Home Buyer’s Guide
There is perhaps no situation potentially more frustrating facing buyers than the misunderstanding or missed opportunity of purchasing a home especially when negotiating multiple or competing offers for the same property. This is just one of many reasons why you want a Realtor® to represent you when purchasing a home.
Representing Your Best Interest in the Sale of Real Estate
Roxann Bohstedt brings a wealth of experience with her; a practitioner in real estate in this area since 1992, a Broker since 1993 and a real estate licensed trainer in 1997. A leader in her industry, she was one of the first to obtain the education and actively practice Buyer’s Agency well before it became law. She is a published author of many real estate articles in local newspapers, providing families with up-to-date information and changes in the real estate business. As a result, her advice and counsel is sought after by not only the public, buy by her associates as well.
When you hire Roxann Bohstedt and her team of professionals, you get the benefit of her knowledge and judgment. She is eager to share her experience with clients as well as with fellow Realtors®.
To paraphrase Will Rogers, “Roxann Bohstedt knows what she is doing, she loves what she is doing and she believe in what she is doing!”
Home Buying Process
To start the home buying process, Buyers will want to contact a loan officer and get pre-approved. This empowers the buyer! Many times homes have multiple offers and the fact that you are approved already can be a determining factor in whose offer is accepted. We have worked with some excellent loan officers and have listed some recommendations for your convenience under the “Buyer Info” tab, “Mortgage Information”. This is a quick interview process that benefits you by making sure you look at the “right” homes, close more quickly and minimize the trauma of not knowing whether or not you qualify for the home of your dreams!
After you have been pre-approved, Roxann will sit down with you for an initial interview to discuss the buying process. This also helps Roxann determine exactly what type of home you are looking for that meets the needs of you and your family.
Then the fun begins! Appointments are scheduled and homes are shown to you that are within your home buying criteria which was discussed previously. What can I offer you as a Realtor®?
- Financial information
- Knowledge of the neighborhoods
- Appropriate homes to consider based on information discovered during the initial interview process.
- An active effort to find you the “right” home
- A team effort from myself and my team
- A moving van to help you move
- A vendor telephone directory to help you with daily information, including schools, community services, etc.
- Outstanding attention to detail to ensure everything possible is done for a smooth closing — on time!
When the home of your dreams is found, an offer is written and submitted to the listing agent and seller. As your buyer’s agent, I will represent you and your interests in the purchase of your home. This is different from a typical sub-agency transaction where the buyer is not technically represented. In representing you through this process, it is my duty to be honest and fair, exercise reasonable skill and care, to disclose all facts known which materially and adversely affect the consideration to be paid for the property. Any discussion, facts, or information you share that should not be revealed to others but do not include responsibility of fairness and honesty in dealings with all parties will remain confidential as your Buyer’s Agent. This is a negotiated process with the hopes of an agreed upon price and terms and an accepted contract! With an accepted contract, earnest money is provided by the buyer to the listing agency as good faith — saying that you, as the buyer, are ready to move forward in the purchase of this home.
Once you have an accepted contract, you will want to contact your mortgage company and begin the loan process. The lender will need a copy of the contract along with your personal financial information to submit to underwriting for final approval. The lender will also assist you in obtaining an appraisal to verify the property’s value.
When purchasing a home, it is always recommended that a whole house inspection, as well as termite and radon inspection, is completed by a licensed inspector. This inspection process determines if there are any structural, plumbing, electrical or roof issues. You have the right to request repairs be done by the seller prior to closing based on these inspections. This is also a negotiated process.
Once the loan is approved and the inspections negotiated, we move to closing. A title company is obtained to prepare the title commitment to confirm that the home is free of any liens. They also assemble all the papers from the mortgage companies, real estate companies and any other parties involved in the transaction in order to prepare the settlement statement.
After closing is completed, the buyer then obtains possession of their new home!
Who Pays the Commission
The seller does. The seller has generally signed a listing agreement with their agent specifying a certain fee to be paid, and many times it has provisions for splitting that fee with the agent who brings the buyer to the transaction to purchase the property, regardless of a subagency or buyer agent.
Even thought the seller pays the commission out of their proceeds, it has been argued that the buyer paid the commission as part of the overall purchase price. This assumes the buyer could have bought the home for less had it not been listed.
As a member of the Multiple Listing Service, I can show you any property currently listed out on the internet in our system. If you should see an ad in the paper or a sign in a yard, call me to find out the information. If you want to see it, I’ll show it to you.
For Sale by Owner
A homeowner trying to sell their home themselves is usually doing so in hopes of saving the commission. Coincidentally, this is the reason a buyer wants to deal directly with the homeowner. Many times a homeowner will work with an agent, even though their home is not listed, if the agent introduces the buyer to the property. If you should see a FSBO and want the advantages of my services, please let me contact the owner and set the appointment.
I can work with most builders and can get all the information you need to make any decisions, but I will need to accompany you to the property on the initial visit. By letting me help you with builders, you get all the services offered in a buyer’s agency relationship and those offered by the builder as well. You’ll get more, but you won’t pay more for it!
As a buyer’s agent, I will make my best effort to find the home to meet your needs. I will commit my time, care, computer and experience to find exactly what you want. I will incur all my car, phone and administrative expenses. I will continue the home search until you either find a home or tell me to stop looking! In turn, I only ask that you tell me if your plans change, if you see a property that you would like to see that is listed with another broker, builder or for sale by owner, tell me what you like or dislike about the homes we see, and tell me if you feel the need to talk to another agent.
My goal is to work with you until you find the right home!