My next series of posts is going to walk you, step by step, through the process of buying a home. Whether you are a seasoned home buyer or this is your first endeavor I am sure there will be information that you will find useful.
The first step in the buying process is when you, the buyer, and I, the agent, meet for the first time. This meeting will take place before we begin the search for the right home and will cover a few different topics:
1. First, we will discuss Agency Relationships in Real Estate Transactions. Minnesota Law requires a licensed real estate agent to disclose to the consumer what type of representation is available to them in a real estate transaction. For instance, will I be exclusively representing you as a buyer, a seller, or both? We will go into much more detail when we meet about the different options. This is NOT a contract; it is simply a disclosure of your rights to representation.
2. Next, I will supply you with my Buyer Questionnaire. It will ask you specific questions about what you are looking for in your new home…the things you require, the things you like, and the things that may be more negotiable. The purpose of this questionnaire is to help you pinpoint just what you are looking for. The questionnaire prompts you to consider details you may not have thought of before. The more I know about your specific search criteria before we head out, the better.
3. Finally, we will discuss what type of transaction you desire. In today’s market there are three basic types of transactions; traditional sale, foreclosed properties (bank owned), and short sales. Each of these transactions has its own set of important points that you need to understand before the search starts. This will enable you to make an informed decision about how to proceed based on your personal buying situation.
Stay tuned for my next post on the buying process.
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