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Close the Deal: Home Buyer Essentials

Close the Deal: Home Buyer Essentials

Every home owner that has listed his house for sale would like to have a qualified buyer step forward as soon as possible in the listing process. The longer a home stays on the market, the harder it is for it to sell. As a home buyer, put yourself in the shoes of the seller when looking at a home and you will close the deal and with favorable terms. That is, if you keep in mind the following essentials.

1. Choose the right real estate agent. Find an agent that will represent you well and has your best interests in mind. This does not mean you cannot work with a dual agent, rather you want an individual who is professional, courteous and on top of things.

Your agent will have extensive contact with the other listing agent and will also interface with the home seller. Choose someone who is difficult to get along with and she may rub you, the seller and the other agent the wrong way. You cannot afford to be represented by anyone other than a top-notch respected professional.

2. Tell the owner that you are mortgage ready. There is nothing worse than to strike a deal on a home and to have it fall through because of financing. Both the seller and buyer are inconvenienced, but the seller will have lost precious time especially when that time is of the essence.

Before you bid on a home, speak with your mortgage broker. Apply for a mortgage, get approved and get a copy of the approval letter to show the home owner. A mortgage-ready home buyer is more likely to win the home than an individual that still needs to obtain financing.

3. Speak well about the home. Homeowners have feelings and your coming into their home and criticizing it will not warm you to the seller. Some home shoppers think that if they put down the home that they will soften the sellerís resolve. Instead, the seller may harden her position and decide not to deal with the picky buyer.

Keep your criticism to yourself, but do share your concerns with your real estate agent. If there is something about the home that is show stopper for you, then of course share your opinion with your agent. However, if you do not like the powder buff blue paint scheme in the family room, this is a matter best kept to yourself. You can always repaint the room after you move in.

4. Ask and you shall receive. Buyers that lowball their offers or are too demanding and rarely get what they want. Most homes are priced to reflect local market conditions, with perhaps a 5 percent price adjustment possible. For larger discounts you need to justify your position, but in doing so you risk insulting the owner and losing out on the home. Do your homework: review comps to show a possible price discrepancy.

You can, however, make requests that are reasonable and kind. For instance, instead of counter-offering with yet another price that falls short of the sellerís offer, you might ask for an incentive such as home warranty. Or, you could ask the seller if she would be willing to leave the gas grill or living room window treatments behind. At some point you simply need to present your best offer and leave it at that.

Buyer Considerations

The home buying process is often a tense and nervous time for all. By understanding that much is at stake, both the buyer and seller navigate through the process as smoothly as possible. As a buyer, you want to always maintain your composure even as the stakes rise. If you find yourself in a bidding war, make your best offer and let the chips fall where they will.

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