As a real estate consultant, I love to work with buyers. Since the market place contains several thousand available houses, and there are usually several of these that will satisfy the buyer's needs, the odds are good that a deal can be done.

However, buyers should understand that the only seller likely to give them that deal of a lifetime is a relative or close family friend. Everybody else who is selling wants to sell at a profit, or at worse, to not lose money in the transaction.

Following are some of the areas that I like buyers with whom I work to have an understanding:

1.   If more than one adult is involved in the buying decision, make sure that all parties want to invest time in the search, and the financial commitment to pay for the house and its upkeep. If this cannot be accomplished, it usually ends badly for the buyers within months after the purchase.

Why? If one of the principals comes into the buying process grudgingly, or because of what they feel is undue pressure, they may sign off on the agreement, but there will be lingering resentment, stress, and strife in the relationship going forward. Delay the decision to purchase real estate together if everyone is not in complete agreement to buy.

2.   If you are not paying cash for the full price for the house, get pre-approved for a mortgage from a legitimate mortgage lender before beginning the search.

Why? It is better to know what you can afford to spend and, more importantly, how much you are willing to spend for your home before you begin the search. No need looking at $300,000 houses if you are only willing to invest in a home in the $150,000 to $160,000 price range.

3.   After you determine the amount you are willing to invest in a house, make a list of the features, amenities, and style of house you would like to have.

Why? This list will help you focus on what's important to you and your lifestyle. You may begin the search believing that a certain feature is a must, but as you search, you may find that adjustments are needed. Make a list of features important to you, update the list as you search, and use it to keep you focused on the features important to you.

4.   Interview Realtors® to determine if there is a good fit between your personality and theirs.

 Why? In addition to the time you will be spending with each other, you should be comfortable enough with whomever you select to accept, modify, or reject their recommendations without fear. You have the final say in how your decision-making process works. However, if you find that you are in constant disagreement with your representative, there is probably something wrong with one of you, or both of you. Check yourself, and if it's not you, get another representative.

5.   Texas real estate rules allow the real estate buyer to engage the services of a Buyer's Representative, or agent. I urge buyers to use a Buyer's Representative. All parties in a real estate transaction should have competent, professional representation.

Why? You probably do not buy and sell real estate on a regular basis. Real Estate is usually the single largest purchase that most of us buy. So, this is something you do not do often, it is a big financial investment, and it is not simple. Get a competent real estate professional to help you. The seller probably has an agent and so too should the buyer. (If you are not in Texas, check the real estate regulations in your state regarding buyer representation.)

6.   If the house you are considering buying is not new, it will not be in perfect condition. However, systems should be functional. If they are not, we can try to negotiate to have some repairs completed by the seller before you take possession, or a price reduction on the house. If we cannot reach a reasonable arrangement with the seller, be prepared to find another property.

Why?-Ideally, the seller has kept up with general maintenance of the home and will have it clean, free of debris, and vermin. But some walls may need paint, you may find outdated décor, or some windows and doors may not work perfectly. But this is not a new house so do not expect perfection. Make a reasonable offer based on market conditions and plan on adding your sense of style.

 7.   If you are considering buying a new home, interview and select a Buyer's Representative to help you negotiate and buy your new home.

Why-The Sales Consultant at the model home or a Realtor who lists new homes is working for and representing the builder. While they do want to sell you a home, their obligations are to the builder first. Even if you are an experienced real estate buyer, you may only buy every few years. Having a professional who is knowledgeable regarding current trends in pricing, resale value, financing, and real estate regulations on your side is very beneficial.

8.   Most buyers have a limit as to the number of homes that can reasonably be seen in a day.

Why? One should be able to eliminate many of the unsuitable homes through an internet search so only the most promising homes will require a visit. In visiting houses, particularly on the same day, the features, décor, landscaping will just become a blur if too many homes are seen over a short period of time. Distinguishing one house from another becomes very difficult. I prefer to limit the number of houses viewed to three per session. This is the ideal to me, but sometimes, I am overruled and will show more in a day.

Exceptions for Relocation- People moving on an inter-city basis may need to make decisions quickly regarding their new home. The three homes per day will not work in this situation.

9.   See the home during different times of the day, and evening. This does not mean scheduling several times to go inside the home, especially if occupied, but driving the streets in the neighborhood. If neighbors are outside, see if they can be engaged in general comments about the neighborhood, schools, or local events.

Why? Learning about the neighborhood before you make an offer can ease your mind about your new situation. Things that you can learn regarding noise, area businesses, traffic, or community concerns can be factored into your buying decision. You are not just buying a house; you are also joining a neighborhood. Better to learn as much as you can before you commit. Neighbors can provide a great deal of information about the area.

10.  After an agreement is reached with the seller, work with your representative, and your mortgage officer and be responsive the requests for information, signing and returning documents, and staying on top of the administrative details so you can have a smooth closing.

Why? There are still several steps needed to make this your new home. Failing to meet certain deadlines can place your ability to close the deal in jeopardy. That could also mean the potential loss of your earnest money.

This is a short list. Several hundreds real estate experts, authors, business moguls, developer tycoons, and builders have written extensively on buying real estate. Don't use any one source exclusively. Get a variety of views, process the information, and make something happen.

I will do future posts about Earnest Money, Option Periods, Title Insurance, Inspections, and Surveys.