In every home purchase/sale, no matter how different they are or can be, there are always two constants. Buyers and sellers. These two constants are the basis for any purchase, not just real estate. So, let’s take a deeper look into what it takes to get from looking at homes, to moving in them from a buyer’s perspective.
Looking for a Home
The entire process, obviously, starts by looking for a home. Without a doubt, the best place to start looking is the MLS or Multiple Listing Service. The MLS carries all homes listed by any real estate company that is a member of the MLS, which includes almost every company. Home magazines are usually out of date before they’re ever even published and the Real Estate section in the newspapers are full of errors.
Start with an MLS website. This could include the main MLS site or a Realtor’s website that is connected to the MLS through a RETS (Real Estate Transaction Standard) or IDX (Internet Data Exchange) feed. These sites have access to the entire MLS database, but every site is not created equal! IDX feed sites are updated much less frequently than a RETS feed site (like level10realty.com).
Alternatively, there is an entire For Sale by Owner (FSBO) market that is not listed in the MLS. There’s nothing wrong with buying a FSBO, just be safe during the process. If you’ve never bought a FSBO, hire an agent, an attorney, or someone else that can look over the paperwork and make sure that your interests are protected. Realtor Association Members use a standardized contract that is written for the protection of all parties involved with remedies in the event of a bad home inspection, failure to qualify for financing, default, etc.
Realtor or No Realtor?
If you decide to look at any home listed in the MLS, there’s no way to avoid a Realtor. The best piece of advice I can give here is to choose a Realtor FIRST. Don’t get “stuck” with a Realtor just because you called a sign. Like Realtor websites, all Realtors are not created equal. A great Realtor is worth their weight in gold. I’m not kidding. Speak to several Realtors. Interview them. Look for specialists for your unique situation. Choose the one that’s in tune with your needs. Any Realtor member of the MLS can show any home listed in the MLS. It doesn’t matter if the home’s listed with another company or in another area, or listed with another Realtor. So, Bob with Big B Realty can show any house, even Diane’s listing at Big D Realty and Jane’s listing at Big J Realty. Here’s another tip. If you choose a Realtor to work with, and tell any other Realtor that fact, you won’t be bothered. Trust me.
Like I alluded to above, if you choose to look at FSBOs, you don’t have to have a Realtor. That’s a decision you would have to make based on your experience in buying property. For a first-timer, I would recommend getting a Realtor to help. On the other hand, I’ve seen some buyers with the experience and negotiation skills that would make some Realtors shake in their boots.
Part II will focus on actually looking at homes and the contract process.
