In today’s market buyers are advised to take some necessary steps to purchase a home before even getting in a real estate agent’s car. The first step is being pre-qualified by a bank or lender. This step allows the buyer to look within a price range that they deem comfortable. Real Estate teacher Tom Magnum came up with the concept of “Better Buyer;” questions that a buyer should ask themselves while starting the home buying process. Tom Magnum proclaims that “the concept of “Better Buyer” simply addresses which party is in the superior and which is in the inferior position in the negotiation process.” A “Better Buyer” is more attractive to sellers and has the upper hand. Their offers are taken more seriously and their transactions are more likely to close. A “Better Buyer” is:
• Willing to buy today
• Will pay a reasonable price for the property
• Will pay a reasonable earnest money deposit
• Have the necessary down payment and monies to close
• Has the ability to obtain the indicated financing terms or pay cash
• Does not have to sell or lease another property in order to qualify for a
loan or to complete a purchase
• Can close within a reasonable period of time
• Does not have any special contingencies outside of the normal items
associated with a typical sale
So, when you start your home buying process ask yourself: Am I a “Better Buyer?” If not, what steps can you take to be that person?
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