5 CONCEPTS YOU NEED TO UNDERSTAND IF YOU’RE BUYING A HOME IN HAMPTON ROADS

If you're planning to buy a house, condo, or even a foreclosure in our Hampton Roads area of Southeast Virginia, certain facts will always apply. Knowing how to handle the process will help you avoid stress, save money, and plan accordingly.

#1 - IT'S BEST TO TAKE EMOTION OUT OF THE EQUATION

Easier said than done. ....but when you remove emotions that inevitably come from an expensive purchase, you'll save yourself quite a bit of stress. Knowing how much you're comfortable paying, what repairs you'll ask for after the home inspection is complete, and not blowing things out of proportion will pay off in the long run. For instance, we often advise clients to not lose out on a house that they're really excited about just because they're not willing to pay an extra $5,000. Often we hear, sometimes non-verbally, that it's "the principle, not the money". An extra $5,000 factored into a 30 year mortgage does not mean that much more in a monthly payment, and is usually not a reason to walk away from a home that you really like. Don't let emotions rule over your transaction.

#2 - DON'T WAIT FOR A BETTER INTEREST RATE IF YOU'RE READY TO BUY

This is especially true right now as I write this - rates are the best they've been in about 50 years. Fortunately we're not hearing from many clients who are saying they'd like to wait until rates improve, but it certainly has been the case in the past. If you're ready to buy, buy. People were still buying when 30 year mortgages were at 10+%. We've had clients that wanted to wait because they knew interest rates would get better, only to see rates go up when they finally had to buy. Of course my advice might be different if rates were at 8 or 10%, but in the vast majority of situations rates will not swing up or down that much in the window of time that you'll be considering buying.

#3 - YOU NEED TO BE YOUR AGENT'S TOP PRIORITY

This means making sure your agent knows that you're serious about buying. If you're serious, you'll have your mortgage preapproval in place, you'll have given your agent your requirements with regard to number of bedrooms, bathrooms, square footage, preferred areas, etc. ....and you'll tell your agent when you're thinking about changing your criteria to include more bedrooms, different areas, etc. You'll let your agent know what times and days you're available to look at homes. You'll have the link to your agent's website that interfaces DIRECTLY WITH THE MLS, so that you can search on your own if you wish, and any questions will go directly to your agent. And you'll return your agent's calls and reply to their messages quickly. This is how your agent knows you're serious. It's also how you get the best service.

#4 - YOUR AGENT WORKS FOR YOU, NOT THE SELLER

During the process, you need someone on YOUR SIDE, to represent YOUR INTERESTS. The listing agent, by law, represents the seller. If you don't have a Buyer's Agent on your side, you're at a severe disadvantage, because the seller's agent (the listing agent) is bound by law to get the best deal for their client, so they will use any information you give them to help their client's situation. If you have an experienced Buyer Agent helping you, you'll have someone looking after you legally. You're Buyer Agent should ask you to sign an "Exclusive Right to Represent" agreement, or a "Buyer Agency Agreement". This is to your advantage, especially if your agent offers a guarantee that you'll be satisfied with their service. Our team offers a 100% satisfaction guarantee, so once you sign our Buyer Agency Agreement, if you're not happy with the service we provide, we'll terminate the agreement. It's as simple as that.

#5 - ALWAYS ASK IF YOU DON'T KNOW OR UNDERSTAND

The vast majority of problems during a real estate transaction are the result of poor communication and misunderstanding. If part of the process is not clear, ask questions until you understand. If your agent cannot answer a question, for instance involving an area outside of their expertise (electrical work, building codes, zoning, etc), they should be able to direct you to a person that can clarify the situation for you. This is a complicated business with possible legal repercussions if you're not careful. Make sure you understand what you're obligating yourself to.

Keeping the above five things in mind will save you aggravation, stress, and confusion during your home search and purchase.

Contact me here for more info about what we do and how you'll benefit by using our team as your Buyer's Agent during your Virginia Beach or Hampton Roads home search.

Posted by Jody

Jody Cowdrey is the Marketing Sales Director for the top producing Brian Duncan Group Real Estate Team of Keller Williams Realty, serving the entire Hampton Roads region of Virginia. He can be reached at Jody@JodyCowdrey.com and by phone at 757-802-3004. For complete Virginia Beach MLS listings, visit BuyVB.com or Virginia Beach Foreclosure info at JodyCowdrey.com