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Greater
Milwaukee & Southeastern Wisconsin Real Estate |
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TIPS
FOR STARTING THE HOME BUYING
PROCESS
By
Greg Schliesmann
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Tip
# 1: Best
Way to Find
a Home
You can find
homes for sale
in newspapers,
home shopper
magazines, and
online. I encourage
you to use these
resources if
you'd like.
However, these
only represent
a fraction of
all the properties
on the market.
There are many
homes for sale
you won't find
advertised in
a particular
source. The
second disadvantage
to these sources
is that when
a good deal
is advertised
in these places,
an offer is
already accepted
by the time
you call. When
you work with
a buyer's
agent, your
agent has access
to all the properties
listed on the
market through
the Southeast Wisconsin Multiple
Listing Service
(MLS).
If you're
only looking
at properties
that have already
been on the
market for weeks,
you may have
trouble finding
a good deal.
That's why we
offer the Free
Home Finder
service. You
determine the
criteria you're
look for in
a home -- including
the geographic
area, the size,
the number of
bedrooms, price
range, and so
on -- and when
a home that
matches that
criteria comes
on the MLS,
the listing
of that home
will be automatically
emailed to you.
This way,
you can know
about the home
before most
real estate
agents.
Click
here
to enter your
critera for
our Free
Home Finder
service - and
start receiving
new listings
matching your
criteria as
soon as they
come on the
market!
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Tip
# 2: Pre-Approval
Pre-approval
is a commitment or approval from a lender to provide a
home loan up to a certain loan limit or home purchase
price. There are two important reasons to be
pre-approved: 1)
So
that you are
personally prepared
for the home
loan in terms
of knowing your
credit is in
line, what price range
you can afford,
what loan options
you have, your
estimated down-payment,
and estimated
monthly payments
at different
amounts.
2) So
that the sellers
knows you qualify
for financing
when you make
an offer to
purchase. When
you are pre-approved,
you will receive
a letter or
certificate.
When two similar
offers are submitted
to a seller
and one buyer
includes a pre-approval
letter but the
other does not,
the offer with
a pre-approval
letter often
wins out.
The pre-approval
letter says
in effect, “Take
this client’s
offer seriously.
This client
has the financial
capacity to
close the deal!”
We find
nearly half
of our home
buyer's credit
reports have
inaccuracies
on them.
In the pre-approval,
we will give
you a free copy
of your credit
report and review
the information
with you so
you can clear
up any inaccuracies,
if there are
any, as soon
as possible.
Some lenders
charge for pre-approval
applications,
but we would
be happy to
complete your
pre-approval
at no cost and
give you a free
home loan review
so that you
understand your
loan options
and find a price-range
and monthly
home payment
you're comfortable
with.
Click
here
to apply for
pre-approval
online or to
schedule a free
consultation
to discuss
your financial
options.
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Tip
# 3: Buyer Representation
In most cases,
a buyer's agent
can represent
you at no cost
because he will
ultimately be
paid a portion
of the comission
paid to the
seller's Realtor.
A buyer's representative
becomes a valuable
advisor by helping
you find the
right home,
arranging showings, negotiating
the right terms
and price, and
protecting your
interests throughout
the process.
Without a buyer's
agent, in most
cases you will
ultimately deal
with a seller's
agent or seller
to make your
offer to purchase.
Many people
make the mistake
of thinking
the agent their
working with
represents their
interests when
he really does
not!
Which type
of agent do
you want to
guide your home-buying
experience?
Seller Agent/Subagent VS.
Buyer's
Agent
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If you’re dealing with an agent who works with you to
find a home and shows various properties but has not given a written agreement
to represent you (this is a subagent”) or if you deal directly with the
seller's agent
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If you’re working with an agent who
specifically agreed to represent you as a buyer (requires buyer agency
agreement)
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Customer-Level Service as Subagent
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Client-Level Service as Buyer’s
Representative
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Negotiation
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Use negotiating skills and strategy for seller’s best
interests.
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Use negotiating skills and strategy for buyer’s best
interests.
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Responsibilities
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Be honest to buyer but responsible to
seller,
promoting and safeguarding seller’s best interests.
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Be fair to seller but responsible to buyer, promoting
and safeguarding seller’s best interests.
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Disclosure
of
important
information
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Disclose to seller advantageous info (which would not
disclose as a buyer’s representative), such as (1) buyer’s willingness to offer
higher price or better terms, (2) buyer’s urgency to buy, (3) buyer’s plans to resell at
profit, (4) buyer’s excitement about property.
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Disclose buyer advantageous info (which would not
disclose as an agent or subagent for seller), such as (1) property overpriced,
(2) other properties available at better buys, (3) seller’s urgency to sell,
(4) construction of industrial plant nearby that may affect property value
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Confidentiality
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Protect seller’s confidentiality. Refrain from
disclosing to buyer facts that may compromise sellers position (e.g. seller’s
pending divorce) unless under legal duty to disclose. Wisconsin is the
only
state
in
the
county
where
sellers'
agents
are
not
supposed
to
reveal
buyers'
"confidential"
info
to
seller,
but
many
agents
are
unaware
of
this
and
do
it
anyway.
Sometimes
they
will
"drop
hints"
to
the
seller,
and
what
should
be
considered
"confidential"
is
sometimes
unclear.
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Protect buyer’s confidentiality. Refrain from
disclosing to seller facts that may compromise buyer's position. For example,
no duty to disclose broker is loaning buyer money to make down-payment. Since
the
agent
is
working
for
the
buyer,
he
has
no
incentive
to
disclose
any
of
the
buyer's
sensitive
information
to
the
seller
unless
required
by
law.
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Offer
to
Purchase
/
Sales
Contract
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Can help prepare buyer’s offer on behalf of seller,
must reveal to seller if buyer prepared to offer more
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Help buyer prepare most advantageous offer; keep
confidential buyer’s willingness to offer more
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Click
here
for more information
on No
Cost Buyer Representation
from our Buyer
Representation
Specialist.
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Tip
# 4: Low Down
Payment
& Government
Grant Programs
You may be
able to afford
more home than
you thought
or have been
told with the
help of government-backed
home loan and
grant programs!
By far, most
people can qualify
for low down
government-backed
financing and
many first-time
home buyers
can also qualify
for grants and
"forgivable
loans"
for downpayment
assistance.
We cover this
information in
detail and give
you the appropriate
contacts depending
on your city in
our Free Greater Milwaukee
Home Buyer's
Course which
you can find
below.
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Tip
# 5: Free Home
Buyer's Course &
Greater
Milwaukee Real
Estate Information
Package
Our Free
Greater Milwaukee Home Buyer's Course
includes an
audio CD from
one of our recent
local home buyer
classes and
the instructional
guide given
to the class
attendees. The
course is full
of valuable,
hard-to-find
information
and answers
to your most
important questions
about buying
a home. For
a limited time,
our website
is offering
to send you
this course
absolutely free
of charge.
The class
is taught by
Greater Milwaukee
real estate
consultant,
Greg Schliesmann,
and gives you
valuable information
on local grant
programs, the
local real estate
market, and
home loan programs.
You'll receive
information
that can help
both first-time
and experienced
home-buyers
save thousands
of dollars.
Your questions
will be answered
-- such as how
much can I afford?
How much down-payment
will I need?
What loan programs
are available?
How can I receive
money from a
government grant?
Is now a good
time to buy?
How does the
home-buying
process work?
The course
provides you
with helpful
information
regardless of
which Realtor
and Mortgage
Lender you work
with. Mr. Schliesmann's
companies, Mortgage
Solutions and
Wave Realty
have sponsored
the free offering
of this course
because we believe
once you experience
the value of
this information,
you will see
the benefit
of working with
us to buy your
future home.
Your name will
never be sold
and no high
pressure sales
person will
call you.
You
can receive
the course within
2-4 days once
you enter your
information
below:
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More
Resources for Buyers:
Resources
for Sellers:
How Much is
Your Home Worth?
| Free
Reports for Sellers
| Become
a VIP Seller
| Work
with Wave Realty
| "7
Costly Mistakes Sellers
Make" | Neighborhood
Sales Data
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(c) 2005 Wave Realty, Greg Schliesmann.
Information deemed reliable but not guaranteed. |
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