Buying Process Part 1

Hello.

I'm a REALTOR with Exit Alliance Realty here in the Temecula Valley. My name is Sonya Sanders. I want to give you an overview of what you can expect working with me during the initial buying process.

Whether we met at an open house, I was referred to you by family or friends, or you called me in response to a listing advertisement, I will ask you qualifying questions. In addition to your contact information, some examples of questions are: Have you been working with an agent, have you signed an agreement, have you been pre-approved to purchase and if so for how much, how many beds/baths are you looking for, what is your preferred area/neighborhood, is this a home you will live in or will it be an investment property? The resulting conversation will help me determine what your needs are for your home purchase. Then we will schedule an appointment to meet at my office. I will work around your schedule to find a time that is convenient for you.

The initial office meeting is very important. We will develop our plan of action and set expectations. I will go over all of your wants and needs, verifying what we discussed in our previous conversation. If you are not paying cash for your home, we will review your pre-approval letter at this time. If you do not have a pre-approval letter, you must take immediate steps to get one by speaking with a lender and starting the qualification process. In the Temecula Valley real estate market, you can not submit an offer to purchase without a pre-approval letter.

I will go over the different types of sales you may encounter, as different sale types often have a different process and specific details you should know. Sale types we discuss are Standard, REO (Bank owned), HUD, and Short sale. This is also important based on your timeline. When do you want to be in your new home?

There are two forms we will review. The first is the Agency Disclosure form. It must be submitted with any offer to purchase that is presented on behalf of a buyer. This signed form designates who is representing the buyer in a transaction and their duties.

You may ask how do I, as your agent, get paid? The listing agent and seller have decided on a dollar amount that they will offer me as an agent to bring them a ready, willing, and qualified buyer. That is how I am compensated and part of my obligation to them.

My obligations to you as your Buyers agent go much deeper. I have a duty to use the utmost care, integrity, honesty, and loyalty in my dealings with you. To act in good faith with honest and fair dealing, to disclose any material facts which could affect the value or desirability of a property, to look out for your best interests, maintain your confidentiality, use reasonable skill and care in the performance of my duties, to use my professional ability and negotiation skills to get the best terms and price for you. This means we do not have a customer relationship but a higher client relationship. These are my obligations to you. Buyer agency is an opportunity for me to represent you with one of the most important purchases of your life and I take this responsibility very seriously.

This is where the next form comes in. It is the buyer representation agreement. It states that you are hiring me and entrusting me with these responsibilities for a set period of time. It is our commitment to work together with each of us participating in the process and working toward a common goal. If you choose to hire me, we will sign the agreement.  Some buyers think that it may be better to work with the listing agent directly. However, this would mean that your agent, is not just your agent and must also look out for the best interests of the seller. It make sense for you to have an agent who is only working for you.

You will regularly receive properties via email that meet your criteria. I recommend an inside out approach for our search. Once we determine the area you want, we will search inside that area for your home. You can drive by the homes you are interested in and if they look good from the outside, we make arrangement to view the inside.

If you are interested in brand new construction/builder homes, please let me accompany you when you visit. I am often able to get you better deals or terms. Ultimately, I will be doing the job you hired me for-working as your advocate and looking out for your best interests. Many builders will only allow you to have outside representation if you are accompanied on your first visit.

I will give you some of my business cards and a copy of our agreement. If you are out and happen to meet other agents or see an open house that you are interested in, please provide them with one of my cards. This will let them know who is representing you and how to contact me.

Communication is key. I like to review with my clients on a weekly basis, what houses we have viewed, any offers written, their status, if there are any changes to your criteria, and receive feedback from you. It is my goal to keep you happy in the process. If you ever feel that you are not happy with the work or service I have given you, we can simply cancel our agreement.

Once we have found a property you like, we will submit an offer with all the supporting documentation that is required. I go over this information in my video, "What is required to submit an offer?". Once your offer is accepted, we go into part 2 of the process, "What's next after my offer is accepted?".

Here is a video of me explaining an overview of the initial buying process.