Financing
It's in a bank's interest to lend you, the buyer, the maximum amount of money it finds you likely to pay back; that is to say, a loan officer has an interest in your financial success only to the extent that she deems your mortgage a safe and profitable engagement for the bank she represents. Unfortunately, many buyers mistake a bank's approval letter as both the beginning and end of a comprehensive and well thought out financial strategy. This of course, isn't true. When representing buyers, we strive to analyze potential transactions as they relate to the broader financial goals of the client. Is a property more likely to strengthen your financial standing, both now and in the future? Or is it more likely to work against those same goals? The variables that make for a financially smart and well vetted transaction on behalf of the buyer are too numerous to list, but to be sure, they extend well beyond those a bank considers when underwriting a loan. Seek the counsel of a good buyers agent to ensure a transaction meets your own financial objectives, and not just those of the lender.
The Search
A good buyer's agent does more than just unlock doors for showings. Aside from vetting listings against a buyer's criteria, he digs deeper to find the intangible features that aren't as obvious. In the case buyers expect their family to grow, is the city or subdivision likely to approve an addition in the future? What direction does a particular neighborhood seem headed? Will upcoming changes in the area likely add to the value of a home or detract?
Contract to Closing
The potential for fall-out is especially strong between the time an offer is made and the time of closing. And a diligent agent is key in ensuring that all of the moving parts continue to progress forward in a timely sequence. I've observed (proudly) that at Harry Norman, Realtors ®, many of the conversations brought up during our weekly sales meetings deal with the challenges of both motivating and leading the other parties to a successful closing, as opposed to the challenge of keeping up ( the challenge at hand for many others.) In our current market, the lack of inventory/supply, along with relatively high demand (buyers are anxious to take advantage of historically low interest rates) makes for an extremely fast paced and competitive market for buyers. Selecting an agent who's determined to outpace other buyer agents without compromising the careful oversight and due diligence that protects your interests as a buyer is important. Anyone can unlock the doors to houses you're interested in. It's from contract to closing that a buyers agent proves his value.
We're happy to answer your questions and hear your comments. Contact us by using the form below.