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First Time Home Buyers in South Lake Tahoe: Part Four

November 18th, 2009 categories: First Time Home Buyers, For Buyers, For Sellers, Lake Tahoe Real Estate, South Lake Tahoe, CA, Stateline, NV

The First Meeting with your Real Estate Agent.

This is inspired by a colleague and friend of ours, Rich Jacobson , who owns the Kitsap County Real Estate Blog in Washington state. His work for the source of this series is superb, and with his graces we are retooling it for first time home buyers in our South Lake Tahoe real estate market.

This then is the fourth in a series of articles focused on helping 1st Time Home Buyers successfully buy a house in South Lake Tahoe. Each time, we’ll focus on key events, or steps if you will, in the South Lake Tahoe home buying process.

In the first article, we talked about Mortgage Lenders and Loan Pre-Approval.
In the second article we talked about the first five of the top ten traits to look for in finding A Great Real Estate Agent ( Pt 1).
In the third article we discussed the second five of the top ten trails to look for in finding A Great Real Estate Agent (Pt 2).

Step Four: "Exchanging Vows: The Buyer Agency Agreement"

Upon selecting the real estate agent that is right for you, the next thing to do is to discuss and sign a Buyer’s Agency Agreement. Think of this as an employment agreement, yet one where someone else almost always pays your employee instead of you. This contract accomplishes several important purposes:

It empowers Your Agent to legally represent you in the purchase of your South Lake Tahoe home.

It demonstrates your commitment to your Agent and that you value their professional services.

It binds your Agent’s commitment to professionally serve your best interests and to fulfill all the duties, obligations, and responsibilities of a licensed real estate agent.

Be sure your agent discusses the important elements in this agreement and that you have a copy of it.

A discussion of the home buying process is next, and your agent should talk you through it from start to finish. Be sure to ask any and all questions during this time.

Next is a complete, detailed review of your home buying wants and needs.You will want to have thought through this through beforehand (make notes if you like). As you discuss your wants and needs, your agent will listen to you most carefully, take notes on what’s important, and ask questions to help uncover anything you may have not have considered. The more you agent understands your wants and needs, the better prepared they are to help you not miss a thing, not pay to much, and find the home that is exactly right for you.

If you already have a list of homes your interested in, now is the time. Your agent will also provide you with a list of homes based on your criteria that you may not be aware of. Depending on your particular budget, you may need to narrow down your want list somewhat, which is a normal for all home buyers, and perhaps somewhat more so for the first time home buyer.

Ask your Agent to show you how the Multiple Listing Service works. If you have not done so previously, ask your agent to create a custom online search and auto listing notifier based on your specific home requirements. This will notify you of all new listings within your criteria automatically via email so that you never miss a thing.

The next step is to have your agent set up a home showing schedule for you that is based on your exact time frame and needs.

Another important element in this first meeting is to establish the best methods of communication between you and your agent. This should include an exchange of home phone numbers, cell numbesr, email addresses and any other means of staying in touch that you desire.

Now you should be ready to actually go out and look at some homes, the next exciting step in your 1st Time Home Buying Adventure!

The first post in this series, Mortgage Lenders and Loan Pre-Approval here.
The second in this series, Get a Great Agent (pt 1) here.
The third in this series, Get a Great Agent (pt 2) here.
The next article in this series, What does it Cost to Buy My First Home? here.