1- Although it's a Buyer's Market, the most attractive, well-maintained and updated homes in high-quality areas will still sell quickly if priced in accordance with recent comparable sales. It make sense to work with a full-time realtor who monitors your target neighborhoods on a daily basis. Also, getting pre-approved is easy, free and essential if you are shopping for the best properties and best deals. With a pre-approval in hand, you are poised to beat the competition if & when the perfectly priced placed hits the market. Getting pre-approved does not lock you into a particular lender and does not have to be a burden on your credit report.
2. When buying a home, try and avoid using the same Real Estate Agent who is listing the house for sale. Practically and Legally - an Agent cannot be "on your side and in your corner" if he or she is representing buyer and seller in the same transaction. The agent may try and minimize this reality as the opportunity to gain a larger commission is tantalizing. But unless the agent is willing to share some of the bonanza commission with you, why accept representation from an agent who must legally by neutral when you can have your own partisan advocate with no tangible costs?
3. Open Houses are a great place to meet, interface with, and interview potential Buyers Agents. In addition to showcasing and providing open access to the home, many Realtors employ open houses as an opportunity to meet potential clients. Take the opportunity of an open house to pick the sitting agent's brain. Is the agent knowledgeable about the area? Does the agent seem personally compatible and a good fit? Does the agent show eagerness to peform by following up with you after the open house meeting?
4. Most Real Estate agents will gladly take you out for an afternoon of home showings - maybe more - without your having to sign a six-month Buyer's Agency Contract. The only time you absolutely have to sign a contract is when an agent is submitting an offer on your behalf. You can test drive a Realtor with no obligation, just as you would test drive a car. Many Realtors - including R5Realty.com/Prudential agents Ted and Heather Gross - include a provision in each Buyer Contract which allows buyer to unilaterally void and exit the agreement with just 24 hours written notice. Insist this provision be included whenver/if-ever you enter into a Buyer Agency agreement.
5. Signing a Buyers Agency Contract with a Realtor creates a business relationship and rewards you with a boatload of legal and theoretical rights and protections including confidentiality, loyalty and fiduciary responsibility. Signing the contract is also an expression of good faith towards an agent, who gains no compensation for time and effort unless a house is actually purchased. Showing a cursory commitment to your agent could inspire service and effort that goes above and beyond the call of duty.
6. A good agent will have already toured many or most of the homes for sale in the neighborhood and price range of your choosing. If he/she hasn't already visited a chunk of the available listings, than you might want to consider looking for someone with more gumption and expertise for your particular home-buying project. In addition, don't be shy about asking a Realtor to preview listings in person before you devote an afternoon to visiting houses that smell funky. Pictures are great but an in-person preview by your agent can save you lots of time and trips to houses with issues that don't appear in the photographs.
