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Homebuyer Tips
Whether buying your first home or your fifteenth, purchasing a new home can be unnerving.
Am I paying too much? How is the neighborhood and schools? Will I be able to sell the property if our needs change? What area should I be looking in?
These concerns and dozens more run through the minds of homebuyers. All of these questions can be answered with facts and data not just opinions.
We can assist you in focusing in on those properties that will best meet your individual tastes and needs, then provide the detailed research to make an informed offer to purchase.
Price and location are usually the starting point in searching for properties.
Unless you have the wherewithal to pay cash for a property, our first step will be to contact a lender. The lender will let us know our price range and what interest rate we can expect. If you haven’t picked a lender yet, we can offer suggestions.
Location.
We generally start our search within a set commute time from a place of employment, a specific school, relative or recreation area. If you are unsure of what areas to search, just call and let us know your needs and preferences. We can help you focus on specific areas.
Even if the quality of schools is not a personal concern for you, upon an eventual resale of the property, the schools may be a critical issue. A good starting point for researching schools is http://www.greatschools.net and http://www.schooldigger.com/go/AL/search.aspx where one can see data, parent’s comments and rankings of schools.
Once we start to focus in on a particular neighborhood or property, we will need to search for possible negatives such as a railroad crossing or high traffic nearby.
Property Specific Research.
Once we focus in on a property and are ready to make an offer. We will research recent MLS activity in the area to understand market value and how quickly properties are selling. We will see how long the property has been on market and try to find out as much as possible about the property and the seller before making the offer.
All offers should be contingent on a professional home inspection.
Once buyer and seller agree on the price and terms of the sale and the inspections are done, we usually go through another round of negotiation based on the result of the inspection.
Just fill out as much information as you like in the form below. At a minimum we need your price range and a general idea of your location preferences.
1. We can set up property searches based on search criteria you provide and email prospective properties to you. (We can set up much more detailed searches than the local MLS allows the public)
We can also set up automatic email notification of new listings that meet your criteria. As soon as a new listing is added to our local Multiple Listing Service (MLS), you will receive an email with the listing’s details.
2. Often, we have already seen properties that may interest you. We can also preview properties, eliminating them as prospects or obtaining additional information and photos.
We can also provide information on neighborhood schools, market trends and commute times.
3. While we are not professional home inspectors, we do have experience in looking for potential problems with a property’s condition. Having knowledge of common problems in a specific neighborhood or area is also a benefit to our clients. Certain areas are prone to foundation settling or soil shifting as an example. Other areas are prone to high radon levels or flooding.
4. We have experience in working with local home and termite inspectors. We can recommend those inspectors, which have proven themselves to provide quality inspections and professional reports.
5. We can help clients determine how much they can afford by using available mortgage calculators. We also business relationships with trustworthy lenders who can provide accurate estimates of current interest rates, loan origination / closing costs and payment amounts.
6. Property taxes and utilities are a part of client’s monthly housing costs. We can determine what those costs will be to assist in budgeting.
7. One of the most important functions we perform for our clients is verifying the value of the property that they are considering. We search for recent sales of similar properties in the area and determine a market range based on those sales. Often this task is quite difficult and time consuming. Having experience in our local market is critical in accurately determining a properties market value.
8. Often, knowing how to structure and present an offer to a seller will determine if the offer is accepted or rejected. We research the market value of the property and it’s sales / listing history. This sometimes lets us know what a seller purchased the property for, how long he has owned it and how long it has been on the market. While our local real estate market is slightly weighted in favor of the Seller, often a seller is willing to negotiate.
The three items that are generally points of negotiation with a Seller are the sales price, what closing costs Seller will pay for purchaser (If any.) and if Seller will pay for any needed repairs to the house. Knowing a particular Sellers mindset and how to phrase the offer does quite often make the difference in Seller’s response.
9. Unless we are the listing brokers on a property, we will be working with the listing agent to help buyer and seller come together for a sale. Having a good reputation in the local realtor community and being able to effectively work with other realtors is critical. We have seen transactions fall apart not because of the buyer or seller but because the realtors could not effectively work together to convert an offer to a sale.
Rosenblum Realty has an excellent reputation in our local community. The company was started in 1957 by the grandfather of our broker Cary Rosenblum. Cary has been president of our local board of realtors several times and has been the local realtor association’s Realtor of the year. We are active in local civic groups and have an established reputation outside the realtor community.
Our experience and demeanor in negotiating with other realtors is also an asset. Keeping negotiations unemotional and professional is imperative.
10. Every client is different, not only in terms of the type of property they are looking for but in which factors of an offer are most important to them. Is cash tight and they need seller to pay their closing costs? Is time a factor for them and do they need a quick sale or do they need a delayed closing? Negotiating favorable contract terms for the buyer is one of the chief duties we perform for our clients.
11. We will review / prepare all of the several forms required to purchase property and explain each form to out clients. From experience, we have learned specific points to watch and wording to add or avoid in contracts.
12. Having a trustworthy and professional lender is an absolute requirement. We have seen lenders that ranged from Professional and caring to incompetent to criminal. We can help our clients avoid delays and unpleasant surprises in obtaining funding. We have established relationships of trust with a few lenders that have proven themselves in taking care of the clients we refer to them. We can offer referrals to these lenders depending on the specific needs of each client.
13. In our area, closings are usually done with the assistance of an attorney but the use of title companies to coordinate closings is becoming more common. Again, we have our favorites, those that have performed in a competent and professional manner in the past. Whoever coordinates the closing, we will assist them in clarifying title, zoning, building codes, and easements. We will attend closing and assist clients in working out any last minute problems.
14. We have established business relationships with local tradesmen and can offer suggestions for companies to make any needed repairs or to make inspections beyond the expertise of a home inspector or termite inspector.
15. While we can’t predict the future. We can research sales trends and use our knowledge of the local real estate market and economy to advise clients on the future marketability of a property they are interested in. Resale value is always an important consideration in choosing a property to purchase.
To begin your property purchase process, just call, email or complete one of the forms at the links above.
Philip Winburn 256.797.4570 / Christina Winburn 256.652.7354
