Do Your "Home" Work - Part 3

The Denninger Report  - by Gini Denninger

You’ve found the house
Yay! A good agent will do a comparative market analysis for you to determine what similar properties sold for in the area. This is done to determine what a reasonable price will be. Discuss the findings and rely on their expertise to advise you on variables that influence price. A good Realtor will be able to advise you on current and historical market value. Listen to them. Often people are determined to get the house as cheaply as possible and low-ball their offer. If the offer is unrealistic, it can alienate the seller completely and they won’t bother to counter. It also makes negotiating a fair offer difficult by creating an adversarial atmosphere.

Select your attorney
Find a real estate specialist that handles real estate daily. Too often we Realtors^® have had to deal with attorneys that are not skilled in this area, and sometimes they cost their clients a deal, or made the situation more difficult for all. Ask any Realtor, they can regale you with horror stories. Real estate law requires definite skill sets not every lawyer has honed. Your agent will want to advise you here!

Have a home inspection
Once again, a good Realtor will have several recommendations for inspectors. Inspections determine if there are any serious issues with the house, not readily visible. If you find issues, discuss them with your Realtor. Often a negotiation will take place regarding issues to resolve them. This is not an opportunity for a buyer to get a new house! Nor is this a tool to further negotiate the price of the house, some agents try this tactic – it generally doesn’t work out.

Work with your mortgage officer
Get ALL documents to them as requested. This is not optional. They need them in a certain sequence and by a certain time. Do not dally!

Coordination and cooperation
Your Realtor will be coordinating all the participants in this deal with the listing agent. Trust they are motivated to make the deal close. If they call you needing something, don’t give them a hard time, they work for you but need cooperation. No micro-managing please!

If you follow the recommendations above, you will find your dream home quickly, and close to painlessly! It’s all a matter of doing your “home” work!



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