I discuss phase 2 of the home buying process, the finding phase.
Hello everybody and welcome to another episode of the Reside Daily Bite; I’m your host, David Doucette and today, we are going to continue our dialogue about the 4 phases or 4 stages in the home buying process. Yesterday we talked about the looking phase; today, we’re going to talk about phase 2 – the finding phase; tomorrow we’ll talk about phase 3 – the buying phase and then phase 4 – the closing phase.
So, today is the finding phase. This is an important phase because (1) we’re going to hire our agent. And I have to admit, after I watched or edited the video back yesterday, I was horrified by my handwriting especially with the word “agent”. It was all I could to not shoot that again. But I didn’t because, if you’ve been watching these episodes, you know I’m trying to be less of a perfectionist in certain areas of my life -not all, some I can’t help it but those areas I can help, I’m going to help it. So no. 1, we’re going to hire an agent -very important.
(2) What we’re going to really start doing here is searching the MLS or Multiple Listing Service. So when we hire our agent, they’re going to create a website for you where you can go in and look at exactly what we, as the agents, see. You can really start spending some time online seeing what’s active and what’s happening in the market. Now, sometimes people will think that you hire the agent and then as the home buyer you get to just sit home and watch TV and eat bonbons and expect the agent to do all the work for you. And it really doesn’t work like that and it’s good that it doesn’t work like that because you, as the buyer, you really need to be seeing a lot of houses; you need to be driving into the neighborhood. This is a really important decision. You can’t rely just on your agent to find you the home because the agent may like you may not like. So, it’s important for you to get out there, touch and feel things and really put the time and effort into this finding phase. The more time and effort you dedicate to it, the better results you will get.
So, searching MLS for open houses thus, we’re going to be seeing a lot of open houses in this phase. Some of these, you may attend with your agent, some you may not but we’re going to be seeing a lot of open houses during this phase (very important). We want to see a lot of things. We want to see what we like and if you have your sort of 5 wants and needs, which is what we do, what I do during that buyer’s consultation (that the agent will perform for you). You’re going to be looking at those 5 wants and needs as you go through the home buying process, as you’re touring homes. And you know what, those 5 wants and needs, they may change. You may see something in there that you didn’t think of before that you want (as an additional want). You’re also in this phase, very important -and I’ve talked about this a lot…pre-approval lender. This is so important. You’ve heard me say this over and over again. You have to be pre-approved by the lender at this stage because if you’re not and you’re out looking and you find something you like and you want to put an offer in on it…if you’re not pre-approved, it’s going to put your offer at the bottom of the list. This is because the buyers are going to be competing…especially if it’s a desirable property. They will be pre-approved; they will have gone through the exercise of being pre-approved. So, you want to do that so you can make your offer look as strong as possible when you’re ready to submit.
I mentioned this on the Reside Realtor Online Radio Show, I mentioned this on other Reside Daily Bites because it is just so important -getting pre-approved.
Next, we’re going to get into our serious searching, where we’re really going to be pounding the pavement as homebuyers. Your agent will be working for you as well. But you as the home buyer, really going to be doing a lot of light work here
And, the goal is to move in (once we enter this phase) to your home within 45 to 90 days. That’s the goal. We’re serious here. We know the neighborhood (or two that we really want to focus on but we’re serious – we got laser precision at this point.
And you might spend a few weeks searching, you might spend a couple of months…again, it does depend but in general, by the time you reach this phase, this is how serious we want to be -45-90 days. We want to be living in that new home.
Escrows, we’re seeing right now between 30 and 45 days. With this time frame, maybe a couple of weeks looking, maybe a month and a half and then 3-45 days is our escrow period and then we’re going to close and then we’re going to move in to our new home.
That’s going to do it for today. If you have questions or comments…1-800-476-5579 or email email@example.com. My name is David Doucette, thank you so much for cheking out the Reside Daily Bite.