How To Start The Home Search AFTER You're Pre-Approved
WOOHOO, you’ve been pre-approved! ✅
That’s the first step in any home buying process and if you’ve checked that off your list, you’re ready to move on to the fun part…
The actual home search. 🔍
This is the part of the buying process where you’ll work hand in hand with your realtor to find the house that you want to call home.
In this blog post, you’ll specifically learn what steps to take after you’ve worked with your lender and get greater insight to what the home search process looks like.
Because no… you don’t have to spend all of your waking hours at every open house or scheduling tours to view every single home that’s on the market.
Instead, we want your home search to be STRATEGIC so that you can save time and only look at homes that are real contenders based on your preferences.
This is why working with a realtor is so important.
If you’ve never navigated this journey before, I’m here to break down every part of the process so you know exactly what to expect every step of the way.
(If you missed the FIRST step to take before you start house hunting, click here.)
What To Expect On Your Buyer’s Consultation
Once you’ve submitted all of your documents to your lender and have your pre-approval in hand, it’s time to work with a realtor that can help your homeowner dreams come true!
When you find a realtor that you want to work with, you’ll schedule a buyer’s consultation, which is essentially just a meeting (can be virtual or in person) to discuss what the home buying process will look like for you specifically.
There’s a few things this meeting will cover:
Buyer’s needs and preferences
When buying a home, you of course have an ideal picture in your head of what you want. THIS is where we get to talk about all of those fun things!
How many bedrooms and bathrooms are a MUST?
Is a backyard a deal breaker?
Single-family home, condo, or townhouse?
Preferred location?
Features and amenities?
Allll of the things that are must-haves, nice-to-haves, and total deal breakers will be talked about here!
Buyer education and expectations
After we discuss all of your wants and needs, your realtor will provide an overview of the homebuying process from start to finish, so you know exactly what to expect along the way!
Here you’ll likely learn about your financing options, the role of inspections, and potential challenges that may arise during the process.
This consultation also helps set realistic expectations for you as the buyer.
As someone who has personally bought and sold multiple homes, I understand that you may want the process to be speedy!
But there are certain things that must happen at certain times and, as your realtor, I want to make sure you fully understand the timeframe for finding a property, potential negotiation and bidding strategies, and other important aspects of the transaction, so that you aren’t thrown off guard.
Market review
During our consultation, we’ll also potentially discuss an overview of the current local real estate market conditions so that you have all of the updated information on property values, recent sales, and trends in the local housing market.
When buying a home, all of these things are good to have in mind, so you can know what’s realistic during your buying process!
Establish a working relationship
Lastly, the buyer’s consultation really serves as a way for the two of us to establish a positive working relationship and gives you clear direction on how to effectively work together to get to the outcome that you ultimately desire – which is of course homeownership! 🏠
During this time, your realtor will likely outline their services and give you all the details for how to search for properties, schedule tours, and guide you through the paperwork and negotiation process.
Your realtor will also likely discuss their fee structure and explain their legal and ethical obligations to you as the buyer, which includes fiduciary duties, confidentiality, and acting in the best interests of you!
In some cases, your realtor may ask you to sign a Buyer Representation Agreement, which simply formalizes the relationship between you as the buyer and them as your realtor, outlining the terms and duration of the working arrangement.
Overall, a buyer's consultation with a realtor is your best next step in the homebuying process AFTER pre-approval, as it helps both the buyer and the realtor understand each other's expectations and establish a foundation for a successful partnership in finding and purchasing a home!
Questions To Ask Your Realtor
During a buyer’s consultation, not only is it the time for the realtor to set expectations and make sure you understand how the process will work, but it’s also YOUR chance to make sure they’re a good fit for your needs and goals.
Because let’s be real: not everyone is a perfect match for everyone, so this consultation gives you a chance to vibe check and make sure you feel good about working with them during one of the most important times of your life!
To make sure a realtor is a good fit for you, there’s a few questions you can ask when you meet with them:
Regarding Experience and Expertise:
How long have you been a realtor and how long have you served [INSERT AREA]?
Can you provide examples of recent successful transactions similar to what I'm looking for?
Regarding Communication and Availability:
How do you communicate with your clients (phone, email, text, in-person)?
What is your typical response time to client inquiries?
Are you available to show properties and attend meetings during evenings and weekends? (This is SUPER important to understand, especially if you have a work schedule that doesn’t allow for much flexibility!)
Regarding Market Knowledge:
What are the current market conditions in the area I'm interested in?
Can you provide insights into trends and forecasts for the local real estate market?
How familiar are you with the neighborhoods I'm considering?
Regarding Negotiation Strategy:
How do you approach negotiations to ensure the best deal for your clients?
Can you share examples of successful negotiation experiences?
How do you handle multiple offers for your clients?
Regarding Referrals and References:
Can you provide references from past clients who were in a similar situation to mine?
Do you have any professional referrals, such as mortgage brokers or home inspectors, you recommend?
Regarding Fees and Costs:
What is your commission structure, and how do your fees work?
Are there any additional costs or expenses I should be aware of when working with you?
Regarding Team or Support:
Do you work as part of a real estate team, and if so, who will be my primary point of contact?
How do you handle multiple clients and ensure personalized attention?
You can pick and choose which of these questions apply to you the most, but if I could give you any advice it would be to ASK. THE. QUESTIONS.
A realtor’s response to any of these questions can give you the insight you need to make sure that you choose the agent that is the best fit for you and will keep your best interest at heart throughout the entire process and even after you close!
What The Home Search Process Looks Likes
Once you’ve chosen a realtor to work with, they will take you through their specific process of setting up a home search to ensure that you’re ONLY looking at properties that are a fit for the wants and needs that you discussed in your consultation.
With the Real Estate Collective, the home search process goes like this:
I like to call it a process of elimination rather than trying to find a needle in a haystack because if we get too specific, you could miss out on something that was mismarked or really is a great opportunity!
The factors I specifically like to focus on are location and home type (single family, townhomes etc).
If there are some non-negotiables, such as the number of bedrooms or bathrooms, we can add those in, but I prefer to give the opportunity to make our own decisions rather than have a computer decide for us!
Because for example – sometimes you’ll find a house that has room to add another bathroom and the numbers end up working perfectly.
But if you were to set that as your search criteria, you would possibly never see that opportunity!
The thing to remember with real estate and the home buying process is that you truly NEVER know what you’re going to find and fall in love with.
I see this happen ALL the time and many of my clients shock themselves when they end up choosing a home that they never expected.
This is why I encourage everyone to keep an open mind during the process and go into it with an expectant heart.
What’s meant to be WILL be and I really do believe that!
Ready To Start The Home Buying Process?
By now I know what you might be thinking… this feels like a LOT! And when you’re reading all of this at once, it definitely can, so I get it.
But what I want you to know is that your real estate agent is the person that works with you from start to finish to make this process feel way less overwhelming and will help you get connected with all of the crucial people needed who have been vetted and trusted.
That’s the #1 reason that you want to work with a local agent who is established in your area and KNOWS 👏🏼 THEIR 👏🏼 STUFF 👏🏼
So, whaddya say? Are you ready to begin the home buying process?
If you’re local to Billings, CLICK HERE to get started and I’ll help you get started on the right foot.
And if you aren’t local to Billings, good news for you – I know people. 😏
Connect here and I’ll get you in touch with a trusted agent in your area to start the home buying process with ease!