Many home buyers are not aware that there are properties out there that are priced way below market value, requires minimum down payment, (3.5%), and down payment assistant from the city,(about $35,000). Yes, I am talking about homes known as BMR with down payment assistant from the city. There are levels of income ... [Read More]
Many home buyers are not aware that there are properties out there that are priced way below market value, requires minimum down payment, (3.5%), and down payment assistant from the city,(about $35,000). Yes, I am talking about homes known as BMR with down payment assistant from the city. There are levels of income depending on the number of people per household to qualify. Buyer does not have to be a city, county, or government employee to qualify. As a matter of fact, the qualification and requirement is not that difficult to meet. Almost every city has a BMR program to help you, the home buyer, own a home. Most cities, like Pleasanton, Livermore, Newark, Dublin, Hayward, Union City, Livermore, and San Ramon are some that require a new development to reserve certain amount of properties per subdivision to be allocated for such program. This is one of the ways to help home buyers purchase a home without having to pay a high monthly mortgage. Recently, I was fortunate enough to have helped a home buyer with BMR purchase in Dublin. We were able to close the transaction in a short time and the monthly mortgage was the same as his rent but with the benefit of homeownership.
Most buyers understand the benefits of having their own agent represent them in a real estate purchase. But still there are some who, for some mysterious reasons, insist on going it alone. This has always baffled me since having your own agent has many benefits, and few, if any, drawbacks. So I tried to think ... [Read More]
Most buyers understand the benefits of having their own agent represent them in a real estate purchase. But still there are some who, for some mysterious reasons, insist on going it alone. This has always baffled me since having your own agent has many benefits, and few, if any, drawbacks. So I tried to think of what would be the possible objections of these reluctant folks, and I have come up with a few answers for them.
I can search on my own, through newspaper ads and the Internet. Sure, that’s certainly an option. However, one of the main benefits of utilizing a Realtor is his or her knowledge of the local market. Realtors have access to the Multiple Listing Service (MLS), a database of all homes offered for sale by Realtors, some of which are not advertised in the papers and online. But more importantly, an active agent regularly visits homes for sale on his or her own and is always up to date as to where the best listings are. This thorough knowledge of the local market can save you valuable time, since your agent can steer you towards homes most likely to suit your needs and quickly alert you to any new listings that become available.
Aren’t real estate agents pushy? Good ones are not. A good agent wants you to be comfortable and happy with your purchase, if for no other reason than so that you can recommend him or her to your friends and relatives.
Can’t I just work with the listing agent when I see something I like? Again, that’s an option. But keep in mind that the listing agent is working for the seller, not for you. This means that his or her obligation is to get the best price and terms possible for the seller. The buyer’s agent, on the other hand, owes his or her loyalty to you. This will include negotiating on your behalf to get you the price and terms that you want. It also means that your agent may advise you against a certain purchase if the agent feels that such a purchase would be contrary to your best interests. A seller’s agent certainly would not be in a position to do that.
What about the paperwork? It’s a part of your agent’s job to prepare the written offer on your behalf, and to make sure that it is written so that your interests are protected. A buyer’s agent will also assist you with all the other paperwork involved, including any documents that your lender requires. And, if any issues come up with any part of the purchase process, your agent will use his or her problem-solving abilities to resolve the issues to your satisfaction.
How much does a buyer’s agent cost? There’s usually no cost to the buyer. Normally the buyers’ agents receive a portion of the commission that the seller already agreed to pay, so you most likely won’t have any out of-pocket costs for having your own agent represent you. (Cool, huh?)
Where do I find a good buyer’s agent? One way is to ask family and friends for recommendations. Or consider interviewing a couple of local agents and see which one you like best.
