Buying/Selling A House
We know all the steps of home buying/selling process and now we want to make you an expert, too! So, this month we are featuring our two new video series, So You Want To Buy A House? and So You Want To Sell A House? Together, we will guide you through the first things you need to get started, how you should get prepared, and what every stage will look along the way!
The Buying Process
Step 1: Finding A Realtor
The first step of the process is finding a Realtor! Find someone you are very comfortable with, learn about their background, and don’t be afraid to meet with several different Realtors. At Myriad, we aren’t just a one-man show, we are a team that will always have your best interests in mind. We also love having buyer consultations to help narrow down all the details and figure out what you want your dream home to be like.
Not only should you find an experienced Realtor, but you should also make sure the company has flexible agreements, weekly check-ins, and can negotiate on your behalf in terms of the price your are paying for your home. Danny, our lead agent, believes that you should start with an aggressive offer to entice the seller to come down more in price. In the end, it is a business transaction, so never be fearful of insulting the people on the other side to try to get a better deal.
Step 2: Let’s Talk About Finances
The second step of the process is getting your finances in order! Check your credit score to make sure you qualify for a loan. If you don’t have your credit score in line, there are other ways to help you qualify. Reach out to a lender - and not just one, multiple! Lenders all have different structures and fees, so choose yours based on features like price, service level, and compatibility.
If you’re not quite ready to buy a house, your lender should be there helping you create a plan to save money to reach your house goals. If you are approved to buy a home, you will need to fill out a ‘Pre-Qualification’ form with your lender to show that you are a ready, willing, and able buyer.
The last and most important part of getting your finances ready is to make sure you don’t take any new forms of credit. No new cars, no new appliances on sale, or any purchase that could disrupt qualifying for your mortgage or change your credit.
Step 3: Shop ‘Til You Drop
Step three is to know all of your needs, wants, must-haves, and negotiables! What are the things that you just can’t live without? What are things that would just be nice to have? What are the things that you absolutely do not want to have? Keeping track of all of these little details will narrow down the search and keep you from being overwhelmed. With all of these details in mind, your Realtor will set you up on an MLS home search that will fit your specific criteria. And, you will be notified whenever a home matches what you are looking for. A great Realtor should also have their own website where you can search homes for free based on your criteria. (Ours is ViewPhoenixMetroHomes.com!)
Once you’ve been set-up on an MLS search, you’ll soon find homes that you’ll want to see right away. Set an appointment with your Realtor and remember - always take notes on things you like and don’t like about the property, the neighborhood, and anything that stands out.
And lastly, keep your expectations realistic and budget for unexpected expenses. Things like home-owners insurance, HOA fees, inspection costs, and closing costs will impact your overall total, so always budget for these in advance.
Step 4: Putting In An Offer
The time has come! You’ve found your perfect home and eager to put in your first offer. So, what do you need to do? First, you and your Realtor will come up with an offer strategy. You will need to know if you’re going to ask the seller for concessions (which will help cover the closing costs), your high-end/low-end offer you’re willing to pay on the property, and your handy-dandy pre-qualification form! In this situation, it is key to listen to your Realtor and take his/her advice.
In certain offer situations (like a multiple-offer), it can be very important to write a personal letter to the seller. Introducing who you are and why you love their home so much might just buy you your dream home!
If your first offer does not get accepted, keep your head up and do not get discouraged. It just wasn’t meant to be, so keep persevering to find the right home for you!
Step 5: Offer Accepted
CONGRATULATIONS! Your offer was accepted! The next step is to rely on your Realtor and his/her team of experienced professionals. They will provide you with the resources you need, along with vendors from handymen to plumbers and even home inspectors. Most communication will take place between you and your real estate team, so they should always be there to answer every question you have.
The Selling Process
Step 1: Major Expenses
In step one, you need to find out if you’re ready to list your house on the market! First, you need to take a in-depth look at the expenses that may come with selling your home. Some of these expenses include Realtor commissions, title/closing fees, property taxes, HOA fees, and much more! There can be *myriad* costs involved, so make sure you search for a Realtor that is transparent when it comes to the costs and easily breaks it down for you to know exactly what you’re getting from the sale.
Step 2: Finding A GREAT Realtor
Step 2 is to look for a Realtor that can go above and beyond! All Realtors should set your house live on the MLS, but don’t let them fool you when they say they will put it on other home search sites, too. Your home will populate automatically on sites like Trulia and Zillow directly from the MLS. The Realtors that go above and beyond will coordinate with a professional photographer to take high-end photos and also regularly post your home on social media. Your Realtor should also offer flexible commission rates based on your specific situation and give you weekly status updates on how many people were showed your home the previous week. And finally, make sure your agent has a vast amount of experience. In the long run, this could save you money and the headache of bad real estate situation.
Step 3: Sell Your Home FAST
There are many steps you should take to get your home ready to sell. First, make any general repairs to your property from replacing a burnt out light to fixing the running toilet. These little ticket items can be beneficial for you to update prior to showings. If you do not do these updates, potential buyers may see these issues and immediately think there might be bigger ones that could arise.
Next, hire a professional home stager to walk through the property. The stager will make recommendations to de-personalize the space, offer suggestions on more neutral paint colors, and anything that will help make your home more appealing to those walking through. The more open and decluttered your home appears, the faster you will sell.
Third, make your landscaping look the best it could possibly be! Trim the trees, plant flowers, make sure the grass is green, and maybe even consider repainting the exterior of your home. This is the first thing that people see when they drive up, so maintain it throughout your home’s listing.
Lastly, discuss the showing instructions with your agent. This is the perfect time to bring up any special instructions you have for them since your home will be viewed several times. It is always best to be on the same page with your agent and communicate with them throughout the process.
Step 4: Getting An Offer
So, you’ve gone through all the hard work of getting your home prepped and ready, and now you got an offer! What should you do next? Let’s start with not getting offended if the offer comes in lower than expected. At Myriad, we always recommend countering each offer you get with terms that are reasonable to you. More than likely you will get that buyer to meet you in the middle or even closer to what you are needing. If it doesn’t work the first time, don’t forget that you can counter more than once! Remember, that this is a business transaction and you can go back and forth as many times as needed to get the best possible deal. If you end up in a multiple offer situation, you are lucky in that you get to dictate multiple parties on what is acceptable to you and play each offer against one another to receive the best deal possible.
At last, you’ve decided to take the deal and now you are under contract, ready to get the real work started! This is the perfect time to turn to your professional real estate team who will guide you through the next steps.
The process of home buying and selling can be a challenging venture to take on. But, you are now an expert in the first steps of the process. So, be sure to head on over to our YouTube page to view our full video series, So You Want To Buy A House? and So You Want To Sell A House? And if you ever have any questions, always reach out to your favorite real estate team, Myriad at Home Group.
Until next time,
The Myriad Team
Photo Credit: Lister Assister