to ensure work is done, as requested, and if he/she has not advised you of the actions available to address the issue(s). No matter how excellent your Realtor is, Realtors cannot prevent the sellers or buyers from ignoring an aspect of the contract, but rest assured, with an experienced, professional Realtor, you will have professional guidance and remedies should this occur.
20. In addition to checking in on inspections, your agent is also checking in with the lender (unless cash) making sure the loan process is moving forward as scheduled. I’ve heard horror stories of moving trucks parked out in front of homes with buyers unable to move in because their loan did not close on time due to lack of follow up and/or a poor lender. Can you imagine your family’s frustration? Think it can’t happen to you??
21. Prior to closing, your excellent agent will schedule one, two or three walk-throughs of the home to make sure it has not incurred damage when the previous owners moved out along, finalize a check of agreed upon repairs and verify if any and all of the items that were to be left in the home are still there. Experience matters. If your agent schedules the ‘walk through’ too early or too late you could end up with serious liability issues.
22. A Settlement Statement Review is an itemization of closing costs and associated fees to close the sale of the home. Credits and debits to both the buyer and seller are on here and must be carefully reviewed to ensure all items, as agreed upon, are properly applied. Your excellent agent can advise you on proper review on this most important document.
23. Signing. At last, after all of the negotiations, inspections, addendums, LSU’s, title work, escrow reviews, follow-ups and ten other closing efforts, the signing of the final closing docs takes place, and yes, there is one more review as each item must be carefully checked. After the fine print, this is the time for hugs all around for finding and closing on a truly beautiful home!!
24. I speak often on the subject above because with the heart I have to see the issues I have seen with truly fine people. I am passionate about helping as many people as I can find good homes with excellent representation ... hopefully I will be able to be of service to you
5 star rated - Voted #1 By Client Reviews and awarded many honors by Sotheby's International Realty and Berkshire Hathaway.
Michael Chaisson, Realtor
RL Sotheby's International Realty
Premier Client Services
Ranked Top 1% Nationally
Circle of 26 Excellence Award Recipient