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Powerful Home Buyer Strategies for Katy, Cinco Ranch, Pecan Grove

By
Real Estate Agent with ReMax Plantation

 

Powerful Home Buying Strategies For Katy, Cinco Ranch, Pecan Grove

 

Fred Miller, Re/Max Plantation, Richmond, Texas  www.RichmondKatyHomes.com 281/924-2531 fredmiller9@gmail.com

 

Don't Get "Pre-Qualified!" Get "Pre-Approved" Before You Buy
Do you want to get the best house you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller. In years past, we always recommended that buyers get "pre-qualified" by a lender. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you "pre-qualified" and issues a certificate that you can show to a seller, or you can do this on the internet. It is now common knowledge that such certificates are WORTHLESS, and here's why! None of the information has been verified! Unknown problems can surface for example: recorded judgments, child support payments due, glitches on the credit report (due to any number of reasons both accurately and inaccurately), down payment funds that have not been in the clients' bank account long enough, etc. So the way to make a strong offer today is to get "pre-approved". This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few days to a few weeks depending on your situation. It's VERY POWERFUL and gives you at great advantage, as well as, peace of mind.


Sell First, Then Buy
If you have a house to sell, sell it before selecting a house to buy! Let's pretend that we go out looking for the perfect house for you. We find it and you love it! Now you have to go make an offer to the seller. You want the seller to reduce the price and wait until you sell your house. The seller figures that's a risky deal, since he might pass up a buyer who DOESN'T have to sell a house while he's waiting for you. So he says OK, he'll do the contingency but it has to be a full price offer! So you see, you paid more for the house than you could have because of the contingency. Now you have to sell your existing house, and in a hurry! Otherwise you lose the dream house! So to sell quickly you might take an offer that's lower than if you had more time. The bottom line is that buying before selling might cost you TENS OF THOUSANDS of dollars and lots of stress. We always recommend that you sell first, then buy. If you're concerned that there is not a house on the market for you, then go on a window-shopping trip. You can identify neighborhoods  that you like and possible houses without falling in love with a specific house. If you feel confident after that then put your house on the market.


Make A Checklist
Before house hunting, make a list of things you want in the new place. Then make a list of the things you don't want. You can use this list as a scorecard to rate each property that you see. The one with the biggest score wins! This helps avoid confusion and keeps things in perspective when you're comparing dozens of homes. When house hunting, keep in mind the difference between "SKIN AND BONES". The BONES are things that cannot be changed such as the location, view, size of lot, noise in the area, school district, and floor plan. The SKIN represents easily changed surface finishes like carpet, wallpaper, color, and window coverings. Buy the house with good BONES, because the SKIN can always be changed to match your tastes. I always recommend that you imagine each house as if it were vacant. Consider each house on its underlying merits, not the seller's decorating skills.

Don't Be Pushed Into Any House
Your agent should show you everything available that meets your requirements when you have chosen a general location within your price range and school district and school zone. Don't make a decision on a house until you feel that you've seen enough to pick the best one. Review all of the potential houses online. You agent can provide this list to you.  This will save you a lot of time. Before the end of 2007, homes were selling quickly, usually a ninety days after listing. In that kind of market, agents advised their clients to make an offer ON THE SPOT if they liked the house. That was good advice at the time. Today there isn't always this urgency, unless a home is drastically under priced, and you'll know if it is because we can analyze the market for you.


Stop Calling Ads!
A word of caution - agents create ads solely to make the phone ring! Many of the homes have some drawback that's not mentioned in the ad, such as traffic noise, power lines, or litigation in the community. What's not mentioned in the ad is usually more important than what is. For this reason, we want you to be very careful when reading ads. Remember that the person writing the ad is representing the seller and not you! The most important thing you can do is have someone on your side looking out for your best interests. Your own agent will critique the property with an eye towards how well it meets your needs and will point out any drawbacks you should know about. So whether you decide to work with us or not, pick an agent you feel comfortable with and enlist the services of that agent as a buyer's agent. Then you become a client with all the rights, benefits, and privileges created by this agency relationship, and you're no longer just a shopper.                                                                                              3 12 1

 

Fred Miller, Realtor, www.RichmondKatyHomes.com  281/924-2531

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