Navigating the Home Buying Process: 5 Tips

Posted by Debbie Rodriguez on Friday, May 19th, 2017 at 12:30pm.

Navigating the Home-Buying Process: 5 Tips

Home Buying Process with Agent

Buying a home for the first time can be complex and daunting, especially in a competitive housing market. A new book, “My First Home: A Step-by-Step Guide to Achieving the Ultimate American Dream,” aims to help first-time buyers navigate the process.

Below are five tips from author Shashank Shekhar, a blogger, media source and radio and television personality:

  1. Move Quickly
    In this kind of market, if you see a home you like, you’d better be prepared to jump on it. Don’t hem and haw—make the offer.
  1. Understand the Seller’s Needs
    The best deal is not always the most money. The seller might be in escrow on their new home. They need their current residence—the one you’re wanting to buy—to close before they can move, so you need to move from contract to closing quickly. Sometimes, it could be the opposite: The seller wants to stay in the home longer than the typical 30-45 days for closing. In that case, offering rent back to the seller might be a clincher.

It’s your real estate agent’s job to find out the real motivations and needs of the seller and craft your offer accordingly. Sometimes it’s obvious; other times, it’s not.

  1. Get Your Loan Officer to Call the Listing Agent
    When you make an offer, the loan officer should explain to the listing agent that you are well qualified and that the transaction will close on time. Sellers and listing agents feel more comfortable working with loan officers who are proactive in their communication. They also feel more assured that the loan won’t fall through.
  1. Be Aggressive on the Terms and/or Price
    In most cases, you need to be ready to be aggressive with terms like quick closing, no appraisal/loan/inspection contingencies, etc. Be sure to discuss these with your loan officer and real estate agent. You need to be qualified to take such risks with your earnest money deposit—or else, don’t do it!
  1. Hire a Real Estate Agent
    Work with a real estate agent that understands the market. Agents who truly understand market dynamics and are well connected can get their clients’ offers accepted even when it’s not the highest. Work with people actively closing real estate transactions—your nephew’s girlfriend is only a good option if she’s legitimately qualified.

Source: Shashank Shekhar, Arcus Lending

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3 Responses to "Navigating the Home Buying Process: 5 Tips"

Angus Reed wrote: Planning is the main part of every process. In this field of real estate, Prepare your mind and work as per the plan you establish. All points are important for a successful home buying. Really appreciate this post..!!

Posted on Tuesday, May 30th, 2017 at 12:52am.

Taylor Hicken wrote: My husband and I have been searching for a house for the past few weeks, and still haven't been able to find anything. It'd be nice though if my husband and I were able to hire a real estate agent that understands the market. Hopefully, I'll be able to find a place within the next few months.

Posted on Friday, June 23rd, 2017 at 8:17pm.

Debbie Rodriguez wrote: Taylor, thank you for reaching out. One of our agents have reached out to you to help you find your next place to call home. Feel free to call our office 937-592-4896 if you have any further questions.

Posted on Tuesday, June 27th, 2017 at 3:15pm.

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