Purchasing a new home can be stressful. Even for seasoned investors. For myself, Selling over a thousand homes comes with an upside, no not money but something far more valuable – experience.
Why is experience so important you ask? Opportunity for one thing. Learning from one’s mistakes and the mistakes of others leads to less mistakes and the ability to see the crash before the brake lights come on. Other than the “been there done that” obvious take aways, that “opportunity” comes in the building of relationships with key people who at the end of the day help make that purchase possible. Home inspectors (who to use and who to avoid), termite companies for inspections (who charges for re-inspects and what type of treatment do they provide if there is evidence of past or present termite activity), lenders (going VA and want to possibly escrow for some minor repairs… who DOESN’T have access to the programs), and the list goes on. Working with an experienced Realtor® brings this wealth of knowledge. No, not every Real Estate is the same or has the same experience, but having “some” closings under his or her care is definitely important.
An important thing to keep in mind when buying a home and using financing is that just as you, the buyer, must qualify to use certain types of loans (FHA, VA, USDA) these loans ALSO require that the home itself qualify based on the loans appraisal standards. If purchasing a REO/Foreclosure or any home selling “as is” for example, this could present a challenge getting past the appraisal and cause your deal to literally “die.” If the appraiser requires repairs, and the home is selling “as is” who makes the repairs? Not the seller, it is selling “as is.” Not the buyer, for obvious reasons (you don’t own the property). Working with a Realtor® who knows what the appraiser might pickup on and cause issue with is an important part of the process, and with experience, a much smoother process.
Let’s not leave out a key element .. Seller’s. After all, without people selling their home, there would be nothing to buy – right? A good Realtor® (with experience) would have a very good idea about what really needs to be done to the home to a) ensure that the home qualifies for the target buyer as well as lender and appraiser key points and b) what types of marketing repairs (if any) should be done to help snazz that home up and help cause offers to roll on in.
A good Realtor® will have time to talk, explain the process, provide potential options for the buying process, know if a property will or will not qualify for financing and of course be a communicator. In today’s world of technology, the days of leaving your agent a voicemail and never hearing back is just crazy. Text, Phone, Email, Social Media, and so on. So if your agent makes you feel like you’re stuck in the 1980’s with one of the bag phones and a pager, move to another one and don’t forget to check on their “experience” when you do.