Home Buying Process

Getting a house is not that easy. As we all know, it consumes a lot of time, effort and energy. To some, it can be their worst nightmare. Most often than not, it may take more than a month or two just to get your ideal property. It can be much longer if you are not really familiar on how to get a house. Some are giving up already because of too much stress and frustration.

First, you need to check for a property on a MLS or Multiple Listing Service sites or various portal. Once you get have a property that you are interested in, it is best that you are pre-approved by your bank, or if you will pay using cash, get a proof of funds from your bank. it is best to get a real estate agent as well, someone who is expert in real estate industry to transact on your behalf. Usually, they will be the one to coordinate with the seller or seller’s agent. A lot of negotiation will take place. Sometimes, the seller or seller’s agent will get reject your offer. It is your agent’s responsibility to make a counter-offer to make sure you’ll get the offer.

For you to be successful, there are following steps that you need to do in order to be successful in acquiring the property. These steps will guide you to make sure that you will be in a win-win situation.

Bid smartly. You need to coordinate with your agent for prices of comparable homes in the area that have recently sold. You can use it as a basis for your initial offer. It is better to start a bit lower than those figures.

Make clear demands. Be firm when you want something extra like furniture, curtains or anything that you want to be included aside from the house.

Use the date as negotiating point. If you don’t have to move by certain date be flexible on when you move into your new home. You might be able to get other concessions from the sellers.

Ask the seller to buy a home warranty. It is better to request it to a seller, in that way, you don’t have to worry to cover extra cost of any major repairs for one year.

If you do the following steps above, for sure you’ll be able to find a house in a short period of time. You will save a lot of time especially if you hire an agent. Don’t dwell too much if you need to shell out money for your real estate agent because you will save yourself from a lot of trouble. Imagine if you talk directly to the agent of the seller, and he uses jargon words that only real estate agents are aware of, you might end up on the losing end. Let a real estate agent do the stuff for you. A lot of paperwork and legwork are needed to complete the transaction. Happy home buying!

Benefits of Open House

Looking for a property is very stressful for a buyer; same as selling the house for the seller. It takes a lot of effort, time and energy to look for a house. At times it can be frustrating. For sellers, it is very disappointing because of waiting around and the constant cleaning of the property for individual viewers who will visit the house to check on it. For the buyers part, frustration will arise because someone might have seen the house, offered something to the seller already before they had the chance to check it. One more thing, both buyers and sellers have to depend on the communication skills of their real estate agents to make arrangements for viewings which could take a of time to be honest. Hence, open house viewing is really important.

Some are maybe not familiar with this method. But just so you know, it is one of the most effective ways for buyers and sellers to get their goals, for buyers to get their ideal property and for sellers to sell their house as soon as possible. What is open house? An open house is a long-standing tradition in the sale of residential real estate to expose more people to a home for sale. It is normally done on weekends. The real estate agents put out signs on boulevards or near street corners to draw drive-by traffic and usually list the homes in the real estate sections of newspapers to bring more people.

What are the benefits of an open house for sellers?

Convenience. It would be very convenient for seller to do a one time cleaning instead of individual viewing of property. It would be tiring for the seller to clean today because an individual will visit the property later, then another cleaning after a couple of days because another prospect wants to view the property especially if the seller is very busy.

It saves time. Same with the above. Not only convenience, but you will be able to manage your time if you will have a one time viewing of your property open for public. It is hard to clean your house from top to bottom and answer the questions over and over again from different prospects.

Higher chance of a quicker sale. Yes, it is true. When you do an open house, a lot of potential buyers will view your house, hence, higher opportunity to close a deal.

You can get more money. Of course, when there are lots of people interested with your property, there’s a possible bidding war. Sellers might receive a lot of offers. When there are too many offers, a prospect may give the seller a better deal, usually by buying the house at a higher price.

What about for the buyers?

More answers when there’s an open house. Sometimes, when you deal with the seller’s agent, you tend to forget some questions you would like to ask, but when there’s open house, some questions that you want to ask might be asked by another prospect, thus, gaining a lot of information about the property.

Gauging level of interest. Buyers can gauge the level of interest much better if there’s an open house. They can get an idea what they are really buying into which means they can decide easily if they will push through on buying the property or not. .

Lastly, you’ll have more freedom to explore. If you are a buyer, you’ll be more comfortable viewing the house when there are other people checking the property as well. You’ll be more relaxed.

So, when are you going to do open house? It is never too late to try it!

My Customer Service Philosophy

Customer service is everything when you have a business. More than the content and quality of your product, customer service is one of the important factors as to why your customer keeps on coming back. Imagine when you are calling to your ISP, wanting to ask questions about a promo, then the agent who is on the other line is very rude and unprofessional? What would you feel? If that happens to me, even though the ISP is very reliable, I might be switching to another ISP. Someone who will treat their customers right. Someone who will really listen and acknowledge the customer’s issue.

What is customer service by the way? According to Wikipedia, customer service is “the provision of service to customers before, during, and after a purchase.” As per Businessdictionary, “all interactions between a customer and a product provider at the same time of sale, and thereafter.”

When I was a Customer Service Representative a couple of years back, I was taught of the importance of customer service. When I was an agent from a telecommunications company in Australia, I was told that customer experience is very important, more than the product itself. I thought before, “who the heck cares, for as long as they are getting the service that they wanted, they will stick with us.” Boy I was very wrong. Because there were few times wherein I was able to resolve customer’s issue, but I was given a poor feedback by our customers. I thought why? I listened to my call, realized that though I was able to resolve the customer’s issue, I lacked empathy. I was not really sincere to help the customer. Probably I was tired when the call came in and didn’t care much about the customer. Since then, I have learned my lesson. Indeed, customer service is a huge factor for the customers to keep on patronizing your service or products. I’ve watched a TV show a couple of days ago, and the host asked the owner of the business as to what is their secret why their business is very successful, they own a restaurant. The owner said aside from the quality of their foods, they would usually approach the customers. They would give time and talk to their customers. They would usually ask how their day is, feedback about the food, things that they need to improve, and their customers liked it. They found out that their customers are increasing by numbers and they have found out that there are a lot of blogs about their restaurant. Most of the feedback is because of good customer service.

To sum it all, here are the qualities of a good customer service:

1.Always acknowledge your customer.
2.Be sincere, they will feel it if you are sincere or you are just faking it.
3.Whether they are irate or in a good mood, always communicate to them nicely.
4. Smile.

If you follow these things, customer will love you and promote your business by word of mouth.

Determining Components of a Good Offer

Looking for a new place takes a lot of time. You may have visited a lot of sites just to look for your ideal home. Some have coordinated with a real estate agent just to help them with their ideal property. Once they have found your ideal property, they will try to negotiate with the agent of the seller, for sure there are others who wanted to get that property as well, but for the agent to be successful in getting the property, he or she has to come up with a good offer. Those who are buying a home need to know what they should offer, and those who are selling the home need to know what constitutes a good offer.

What is a good offer by the way? Do you have to give the seller an appliance showcase? Or a gift cheque? Not really. Not that kind of offer would make the seller give the keys to you. What will happen next after you have found your ideal property, is your agent will prepare the Offer to Purchase. The Offer to Purchase is a very legal document that says you agree to buy the seller’s house.

There are so many types of offers you can use to get the seller’s house. The easiest way to obtain the house of the seller is if you will agree to purchase the house without any conditions. Usually when there’s a condition, like condition for the seller to include the furniture on the sale, the seller would normally refuse. Seller’s agent will reject it or you will be asked to change your condition to something acceptable on the seller’s side. If there’s a condition, that is what you call a Conditional Offer. Common Conditional Offers are subject to a clean home inspection, subject to financing approval, or subject to the sale of the buyer’s existing home. Usually, the property is not sold by the seller until all conditions have been met.

There are many factors to consider when making an offer. First is the Price. It takes a lot of thinking as to how much would the buyer purchase the seller’s property. Offer too little and you might have a small chance of getting the property, but if you offer too much, you might be losing a lot of money which is not equivalent to the market value of the property. Deposit is also a factor to consider as it shows good faith on the buyer’s end. Next is terms. It includes the total price offered along with the financial details. You may get a loan from the bank, get a VA or FHA loan or pay cash. Condition plays a very important role for the buyer to get the property(see the previous paragraph). Another one is inclusion or exclusion in the sale. These are items that can be included or excluded like appliances or decorative items. Lastly is Closing day. This is the day when the title of the property is being given to the buyer and the transaction of funds finalized.

Since you have an idea on how to create a good offer, sellers will not think twice anymore in accepting your offer.

All About Home Inspections

At long last! Your offer was accepted by the seller, and a few more steps, you will be the owner of the property. After a lot of verbal talks, counter-offers, finally, your dream of getting the property is near to reality. But before that, there’s a very important step that needs to be done. It is the home inspection.

What is Home Inspection? Even heard of this when you purchase or sell a property? For those of you who do not know what it is, home inspection is very crucial in real estate. Before the house will be sold to someone, the property needs to be inspected if it is in a good condition or some repairs needs to be done before moving to the property. A home inspection process is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a home inspector who has a training and certification to perform such inspections. Home inspection can be done by the buyer or a seller, depending on their agreement.

Usually, inspectors will check the roof, basement, heating system, water heater, air-conditioning system, plumbing, structure, electrical and many other aspects of the property. Home inspection is very important as it can make or break the contract. Especially if it is part of the contingency or a cancellation of the contract.

There are many types of home inspections like structural inspection, plumbing inspection, heating ventilation and air conditioning inspection, eleven month inspection, pre-delivery inspection, etc.

We will focus more on the two most common inspections that most some may have experienced when they sold or purchased a property, home buyer inspection and home seller inspection.

In home buyer’s inspection, the person who is purchasing the property, the buyer, will hire an inspector to help identify major defects and other problems so that they can make an informed decision about the property’s condition and the expense of related repairs.

In home seller’s inspection, it is the seller who hires an inspector to identify the problems in the house. Most of the time, the seller does the home inspection so that he or she has a greater chance of selling the house because it is very encouraging on the buyer’s end to purchase a house which is in a very good condition. Not only a chance to sell the house at his or her preferred price, but the seller has the chance to sell the house very fast. The property becomes marketable because the buyer doesn’t have to worry in spending money just to repair the house.

All in all, home inspection is really important for the house to be sold. It cannot be ignored because everyone wants to move in without any hassle. Imagine if you move into a house that has a broken sink, faucet or poor ceiling condition, you will not be happy at all. You will not only worry the repairs but the life of your family as well. So, having a place that is free from repairs and safe are essential when moving to a new place.

Tips on Buying Foreclosed Home

Wanting to buy a property but it is too expensive? No need to worry because there is a solution to your problem. All you have to do is to purchase what you call foreclosed home. Just so you know, a foreclosed home is a property which is repossessed by bank when the borrower cannot pay his monthly due mortgage. After repossessing the property, it will be sold through an auction. If the property was not sold through an auction, then the bank will try to get rid of the property by selling it at a lower price to mitigate their losses.

However, buying a foreclosed home is different from buying a typical resale property. If you will buy a foreclosed home, the home is considered as ‘as-is’. Meaning, it is up to the buyer to pay for repairs. The room for negotiation is very little as well. Normally, before the seller accepts the offer, the buyer should have a preapproval letter from a lender. Also, there’s only one real estate agent involved. On the positive side, most homes owned by the bank are vacant. You don’t have to force the tenant or the previous owner to move out of the property already which can speed up the process of moving in.

To be successful on buying a foreclosed home, I’ll give you pointers that can be helpful.

First, you should get a realty broker and a lender. For a smooth transaction, you need to get a real estate broker who works directly with banks that own foreclosed homes and be preapproved by your lender. To look for a foreclosed homes, it is best to check on a website that has a database of foreclosed homes. The keyword for foreclosed homes is REO or Real Estate Owned, owned by bank.

Second, you have to get a broker on your side. Aside from looking for a foreclosed home, you need to get a real estate agent who can represent you on your behalf. Make sure that this agent really knows what you want in a foreclosed property. Also, being represented by an agent will benefit you as representing yourself throughout this process is very stressful. There are lots of paperwork to be processed and you have to do a lot of legwork.

Third, you have to get a preapproval letter For those of you who do not know what preapproval letter means, it is a letter from your lender grating you a certain amount of money that you can borrow. It usually depends on your financial capacity.

Fourth, the pricing depends on sales pace. You need to check the recent sales prices of comparable properties in the area. The current market condition also takes place.

Lastly, and the most common in a foreclosed property, don’t expect a repair discount. Again, you should expect that the property is sold ‘as-is’. If you try to negotiate with the seller, and there are others who are willing to buy the property ‘as-is’, the seller might give it to others.

Always keep in mind the 5 tips and you will be successful in getting a foreclosed property.