Buyer Brokers: What do Homebuyers Need Most?
Buyer Brokers: What do Homebuyers Need Most?
Joseph Eamon Cummins is an award-winning writer and a specialist in psychology and human learning. A former licensed real estate agent, he spent three years researching and writing the clear, lively text for Not One Dollar More! Learn more
What Do Homebuyers Need Most?
My experience and research suggests that in the complex and confusing task of homebuying, only a small percentage of homebuyers succeed in buying at the lowest price and on the best terms. Many don't even come close to getting the best deal possible.
However, this goal is attainable when you possess specific know-how and stay in control of the task. Even a basic understanding of the homebuying process helps you protect your many interests (most importantly your money) and brings other rewards, not least of which is peace of mind and a home you can enjoy for many years into the future.
Here are what I consider some of the homebuyer's most critical needs.
1. Information: To be clear about what actually happens in buying and selling a home.
2. Task Seriousness: The willingness to take the steps necessary to avoid common pitfalls and mistakes.
3. Negotiation Skills: Basic negotiation know-how and the willingness to apply it.
4. Research: To take steps to verify 'facts' and discover other vital but often missing information about homes, neighborhoods, financing, etc.
5. Professional Representation: The opportunity for the homebuyer to have his interests professionally represented by an exclusive buyer broker (also known as a buyer's agent or buyer's representative).
6. Money sense: To understand the real value (over time) of money saved, or overpaid, on the purchase price of a home or mortgage loan.
7. Deal Making Acumen: To know the right way to make an offer, and how to increase it if necessary.
8. Disclosure Sense: To know what to reveal, and what never to reveal, to a traditional real estate agent or private seller.
9. Legal Advice: To make use of the services of an attorney who specializes in real estate.
10. Mortgage Sense: To know how to shop for the loan, and the benefits of getting loan pre-approval before searching for a home.
© Joseph Eamon Cummins 1999. One time web posting rights given to HSH Inc 11/99
Joseph Eamon Cummins is an award-winning writer and a specialist in psychology and human learning. A former licensed real estate agent, he spent three years researching and writing the clear, lively text for Not One Dollar More!
The author's work is regularly featured in national magazines such as Money, Home, Business Week, Money World, and Kiplinger's, among others. He has appeared on CNBC, NBC, CBS, and other national TV and radio networks, and is on Money Magazine's 'Panel of Experts'.
A member of The Author's Guild in New York City and a former affiliate of American Psychological Assn., he has held faculty positions at a number of universities, and has produced acclaimed television documentaries.
Since it first appeared, Not One Dollar More! has been hailed as a classic, and has won for the author a score of superlative honors and reviews.
More help from HSH.com
Advantages of FHA mortgages in 2016FHA loans have become more affordable in 2015, thanks to a drop in the annual mortgage insurance premium that the Federal Housing Administration charges.
10 metros where a home costs about $1,000/monthHSH.com identifies 10 metro areas where you can afford the principal, interest, taxes and insurance payments on a median-priced home for only around $1,000 per month.
HSH.com on the latest move by the Federal ReserveThe Federal Reserve concluded a meeting today with no change to the federal funds rate and no changes to other monetary policy tools.
Mortgage Rates Radar 09/13/2016: Despite Fed concern, mortgage rates holding steadyHSH.com releases its latest Weekly Mortgage Rates Radar showing a slight increase in popular mortgage rates during the seven-day period ending September 13, as concerns that the Federal Reserve may make a move at next week's meeting have to buffeted the financial markets of late. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).
Mortgage Rates Radar 09/06/2016: Modest jobs report leaves rates flatHSH.com releases its latest Weekly Mortgage Rates Radar showing almost no change again in popular mortgage rates during the seven-day period ending September 6, as a fair employment report for August failed to provide conclusive evidence that a move by the Federal Reserve is forthcoming. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).