First Time Buyers

WHY WORK WITH A BUYERS AGENT?

An important question to ask a buyers agent is whether they are truly “exclusive” or “independent”. If they accept sales commission from vendors or developers then they cannot be classified as “independent” as they are acting in the interests of the seller.Night-Los-Angeles-California-USA

 

Here are 7 key reasons why you should use an independent buyers’ agent:

  1. Gain access to a wider choice of properties (many not even advertised) via the contacts/ network of the buyers’ agent
  2. Leverage your time – instead of searching the newspapers and internet every weekend, get someone else to do the hard work short listing suitable properties.
  3. Use a professional negotiator to obtain the lowest possible price
  4. Eliminate the stress and frustration of being shown inappropriate and unsuitable properties by selling agents that don’t listen to the buyers’ needs.
  5. Have an independent professional buyers’ agent working on your side
  6. Source the right type of property in locations with good prospects for capital growth
  7. Help investors build their property portfolio faster by buying in growth areas.

Buyers’ agents will also ensure you don’t pay too much by providing background information about the true value of the property you are seeking to buy, so that you can make an informed choice. If you choose a licensed, professional buyers’ agent, the saving you make on your next property could run into tens or hundreds of thousands of dollars, could be less stressful and is likely to take less of your precious time.

Frequently asked questions –

Is there any charge for working with a realtor or agent to find me a home?       The cost to you as a buyer for working with a realtor is $0. Yes that’s right, zero dollars. Wait. There must be a catch? No catch.  What are you waiting for?

I have an agent I am working with but i want to switch agents, Can i do this?   If you feel your current agent is not prioritizing you, you can switch agents as long as you have not signed an exclusive contract with your previous agent. We will never ask you to sign an exclusive agent contract because the service we afford our clients is the highest standard professionalism and our clients have never feel the need to leave us. We are confident you will be satisfied with the results in a short period of time. Barry Boyce will only accept you as a client if he feels he can allocate full attention to your home search.

I am starting my home search. What should I consider when looking for a home?  There are many factors to consider when buying a home. Such as ; How long do you expect to live in the home? Do you need a strong schooling magnet area? How close do you need to be to work? Do you need to be near to any major freeways? Do you need a property with lots of parking? What is your budget? What style home do you want? Are you ok improving some elements of the home?

I found a house I like.. now what?   First things first…Get pre qualified by a lender. **unless paying all cash** Your lender will give you a pre qualification letter that states they you are approved up to a certain dollar amount. This letter is as good as cash. We need this on hand before we make any offers on a property. Our team can make an appointment for you to sit down and get pre qualified with one of our direct vendors. It will take approximately half an hour of your time.  Our vendors constantly monitor the market to get you the best deals available. Once we have the prequal letter it will speed up our turnaround time and give us an advantage over those other buyers out there who are going after the same property as you! Tip** After you have been pre qualified it may take several weeks before you actually have an offer accepted and go into escrow. It is recommended that you keep hold of all your deposit slips for your account during this time. This will speed up escrow turn around time for underwriting approval.

How do I make an offer?    We need to fill out an offer contract to propose the offer to the seller. To prepare an offer on a property all you need to do is contact your agent representative who will prepare the offer paperwork ready for your signatures. The offer will contain all the details of the transaction such as price, number of days until closing, who your lender is, who will pay for closing costs and other important information. Hopefully your offer sounds appealing enough to be accepted by the seller.

How much good faith deposit do I have to put down? if your offer is accepted we open escrow with the seller. Usually the good faith deposit rule of thumb is anywhere between 10 and 20% depending on what mortgage product you have.  The stronger the deposit, the stronger your offer will appear to the seller.  Lenders also prefer a stronger deposit coming from the buyer. IF you really want to impress your seller you may offer all cash.

If my offer is accepted, then what? Your realtor will guide you through the whole transaction. We handle all the documents and contracts and help you find a suitable home inspector as required. We are fully trained to look after you from start through to the closing of the transaction when we hand you the keys to your new home.

My offer was accepted. I am in escrow to buy the house. Now what? Now we are “in escrow”. You will have to wire your agreed good faith deposit to the escrow company. We now have 17 days to do home inspections*.  Once buyer is happy with the overall condition of the house we may move forward to closing escrow and you are registered as the new property owner and you get the keys. Usually the whole process takes about a month. 

During the home inspection  period I found something wrong with the house, can I walk away? The answer is most certainly yes. Once your offer is accepted we have 17 days* to inspect the property for defects and have everything to your satisfaction. If we find a problem with the home we then have the option to request the seller repair the problems at the sellers cost, or walk away from the deal and get your full deposit back from the escrow company.

Do I need a lawyer at any point to help me with anything? Your realtor is fully experienced and trained to navigate all the paperwork that will occur throughout the transaction. Realtors are fully insured and are highly experienced in real estate transactions. A lawyer is not always necessary although if you feel the need to consult your lawyer you should certainly do so.

Tip; Once you have your loan pre approval it may take several weeks before you submit an offer. During this period of time it is recommended you keep all your deposit slips showing activity on your account. This will speed up escrow turn around times when you eventually go in to escrow and your lender is underwriting the loan.

Here’s why my clients want to work with me:

•  Highly active ‘pocket listing’ network agent.
•  Professional transaction timing- making sure things happen in the right order and on time.
•  Paperless electronic signing technology to speed up transaction coordination times.
•  Solid communication and negotiation skills and good networking with other agents.
• Commitment to my clients and dedication to what is in their best interest.
• Full client confidentiality and privacy.
•  Passion for great architecture, including modern, period, and architectural.
• Synchronizing listings with clients using the latest mobile IDX app technology

If a deal is not right I will never push for the sake of a sale. My concern is the long-term well being of my clients. My goal is to assist you in making the right choices and the correct investment for you and the future of your family.

If you have any questions about purchasing or selling a home contact;

(323) 247 1699

fineurban@barryboyce.com

Barry Boyce Realtor® – Beverly Hills Association of Realtors  – DRE License# 01908971. Barry Boyce is a member of the NAR and Beverly Hills Association of Realtors and is a SFR REO and short sale certified realtor

*The rule of thumb in the industry is 17 days but the buyer and seller may negotiate a shorter inspection time depending on personal requirements. Everything is negotiable.