Tag: Orlando buyer’s agent

Bidding in a Hot Market

Posted on by Jenny Zamora

Buyers looking for that perfect home in Orlando are finding out that they need to prepare for a fight. Because of a hot market causing lower than normal inventory, hungry buyers are engaging in bidding wars every day. Bidding in a hot market can be a fight and lately, it’s been all about who’s quicker to the punch.  

In a seller’s market, homes sell super fast once they’re listed on the MLS. Getting your offer approved amidst all the competition can be a huge challenge. In this situation, many factors are just out of your control. However, there are certain steps that you can take to make your offer more attractive to the seller.    

When house hunting, you should enlist the help of an Orlando buyer’s agent as opposed to trying to go it alone. Weeding through dozens of homes by yourself that you find on the internet to find one that suits you just isn’t very fun at all. Once you’ve found one that you love, then it’s time to place an offer on it. Many buyers will already have a number in mind but if you’re not sure how much to offer, however, your realtor should be able to assist you in finding the magic number. Experienced realtors can prove to be extremely valuable in this situation by providing the buyer information about the area like recent comparables of other properties in the area.    

Tips on getting your offer accepted, Bidding in a hot market:

  • Get your financing in order. Speak to your mortgage broker or lender before you even start looking at homes. Knowing how much mortgage you can afford in addition to having a pre-approval letter will put you way ahead of the game. You should also know that being pre-approved and pre-qualified are two different things.

The difference between Pre-Approved and Pre-Qualified

  • Pre-qualifying for a loan basically means talking with your lender about your financial situation, income, etc. then the lender will give you an approximate amount of how much you SHOULD qualify for.
  • Pre-Approval includes submitting a loan application together with income statements, a list of assets, a list of expenses, etc. With a complete loan package in hand, your mortgage broker will be able to shop out a loan that would meet your specific needs. It also gives the seller peace of mind knowing that your contract is solid and won’t fall through because of financing.
  • Don’t submit a lowball offer! In a hot market, many properties sell above the listing price. Submitting too low of an offer is the best way to get your offer denied and you may not even get a chance to counter, especially if there’s another competitive offer on the table.
  • Give them a bigger deposit than they asked for. Putting down a larger deposit, allows the seller to see how committed you are to making the deal happen.
  • Eliminate as many contingencies as possible. If the seller has to worry about the buyer selling a home or appraisal value falling short, etc. Then the offer becomes less enticing to the seller. By keeping your contingencies to a minimum, the better your offer will look to the seller.
  • Pay cash. For most people, this isn’t even an option. However, if you’re able to submit a cash offer with a quick close then this will surely get your offer to the front of the line.

Even if you do everything on the list above, it still may not get your offer approved. But by doing as many things as you can to make your offer more attractive to the seller, you’ll know that you did everything in your power to get that offer approved. If it was meant to be then you’ll be living in your dream home real soon. If you find yourself in a bidding war with other buyers, it’s good to know that you have an experienced realtor in your corner.

If you’re searching for a “never say die” type realtor to help you find your Orlando dream house, contact us at https://orlandorealtyconsultants.com/contact/

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How to train your Orlando Buyer’s agent

Posted on by Jenny Zamora

For first-time homebuyers in Orlando, it’s imperative that they’re able to communicate to their real estate agent exactly what they’re looking for.  This will save the potential home buyer as well as the Realtor a lot of time. It may seem like an easy task but you’d be surprised at the lack of communication that goes on between Orlando buyer’s agents and their own clients.

Here are some helpful tips on how to make the most  of your agent buyer relationship

Be clear on what your wants and needs are. The more details that you’re able to provide your agent with like; How many bedrooms and bathrooms, how many sq ft? what neighborhood or subdivision you want to live in? are you interested in Orlando short sale homes? etc., the less time you will waste on looking at houses that don’t meet your criteria. With all the technology available to real estate agents these days,  they are able to eliminate a lot of the leg work by searching for homes for sale online. A good buyer’s agent will do more than just search the MLS, they will also search for homes that aren’t listed on the MLS like FSBOs [for sale by owner]. They do this by extending their search to craigslist, and newspaper classifieds, and even by driving around in the neighborhood where their buyer wants to live.

Be demanding…in a nice way.  Real estate agents want to close deals so that they can get paid. However, agents also want to be the “Hero” when it comes to finding the perfect house for their buyers because they know that if they do their job well, they will probably get more clients from the buyer’s friends and family. It’s OK to be a demanding buyer, I mean you’re about to make a huge investment by buying a house. However,  you should also be nice at the same time. The last thing you want is for your agent to have you on their “Difficult Client” list. This may negatively affect your relationship with your real estate agent and they will be less interested in finding your dream house.

Be responsive. Good real estate agents work very hard for their clients and there’s nothing more frustrating to an agent than when they spend time searching for the perfect house for a buyer then that buyer doesn’t return their call or email and they end up losing that house to someone else. By being responsive to the agent and returning their calls or emails immediately, this will most likely create a reciprocal effect and the agent will be just as responsive to you as you are to them. This will also give you the upper hand if you need to tell your agent to be more responsive to your messages.

Be honest with your agent. If your real estate agent finds you a house that meets all your criteria but for some reason, you still don’t like it, then you need to tell them. Don’t be afraid to hurt the agent’s feelings, it’s not their house. Remember that this is about you [the buyer] first and foremost, therefore it’s the agent’s job to make you happy. If you can’t be honest with your agent, then you probably won’t end up with the house you want and you will end up settling. Would you lie to your doctor about what hurts? Of course not because you want results!

Evaluate your agent. Not all real estate agents were created equally, therefore you should evaluate your agent’s performance after a week or two. Ask yourself these questions

     a. Has your agent shown you houses that meet your criteria?

     b. Has your agent been responsive to your calls or emails as you are with them?

     c. Are you happy with your agent’s performance so far?

If you can answer yes to these three questions, then you may want to hang in there. However, if you feel that your agent is neglecting you or they just aren’t getting the job done as per your expectations, then I would say it’s time to find another real estate agent to represent you.

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Save Time and Money by hiring an Orlando Buyer’s Agent

Posted on by Jenny Zamora

 When talking about residential real estate in Orlando, sellers will usually do extensive research before hiring a real estate agent that they feel comfortable with. They will ask family and friends for advice, research on line, read reviews, ask for references, etc. Then after coming up with several prospects, sellers will go a step even further and interview the potential realtor in person.

Buyers however, tend to be much less cautious with their approach. If a buyer looking for a home in the Orlando area sees a sign that says “Orlando homes for sale”, they will have no problem going with that real estate agent without knowing a thing about the person.  They’ve just put this person in charge of their search for a new home without thinking twice.

Most potential home buyers tend to have a “What do I have to lose?” type of attitude. They figure that if the realtor shows them some houses that they like then that’s good and if not, then no big deal, they will just go to another one. In my opinion, this is a horrible approach and a buyer could end up paying more money for a house in the long run, not to mention the potential frustration it can cause you along the way.

Researching a Buyer’s agent is just as important as researching a listing agent.

Don’t rely solely on an advertisement to tell you what you need to know about an agent. Sure, the agent will probably have ads about homes that will most likely contain a nice set of photos, a brief summary of the property’s major amenities, and a stated asking price, etc. Don’t get me wrong, all of these things are important for an ad as far as making it “eye catching” so that a  buyer will want to see the property. However, this tells you absolutely nothing about the agent that you will be working with.

Here are a few things you should focus on when looking to hire a buyer’s agent.

Experience: Find out how many years of experience the realtor has in the area that you are interested in. You want an agent that will know a good deal [based on the criteria that you’ve given them] as soon as it hits the market.

Education and training: Although nothing takes the place of experience in the real estate industry, it’s important to know that your agent has had the proper training and education in order for them to be a successful buyer’s agent. Find out if they have any special endorsements in their area of expertise.

Track record: Buying a house will be one of, if not the most important decision of your lifetime. This is why you should hire someone with an excellent track record as a buyer’s agent. How many houses have they sold in the past 6 months, year, etc. Also, ask for references from past clients. If they say that they don’t have any, then something’s wrong and I suggest that you keep looking.  

Area of Expertise? Although many Orlando real estate agents work with both buyers and sellers, it’s far better for the buyer to seek out a buyer’s agent. This is a real estate agent that specializes in locating houses for potential buyers. They are on the MLS everyday seeking out houses for potential buyers and are highly tuned in to what’s for sale in their farm area.

 

A good real estate agent, whether you’re buying or selling, is there to look out for your best interest. Looking for and finding you a house that meets your criteria is just the beginning. A good real estate agent will walk you through the entire process and make sure that everything gets done correctly legally. From negotiating the price to setting up home inspections to closing the transaction, having a good realtor in your corner will save you time and money.  

 

 

Orlando Real Estate Broker

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