5 Things Real Estate Agents Wish You Knew About Buying a House
Buying a house isn’t like buying a Grande Americano at your regular Starbucks. Infinitely more money, thought, and prep work go into acquiring real estate – and given that it’s not a purchase you make often, it’s understandable if you might not be adept at wheeling and dealing.
But guess what? There is someone who can show you the ropes well within reach: your Real Estate Agent! Odds are (we hope), you’ve hired an Agent to help guide you through the home-buying process.
RELATED: How To Hire A Buyer’s Agent
But even then, there might be things you end up doing that make your Agent sigh deeply—and get a strong urge to sit you down and say, “Look, here’s the deal!”
Curious about what those things are? Read on for some of the things that Real Estate Agents really wish you knew, since it would save them – and ultimately you – a ton of aggravation seeing your deal through.
1. Know What You Can Afford Before You Start Looking
Finding the perfect home would be a snap if money weren’t an issue, but let’s get real. For most people, money doesn’t grow on azaleas, which means their finances must be taken into account. So don’t waste your time shopping for real estate before you know what price range you can afford.
FREE DOWNLOAD: Your Guide To Home Buying
One easy way to get your bearings is to type your income, savings, and other details into a home affordability calculator. Better yet, get a mortgage pre-approval letter; the process involves a lender checking out your finances and determining how much it’s willing to loan you for a home.
Plus, a pre-approval letter helps you move fast when making an offer. Since you now have it in writing that your loan is guaranteed, it removes any possibility that you won’t secure financing.
2. Don’t Call The Listing Agent
In case you didn’t know, buyers generally have their own Agent, and sellers have theirs. And ideally, it’s the Buyer’s Agent and Listing Agent who interact with each other, conveying their clients’ questions and concerns to see if a deal can be done.
As such, when you do an end run and contact a Listing Agent directly, this seemingly innocent move can cause a whole ton of trouble.
RELATED: About the Negotiation Process
While you main not mean this, it’s almost an implication that you do not trust your Buyer’s Agent and/or that you do not have a strong working relationship. These things will impede negotiation. You’re actually giving power away to the seller’s Agent.
3. Please Do Not Talk Around Other Agents
Another time buyers may put their foot in their mouth is during showings and open houses. Since the Listing Agent may be present, this is a time when loose lips can sink real estate deals.
You might say things you are not supposed to say, such as how many houses you’ve checked out, how much you like or dislike the house, and, worst of all, how much you can afford or are willing to spend.
Sharing such info is akin to tipping your cards while playing poker: It gives the home sellers a whole lot of info they can use as leverage during negotiations.
So when in doubt, say nothing. Let your Agent be your voice at an open house or in any conversation with the sellers.
4. You Do Not Need To See Every Home Within A 50-mile Radius
You don’t have to look at hundreds of properties to find the right one.
The truth is, if you have an Agent truly working for you, you won’t be looking at tons of homes. Your Agent will screen properties for you and make sure you’re only looking at the ones that fit your needs. So if the first home you see is the one, that’s OK, your Agent did her job.
If you feel the homes you are seeing are not a fit for you, talk to your Real Estate Agent again about your wishlist and revisit your must-haves vs. like-to-haves, etc. They are there to serve and satisfy you. There is no harm in revisiting this conversation.
5. Don’t Let Fear Of Commitment Give You Cold Feet
This tidbit you can file more under helpful advice because Agent’s have seen this before. Yes, buying a house is a big commitment. Yes, it’s scary, and your mind might race with all sorts of worse-case scenarios. What if you make an offer on a house, and that very day another house – even more perfect for you – crosses your path? Or, what if you move into a house you’re happy with, then a layoff leaves you unable to pay your mortgage?
Sure, these are all possibilities, but uncertainty is a part of life. It is normal to ask these commitment-phobic-type questions. Just don’t let them get in the way of this important and exciting life change.
And if the worse happens, you can always sell a house later on; this need not be a death-do-you-part endeavor.
Did you recently buy a home and would perhaps do things differently if you had to do it again? We’d love to hear from you! Sound off on our Facebook Page or on our Twitter, Instagram or LinkedIn feeds. And don’t forget to subscribe to our monthly eNewsletter for articles like this delivered straight to your inbox.