Protect Your Negotiating Position
Looking for home search advice? Before starting your home search, understand how to protect your negotiating position as a home buyer.
Protect your private and confidential information to maintain a strong negotiating position. You should NOT share your personal information and financial status with anyone but the Buyer Agent who will only represent you and your best interests.
For example, here are the kinds of personal details you should NOT share with anyone except your Buyer Agent:
- Reasons for buying a new home
- Time frame desired or urgency to purchase
- Willingness to purchase at certain prices
- Financing terms you would be willing to accept
- Personal property you may want included in the purchase
- Details or terms of a company relocation or employment package
- Personal, financial or confidential Information of any kind
These details should only be shared with the Buyer Agent you hire to represent you. Wait until you’ve interviewed several Buyer Agents and made a hiring decision before sharing confidential and private information with any real estate agents.
I also recommend that you not share these details with neighbors, colleagues or casual friends. Why? Real estate gossip travels far and wide and quickly. When in doubt, “mum’s the word”! I will share more tips about how to protect your negotiating position during my home buyer consultation.
Before Starting A Home Search – What Is Your Budget?
Determine a realistic budget to ensure you can afford a new home and mortgage including annual expenses such as utilities, insurance, real estate tax and maintenance.
If you plan to finance your new home, you need a mortgage pre-approval letter from a qualified lender to accompany an Offer to Purchase. Most sellers will not seriously consider an Offer to Purchase unless it includes a current mortgage pre-approval letter (if planning to finance the purchase).
For a Condominium purchase, be sure to review with your mortgage lender the amount of monthly condo fee that works well for your budget.
For investors, determine your minimum return on investment percentage that will make the purchase worthwhile. Mortgage financing rates and terms for investment properties are different than those for primary residence.
Home buyers should carefully review all mortgage financing rates, terms, and options with a highly reputable mortgage lender before submitting an Offer to Purchase.
Home Search Advice – Where Do You Want To Live?
With so many diverse neighborhoods, cities and towns in the greater Boston area there are many options from which to choose.
Start your home search by identifying the top 3 preferred areas. Searching more than 3 cities or towns can become overwhelming especially to compare “apples to apples” and fair market value.
I recommend that you take time to “Interview the Neighborhood” to see if the area includes any must-have amenities nearby and is within the distance desired for public transportation, work, school, etc.
What Does Your New Home Look Like?
Envision your new home … what do you see? Many home buyers focus on specific interior amenities such as the kitchen, bedrooms and bathrooms while overlooking the very first thing we see – the home exterior and curb appeal.
In the greater Boston area, our residential property landscape includes a variety of property types including Condominium, Single Family and Multi-Family.
The property style you prefer might be a high rise condominium, a Queen Anne Victorian (single family), or a 2 Family with side by side duplex units. During my Home Buyer Consultation we will discuss many types and styles of homes to help define your specific search criteria.
Primary service areas are Cambridge, Arlington, Belmont, Medford, and Somerville MA.
About Tamela Roche, Realtor® – RE/MAX Destiny