Five Great Tips for Homebuyers with John Barker
FIVE GREAT TIPS FOR HOME BUYERS
What are five great tips for Real Estate buyers? These are not the AI generated tips you will see online; these are some of the concepts and nuggets of advice that I have learned and passed on to my buyers during the past 35+ years that I have been showing houses.
FIRST TIP-RIDE ALONG WITH YOUR AGENT
My first tip? Ride along with your agent. If you are looking to buy a home, driving yourself to meet your agent at each property might seem efficient, but here is the thing, you lose the opportunity to talk. When you ride together you can ask questions about the market, talk about the neighborhood and also talk about how the homes you have seen compared to others on your list. An experienced agent should have knowledge and insight and be able to answer your questions. It is a great use of your drive time.
SECOND TIP-DON’T COMMENT BECAUSE YOU ARE PROBABLY ON CAMERA
Second tip for home buyers? Don’t comment. When you are touring homes, you are probably being recorded on camera. Even though it is illegal to record audio of someone without their knowledge in Washington state, many home sellers do this. Just because you cannot spot the camera doesn’t mean there isn’t one hidden. My recommendation is don’t comment on anything, good or bad. You can easily undermine your negotiation or even offend or anger the homeowner. Save any comments and discussion for after you get away from the driveway and home. There are also a lot of people who place cameras outside their house.
THIRD TIP-CONSIDER THE BEST WAY TO HOLD TITLE
Homebuyer tip number three? How do you want to hold title? This is a bit more complicated concept. I ask this question to people as we sit down to write up a purchase and sale agreement. Many people are confused how to answer. Rather than just take ownership in your name you should consider a few things. Marriage, absence of marriage, family members, partnerships, trusts and corporations all are super important factors. Why? Because how you hold title when you buy a house will affect you when you sell a house, especially if the parties don’t agree, are estranged or deceased. It is so much easier to get some advice and do this right at the beginning because it can be expensive and complicated if it isn’t done right. I can provide you with information about your options, hopefully avoiding conflicts or future issues. You also need to discuss your plans for title with your loan officer if you are going to apply for a mortgage, before you sign the purchase and sale agreement.
FOURTH TIP-READ YOUR DOCUMENTS
My next tip is simple and yet so important. Read your documents. I fully understand that the forms have become ridiculously long. The first house I sold in 1988 used a purchase and sale agreement that was just 1 page. Now that same contract is about 30-40 pages long. It is so, so important to take some time to read through everything. Do it ahead of time so you don’t feel like you are on the spot. Ask your realtor questions, they should be able to answer everything you need to know. If they can’t you need to find a better real estate agent.
FIFTH TIP-USE GOOD PRACTICES WHEN YOU WIRE FUNDS
My final tip is to be careful when wiring funds. Over the past 10 years fraud when wiring funds for real estate transactions has become a serious problem. Contrary to what many people believe, the institutions involved hold no responsibility to reimburse you if you are the victim of fraud. This is what I recommend in order to avoid these problems. I provide my clients with contact information for the people who will be involved in their transaction. When they are ready to wire their funds, I recommend that they speak with the recipient directly confirming the instructions prior to sending funds. I also caution them to avoid random emails and text messages, no matter how official they appear, as they are frequently sources of fraudulent information. The buyer should initiate the call, do not rely on a phone number provided in an email but use the information provided by your agent. After the wire has been sent, call to confirm the receipt as soon as possible. Sometimes if there has been fraud there is an opportunity to recall the wire. It is also still possible to deliver a traditional check and avoid the risk. I have assisted buyers many times with this approach. It is one of the services that I provide as a full-service real estate broker.
The most important tip is to hire an experienced, licensed real estate agent to protect your interests and achieve a successful outcome.
-John Barker 425.830.0241 john@johnbarker.net