We Want To Save You Money!
Every buyer wants the same thing - to find the best possible home, at the best possible price & terms. A deal. A steal. A steal of a deal.
We’re here to tell you – buyer be careful! The old adage – "you get what you pay for" always holds true. If it’s really a big bargain – something is bound to be wrong. Probably multiple things are wrong. The Pittsburgh real estate market may not be as good right now as in the past, but it’s far from depressed. The last thing you want is a money pit – sucking away your income and savings - leaving you “house poor”.
Here are some ways to keep more money in your bank account during the home buying process:
Get An Agent To Represent YOU!
Hire an agent. We hope it will be us, but no matter what – get someone on your side, representing your interests. The coolest thing about Buyer’s Agency is 99.9% of the time, you pay no commission. The sellers pay the brokerage fees. Where else in life can you find free representation? We know the answer - no where. Buyer’s agents are the best deal in town and there is absolutely no reason to go it alone.
Buying a home is probably the largest and most complex financial transaction you will ever undertake. Why work with an agent who is contractually obligated to represent the seller? Or even worse – try to do it on your own?
We can save you money when you engage our services as a buyer's agent.
I Get So Emotional, Baby – Great Song – Not SO Great For Keeping Your $$
One of the biggest mistakes buyers make in a real estate transaction is letting their emotions rule. You walk into a house – it’s looking really good. Room after room – everything just like you wanted down to the paint color on the walls. Your heart beats faster and you WANT that house to be yours. All of your cool, collected plans to take your time – analyze the situation in a business-like manner – fly out the window.
We understand. Finding the perfect house is amazingly wonderful. You looked at a lot of really awful houses to find that one just-right house. We get it. We're excited and happy for you, too.
Take a deep breath – relax – be calm. Stay realistic and practical during the home buying process. There are going to be a lot of decisions ahead – you need to have your head on straight. Don’t let your emotions blind you to an inflated list price or the potential for costly repairs down the road.
Financing - So Many Choices
Mortgage brokers, banks, lending institutions – just like real estate agents, there are a gazillion available to help you. You should always get a second or third opinion. Closing costs in the state of PA are the 7th highest in the nation. Bank fees, broker’s fees, closing costs – many of these items can be negotiable. Be very careful with any type of Internet financial offers. Many of these companies are not from PA and do not quote all of the required fees.
While most lenders are reputable and will take you from mortgage application to closing without any issues – problems can arise. Problems that delay the closing can cost you money. Your interest rate may go up because your rate lock expired. You may incur additional fees for a second appraisal or required repairs to the house.
It’s interesting to us that a person/family will drive 20 miles to price compare a large screen tv or get a second quote on a new car, but they seldom comparison shop for their mortgage. Look at things a little differently. Get a second & third opinion. There is no fee - it will only cost you a phone call or an email and a little bit of time. It will save you $$.
Avoid The Money Pit
Get inspections. Please. We know they will cost you several hundred dollars and we know your Uncle John works for a contractor and used to build houses and he looked the place over and told you everything is good to go.
Home inspectors look at every system. They examine the furnace and the electric box – they take digital photos of the roof - a good inspection is VERY thorough. Once you buy the home, the problems are yours. Be careful – get all of the information you can to make informed decisions.
If we could tell you all the stories where buyers bought without inspections and got burned…you wouldn’t even hesitate to call an inspector. But how about just one story that gets the point across really well: Buyers bought a house in the country with a septic system. Did not get a septic inspection; agent didn’t suggest it and they didn’t realize they needed one. We were called several years later to list their home for sale. Found a buyer who had a septic inspection done. System failed. Could not be repaired. Lost the buyer and many thousands of dollars.
Skilled Negotiation
Real estate transactions are all about negotiating. We negotiate commissions, contract terms, contract price, offers, counter offers, closing dates, inspection issues, terms, who pays for what, amount of earnest money, what personal property is included, possession date, financial terms, home warranties, contingencies, extensions, mineral rights issues, multiple offers, multiple counter offers and the list goes on and on.
Which leads us to one of the next biggest mistakes buyers and sellers make. Talking too much – giving away their negotiating position right off the bat. Buyer walks into a house and tells the seller “We just love your house - its the nicest one we've seen. We sold our house in Texas and our whole family is living at the Comfort Inn”. What!!! NO, NO, NO. Seller is licking his chops & holding to his list price – you can count on that.
More than anything – even the most educated and experienced buyer needs a professional negotiator in the middle of one of the biggest financial transactions of their life – bridging the gap between them and the sellers.
We are Certified Negotiation Experts (CNE). Okay, so big deal – alphabet soup after our names – what does that mean to you, the buyer? It means we took an extensive training course on negotiation methodology. We now know much more than the average agent about the complexities of real estate negotiation – how buyers buy and sellers sell and what techniques work best to ensure successful outcomes for our clients.
Here’s a thought on the importance of a skilled negotiator: When working as buyer’s agents, we negotiated an offer that was approximately 20% below the list price. After the home inspection, we negotiated an additional $50,000 off the contract price.
It would be great to have us working on your behalf, wouldn’t it?
We take negotiating seriously. We'll do our best to save your money. We're easy to reach; call, email or text us today!
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