In Part I of the Triangle First Time Home Buyer Guide, I stressed the importance of knowing all your financing options and getting a same as cash pre-approval letter from a recognized lender. Once buyers are qualified, they are usually excited to begin shopping for a home immediately. However, the real estate market changes so rapidly, it's recommended to waiting until you are ready to buy in order not to waste time.

 

In Part II, we explored when it would be a good time to go shopping for your first home.

 

In this Part III, we will chat about hiring a Triangle buyer's agent.

 

One thing unusual about our current real estate market is the national media's attention on Short Sales and REO owned properties. However, in Raleigh, Cary and surrounding areas, our distressed market occurs in less than 10% of home sales.

 

The first thing a buyer needs to do when they are ready to search for homes is find a Triangle Buyer's Agent who is flexible and has experience in many types of home sale transactions. These transactions can be very complicated, and many things can happen to make the escrow go sideways. You will want your agent to be experienced with many types of transactions like New Construction, Short Sale and REO's (and more)! Choose an agent that is aggressive and has tools such as docusign (electronic signatures) in order to get offers submitted quickly for well-priced Triangle listings usually receiving multiple offers.

 

One other thing you want to be concerned with is how much an agent charges for their services.  Yes, sellers usually pay our commission; HOWEVER, sometimes fees are added onto the service.  Make sure before you enter into a relationship with the agent that you are very clear on what those fees are.  They are usually in the form of flat fees added in to your closing costs.  You may ask if there are any “transaction, warehousing, storing, etc. fees" for home buyers. Study the Buyer's Agent Agreement and Working with Agents Brochure.

 

The question, "where do I find the perfect agent" is one of the most important questions to answer when you decide to buy a home. Robert Kiyosaki, the author of Rich Dad, Poor Dad, states, "hire the BEST agent in your marketplace." Study the 7 Rules for Smart Home Buyers to learn more helpful tips. Generally speaking, the more experience the agent has in selling homes, the more benefit to your success in home buying. We recommend Buyer Specialist in a team environment to give you support from an entire team during all facets of the transaction. Here are more suggestions for finding the right Buyer Specialist.

 

* Ask family and friends who have recently closed a home in the Triangle for a referral of their home buying experience and their agent.
* Attend First Time Home Buyer seminars hosted by lenders, agents or title companies to meet agents.

* Search the Triangle Business Journal for Top Teams ranking in the Triangle.

* Find the top real estate company in the Triangle.

* Find the top agent/team in that office.

 

In conclusion, here are the items that should be on the interview list:

 

* Experience - years, transaction types? Be careful, some agents may be licensed for ten years but have only closed two transactions in that time frame!

* How many and what types of home sales have you closed in the last year?

* Dedication - full time and team oriented? We recommend a team environment or partnered with someone who is always available to assist.

* Fees - transaction, warehousing, storage?

 

Make sure you do your due diligence when interviewing and hiring a Buyer Specialist. In today's market, the potential for bumps in the road could make home buying a challenging ride. You will want to be very comfortable with the agent and team you choose, and trust them to guide you through the entire transaction as smoothly as possible!

 

In Part IV, we will discuss what time frame to expect when buying a home.