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Home Buying 101: 10 Answers Home Buyers Need To Know

Written by Posted On Tuesday, 26 September 2017 00:04
Home Buying 101: 10 Answers Home Buyers Need To Know
To help you find the home of your dreams in the right time frame and for the right price, your realtor should be asking you many questions. Being prepared is the key to success in any venture, especially the adventure of buying a home. So, let's see if you are ready by answering the following ten questions. 
 
1. Why do you want to buy a home now?
This is a great question because it gives your agent valuable insight into your motivation or reasons for for buying a home. Maybe your lease is up soon.  Maybe you just got married and want to set up a family home.  Maybe you lost your home to foreclosure or short sale years ago and are tired of renting and are now ready to get back into a home of your own again. The answer to this question helps your agent customize their services to your situation.
 
2. Are you working with the "right" lender yet?
This question lays the ground work for a financial conversation. If you’re not pre-approved yet with the "right" mortgage lender that can really move quickly, this is your realtor's first opportunity to help you by recommending a a top notch lender. Remember this if nothing else, all lenders are not created equal. A lender can make or break your entire dream of home ownership. Most of the great realtors have some great lenders on speed dial. So, ask your realtor who they recommend. 
  
3. How long have you been looking for a home?
With this question your agent will learn a little about your level of real estate experience and determine how serious you are. If you tell a realtor that you've been looking for a home for six months or two years, we know right away that either you are not very serious or you are currently working with the wrong agent. Also, and this may just be a pet peeve of mine but there is absolutely no reason that you should be out looking at homes on your own or touring open houses by yourself. If you have have a realtor and you are just looking on your own because you don't want to bother them, you are making a huge mistake. Showing you homes is your realtor's job. Let him or her do it.  The bottom line is this, a good agent should be actively finding you the home of your dreams rather than waiting for you to find it. 
 
4. What if we found the perfect house tomorrow?
Your answer to this question simply should be, "If we find the ideal home, I am ready to put in an offer right away." This question helps your realtor to gauge your readiness and get insight into your ideal timeline. Now, if you’re a first-time buyer this is the time for your agent to also discuss the escrow and the closing process. At this point, you should already know about your earnest money deposit, down payment, recommended inspections, costs of those inspections, expected closing costs, etc. Be ready to pounce on a great home! 
 
5. What are your 3 favorite neighborhoods or areas?
This is a fun way to talk about where you’d like to live. How important are schools, restaurants, parks, and churches to you? This is a great way to have your realtor showcase their knowledge and expertise of a neighborhood. Every area has its pros and cons. Ask your agent about the school district.  Ask your agent about local restaurants. Is there a Starbucks or Peet's Coffee close? Is the neighborhood walkable? Does your agent know about the crime rate or if there is an active NextDoor App community? If there are areas that you like, why not visit them and check them out before you commit by buying a home? 
 
6. What is your favorite room in the house?
This is where your realtor can learn more about your lifestyle and begin the discussion about features that you are interested in. If you say that you are a foodie and love to cook or bake then maybe the kitchen and great amenities are important to you.  If you love to entertain and really love to have friends over for BBQs then maybe an outdoor living space is your thing.  Maybe you cherish family time and want a good sized family room to enjoy being together.  Your answer here helps your agent to know what makes you tick.  
 
7. How important is outdoor/garage space?
In many areas and price ranges, this question quickly eliminates a number of options, so your realtor should get it out of the way early. Would you be willing to live in a condo with a common ground area or does your lifestyle require a private back yard? Do you have to have a garage where you park your vehicles, can change your own oil or store your lawn mower or does a car port suit your needs? Do you need RV access or boat storage? Is a pool a must have or a don't want? This question leads to other questions and necessary answers. 
 
8. How long do you think you’ll live in the house you buy?
Some clients may want a starter home that they can enjoy for now but will be easy to sell later. Others may want a forever home and have more particular requirements. There is a difference!  In general, a starter home is something you’d be happy living in for around five years even if you know you’ll outgrow it. A forever home, on the other hand, is one that you could potentially see yourself living in for the rest of your life, or at least the next 20 or 30 years. This means it meets most, if not all, the criteria of your dream home: the right location, the right size, and all of the extras.
 
 9. What is a deal breaker for you?
Some common deal breakers are homes on streets with a lot of traffic or near freeways, homes next to apartment complexes or neighbors with barking dogs, homes with no front yard, homes next to commercial buildings or large water towers. Whatever it is, you need to know what your deal brekers are. Knowing this will help you and your agent save a lot of time and frustration.
 
10. What are your non-negotiables? 
The most common property non-negotiables usually deal with the number of bedrooms and bathrooms, the square footage of the home, the size of the lot, whether or not it is a one-story or two-story, has a pool or doesn't have a pool, is in a good school district, has natural light, has curb appeal, has storage and the list goes on. But whatever your list of non-negotiables contains, don't expect perfection. Why? Because you will never find it. 
 
Knowing the answers to these ten questions will greatly increase your chances of finding and buying the right home. The answers will also make the home-buying process more manageable and pleasurable. The process of buying a home should be exciting not excruciating. Find a great agent and find a great home today!
 
 
 
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Robert Lewis

Robert Lewis is an agent/owner/recruiter at eXp Realty of California.  Robert is host of The Real Realtors on Northern California's  #1 real estate radio show on AM1380 The Answer (KTKZ www.ktkz.com) and Money 105.5FM (KSAC www.money1055.com).  The show airs on Saturdays from 4-5pm PST and Sundays from 11am12pm and is a topical real estate radio show focusing on all things real estate. You can listen to the show anywhere in the world via the station app that can be found by searching for KTKZ in your android or iTunes sapp tore. Robert is an avid real estate blogger, an adjunct real estate professor and author. He's a residential real estate expert working all of Northern California but focusing on Sacramento, Placer, El Dorado and Yolo counties. 

robertlewis.sca.exprealty.com/index.php

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