Real Estate REFERRAL AGENT - RERA™
Buyer/Client Interview Questions posed to Me, Taunee, Homebuyer Matchmaker:
I wanted to share with you some of the home buying questions that was asked by one of our Homebuyer Matchmaking Meetup members who I recently met at their current home and we had a wonderful dinner and great conversation:
Homebuyer: Do you require that we sign a exclusive Buyer-Broker agreement?
ME: No I don't - I have never had a client sign one. But I do ask that you respect my time as I will respect your time.
Homebuyer: How do you work with buyers?
ME I do an intake meeting, which is what we are doing now, and I go over your "Wants and Needs" so that I can customize a listing website for you. Your website has folders "Favorites, Possibilities, Rejects" and you are able to write notes on the homes you seen. You will receive real time email updates on homes as they come on the market, and if the current homes listings had prices changes. Then we will set up recurring schedule where we go out and look at least 4 homes. When we do our first tour of homes, I will provide you with a "Homebuyers Folder" where you will be able to keep copies of the MLS listings of the homes we've seen also with a form where you can make notes of each home. The folder will also contain Monthly Housing Expenses Schedule which gives you what your total housing expense will be (mortgage payment, property taxes, insurance, pmi, hoa dues (if applicable). Also included in your folder will be a current Market and Community Report of each of the cities you are interested in which has the demographics, schools, median price of homes, etc., And you have in your folder a "Pre-buying Due diligence Reference" sheet which contains information such as: website to check permits, website where you can search for any sex offenders in the neighborhoods, etc. I book our appointments at least 2 days in advance and I do some due diligence prior to us viewing the homes. But before we go out, I do need to get you pre-approved because we need to send in with an offer a pre-approval letter. I can assist you in getting a loan since I am a loan officer also,but you are not obligated to use me but it is good to have more than one option especially with the banks being so understaffed - we want to avoid as much as possible you paying per diem to the seller because you could not close on time. Also I rely heavily on texting, im's,aim's, and emailing because I feel its the most efficient way to communicate - avoids misunderstandings and it works as a good reference, plus I am text queen I respond faster to your questions via email, text, blackberry im or aim since I have a blackberry so I receive them instantly. But I call when the question or situation warrants a more personable touch
Homebuyer: So what do you think about us putting down 20%?
ME As you know, I am a loan officer and accountant. In this economy, I believe that you should keep yourself as liquid as possible. I so understand not wanting to have a large monthly mortgage payment but I also understand that if something was to happen, like you lose your job or any other major emergency, you no longer have that cushion and it will be at least 2 years (but I am leaning more to 5 years) before you will be able to refinance in order to pull it from the house. Also PMI is tax deductible now and the additional mortgage interest you pay is also tax deductible. Here is a tidbit that you should remember "for every $10,000 increase in loan amount it cost you about $72.00 more a month." But I am not your accountant so I do advise that you discuss all your options with your accountant and or financial adviser.
I do have to add that when you have 20% or more downpayment, your offer would be consider a very strong offer which the listing agents do consider when looking at multiple offers besides comparing the offer price, buyers concessions and credit scores.
But one of the good things about you guys is that you are willing to look at homes that need TLC which tends to stay on the market longer because most 1st time homebuyers usually do not have the monies available ontop of the downpayment and closing costs to fork out for improvements either or not willing to take on a home improvement project for their first home even if it can save thousands of dollars. Which by the way I can give you a 10% coupon to Lowe's and Lowe's has a free program where their committed trained product specialist will walk a homeowner through the home improvement process from flooring to paint and everything between no matter what size of the project.
Homebuyer:Should we buy now or wait until the winter - we do want to take advantage of the tax credit?
ME Summer months usually is consider the time when homes are priced higher than any other season because typically the families are trying to buy between the end of the school year and before school again starts in fall. And there is a rumor that the banks are putting all their REO's on the market right now in order to manipulate the market but will be putting them on the market in the fall and winter months. Therefore, I say if you find a house now that you absolutely love and it is at a price that you are comfortable with buy it now otherwise we will wait until you do find that house and hopefully its before October since we will have to close by December 1 in order for you to get the tax credit and it is taking an average of 45 days to close escrow now due the banks understaffing problems.
After the interview, they invited me to a wonderful dinner that they had prepared and I left with new clients and a full stomach!
I wish you all a productive week and please feel free to email me at Taunee@AskTaunee.com or call/text me at 323-710-5048 if you have any questions or wish to set up an appointment to meet one on one.
I look forward to helping you buy your home this year
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