The majority of buyers, sellers, and real estate professionals across much of America are facing real obstacles when working towards property sales. The real estate market and the art of closing transactions has been extremely challenging as of late ... and it doesn't look like it's taking a breather from that anytime real soon. The good ol' days and ways of closing properties are gone and over!
My experiences and observations tell me that if you are someone considering Selling, Buying, or Refinancing a home today ... you better do some real hardcore homework and preparation PRIOR to your home search and/or financing. You also need to practice your "patience" skills. Otherwise ... you're going to head right smack into trouble and frustration with any transaction and/or financing you enter.
In my opinion, real estate has gotten very similar to a group practice of doctors, which usually has a variety of medical specialists within it. If a real estate "practice" is going to succeed in this market, it better have some "specialists" within it too. Short-sale specialists. Foreclosure specialists. First-time Home Buyer specialists. Senior specialists. Relocation specialists ... are just to name a few.
Buyers and Sellers need to understand that not any ol' real estate person can get the job done for them. They best be looking outside of their Uncle Harry that does real estate on the side after he retired, Cousin Earl that just recently got into lending, and their parent's best-friend's old school chum that's a divorce attorney for the legal representation they need.
Buyers and Sellers need to:
- Crack the internet and gather facts
- Gather referrals for real estate professionals that are experienced and knowledgeable
- Find professionals that offer the specialized programs and services they need
- Find professionals that communicate well and with consistency
- Find professionals that will "go the extra mile" and more, if need be
- Find professionals that have a strong history of successful transactions
- Find professionals that they wish to retain and grow a stronger relationship with into the future
Just like in school, Buyers, Sellers, and those Refinancing need to prepare ahead and allow themselves the time to do the required, needed work and professional search. They can't wait and cram at the last minute. That leads to rash, poorly made decisions that will cost time and money. And in the case of buying, selling, and financing a home ... that can be BIG money, HUGE amounts of valuable time, and possible loss of the property they desire.
How much prepping, schooling, and homework is needed before a Buyer, Seller, or someone Refinancing should take the big step?
Unless it's some type of unforeseen emergency ... I (and many experts) are recommending approximately one year. A Credit Report should definitely be pulled this far out to make sure the future borrower's financial house is in order ... or to allow time to correct any errors found and credit issues. Once the Credit Report is assessed, the real work and preparation can begin. This amount of time also allows Sellers to assess the condition of their home inside and out ... and repair/prepare/stage it for sale.
The good news for those thinking of entering a property transaction? There are real estate professionals ... "Specialists" across our country ... that can and will guide them every step of the way towards the successful completion of their transaction.
It just take a little time, effort, and homework to find the right ones ...