What should Buyers do?

First you should know that you are in TOTAL control, but do not let it go to your head...

Before you enter the market you need two Allies: A Lender and a Realtor

Choosing a Lender:

1) Get FULLY qualified with an EXPERIENCED Lender who will explain all of your lending options. Most of the bad-apples are now out of the business, but some are hanging on. Find a Lender who understands the market, has been around a down-market and understands finance (yes, many do not know much about finance, taxes, etc.)

2) Meet with your Lender many months before you wish to buy so you can work through any credit glitches, build up proper cash reserves and ensure that your application is clean.

3) Be prepared to provide a pre-approval letter with much more detail than in the past. Sellers want to see credit scores, verify funds to close and know that your program has been approved.

4) Do NOT walk out of your Lender's office with questions. If you are not sure about something...ask!

Choosing a Realtor:

Over the next six months thousands of Realtors will be getting out of the business. I know some who went broke this Summer listing homes that did not sell. One had 10 listings and was spending over $3,000 a month in marketing (not including her time). She sold NOTHING and is now out of money and out of Real Estate.

1) Chose a Realtor who knows the area in which you wish to buy. They will normally know of transaction details of previous sales that can help you negotiate your best deal. They will also know of homes that are coming onto the market, but have not yet been listed.

2) Chose a Realtor who is committed to the business. Remember, most Realtors have had to take second jobs or are looking to. Make sure the one you chose isn't using you as one last paycheck before bailing.

3) Chose a Realtor with REAL education. Don't be fooled by the GED carrying Realtor who baffles you with Industry designations like; GRI, e-PRO or CRS. Look for a Realtor who holds a bachelors degree and/or an MBA.

4) Finally, chose a Realtor who is not afraid to tell you the truth. Don't hire a Yes-person. They are being compensated for their ability to navigate your transaction and look out for your interests. The good ones will tell you things that you may not want to hear, but NEED to hear...listen.
*One more no-no...do not hire a Realtor solely because you were 8th grade friends or its your second cousin twice removed. Hire a Realtor for their competence.

With your trusted Lender and Realtor on your team you are now ready to hit the market:

1) Take your time. There is plenty of inventory to chose from and very little competition.

2) Negotiate, but be fair. Sellers are about to take a beating...no need to rub it in.

3) Just before writing up your offer, take a breather and really think about it.

4) Once you have an accepted offer, be very thorough with your inspections and due diligence.

Go out there and find your best deal!