5 Unwritten Home-Buying Rules
If you weren’t aware, buying a home can heighten your emotions. From excited to anxious, it can be easy to get swept up in the moment! Buying a home comes with a whole separate list of rules. Here’s five of the unwritten ones that home buyers might easily overlook.
Rule #1 - Fell In Love With A House Online? Don’t Call The Listing Agent
Found a home that you feel like you’re destined to call home? Want to give the listing agent a call immediately to get all the special details and features of the home? STOP right there! Communicating with your real estate agent throughout the transaction is must! You should always express your interest on a property through your agent, who will then give that message to the listing agent and home seller’s. It may sound like a more complicated way of communicating your interest in the home, but that means that both you and the seller have agents looking out for their best interests. You also won’t get a better deal going directly to the listing agent. They’ll always look out for the home sellers first and try to get them the best price.
Rule #2 - Sign A Buyer-Broker Agreement
Paperwork is never fun. If you’re not completely prepared to purchase a home, then backing out before you sign the paperwork is your chance. You’ll need to sign a buyer’s agreement with your real estate agent, so that he/she knows that you’re serious about getting the show on the road. A buyer-broker agreement is a good contract for all parties involved. It defines the relationship between the buyer and the real estate agent, outlining all of the services that you’re entitled to. If the relationship between you and your agent doesn’t pan out, then you can always end the agreement. Just remember…it’s poor etiquette to work with more than one agent at a time, even if your agent is on vacation or unavailable.
Rule #3 - You Must Get Pre-Approved
Getting pre-approved should be your first step to the entire transaction. A mortgage pre-approval letter from your lender will provide you with the loan amount you’re able to finance to buy a home. This letter really makes everyone’s lives much simpler. It can prove how much home you can afford and can seal the deal when making offers.
Rule #4 - Don’t Be Late Or Bail To Home Showings
Made an appointment with your agent to view a home? Treat it like it’s mandatory. If you know that you’re going to be late or that you can’t make it, call your agent and let him/her know. Respecting each other’s time, as well as the home seller’s is a valuable and important part of searching for a home.
Rule #5 - Don’t Play Pretend
This rule might sound like a no-brainer, but don’t pretend that you’re ready to purchase a home if you’re really not. If you know that you’re just fact-finding, looking around neighborhoods, going to open houses, etc., then this is your chance to be upfront about that with everyone involved.
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Source: Realtor.com
