Tips for Buying Cape Cod Real Estate!
1. Get Organized.
Review your financial status and check your credit score.
Make sure there are no issues with your credit score and/or Fix any issues when possible. Meet with a bank or mortgage representative and establish your financial parameters. Having this conversation before you start the search process will save you time and put you in a much stronger position to achieve your goals. Sellers prefer a pre-qualification or pre-approval letter to accompany an offer.
Do what you can to “Be ahead” of other Buyers.
2. Get to Know your Realtor.
Advise your Realtor of all your plans and if there may be any issues, address them upfront.
Your Schooner Properties realtor is a Professional and knows how to resolve many issues in the
purchase of a Home. Remember your Realtor is working for you!
3. Online Searching.
In today’s market, most buyers will review many properties online prior to viewing them in person.
This is a fabulous time saver and also allows the Buyer to get to know values in the area they have
selected. We always recommend signing up for our Daily Email Alert. Becoming familiar
with the prices and availability of homes trains you to know a bargain when you see one.
4. Give Lots of Feedback.
Once you begin to look at homes, be frank with your sales agent about your reaction to each property.
The more feedback that you provide your Realtor®, the better. This will enable your agent to get a
strong sense of your likes and dislikes and they will be able to serve you much more effectively.
5. Viewing Homes.
On Cape Cod, many Sellers Agents will be present when showing the property. Be careful not to give
any pertinent information to that agent,such as affordability, Loving the property etc… A good agent
may use this information to favor their client (The Seller) during the negotion process!
Never meet a Seller’s Agent and exclaim how much you love the property and gush “I just have to have it!”
unless you are prepared to pay top dollar! Remember keep your cards close and wear that poker face.
6. Home Inspections.
Always have a Home Inspection. It is simply money well spent for the piece of mind it buys. The home inspector is a licensed professional who will perform a detailed inspection of the home and the major components and heshe will provide a written report when completed. Even newer homes can have minor issues that emerge from a inspection but if the problem is something major and unexpected the buyer still retains the right to renegotiate the offer.
Remember Buyer Beware!
7. Be Loyal
If you do stop in at an open house without your Realtor, make it a point to let the agent at the property
know that you already working with a Realtor. This makes the process easier to all involved and your
agent will appreciate your loyalty. Be careful when interacting with a Sellers agent, they are
professionals and know how to extract important information out of a potential Buyer!
This could cost you during a negotiation!
8. Always Use an Attorney.
We always recommend that you use a real estate attorney and not a Friend who is an Attorney!
Our preference is to use an Attorney on Cape Cod who knows the idiosyncrasies of Cape Cod Real
Estate. We have run into buyers who want to save money and don’t think they need an attorney. In our
experience we have found that approach to be penny wise and pound foolish, especially when you
consider all that is at stake in a real estate transaction.
Remember, Realtors are not attorneys and cannot give legal advice.
Buyers always want to get the best deal for their dollar, and Sellers always want to get the most money
for their property. There has to be a meeting of the minds between the two in order to sell a property.
A good resource for home pricing is past sales. Recently Sold properties help determine a homes
value and studying these values is the best way to make sure you do not overpay for a home.
The best way to determine the right price is to know the market and work with an experienced Realtor.
Contingencies in a contract for the purchase of a property are designed to protect you, the Buyer.
Valid contingencies to an offer are expected by the seller. Common contingencies include building
inspections, termite and pest inspections, financing, and Septic Inspections.
Many deals fall apart over small details, and easy to fix issues. Remember that sellers are emotional
about their property. If you can see that major repairs or replacements need to be made due to neglect
or age, make allowances for this in your offering price. The old adage “Everything is negotiable” still
holds true, unless you upset the seller so much that they refuse to work with you.
11. Making an Offer.
We have found that Buyers get the best results when they are perceptive, considerate, and empathetic
when dealing with Sellers. Make your offer inline with prices justifiable in the market and any
contingencies should be reasonable. Remember, many sellers have a strong personal attachment to
their homes having raised families and have created countless memories over the years. Sometimes the
peace of mind of knowing that they are leaving the home in good hands is as important a consideration
when selling as the amount of money the receive from the sale.
Access our flow chart to Buying Process here.
Contact Schooner Properties to Purchase your New Cape Cod Home.