Home-Buying Rules You Need to Know When You’re Buying a Home for Sale in Scottsdale
Get your own real estate agent
Don’t make an offer without preapproval from a lender
Don’t skip out on home showing appointments
#1. Get your own Realtor.
Here’s how it works. The listing agent – the real estate agent whose name appears under the house you love – is working for the seller. His or her primary duty is to the seller, which means that the agent has to serve the seller’s best interests. You’re the buyer, though, and that agent’s duty will always be to the seller first.
You need your own agent who represents you (and only you) in the transaction. Your own agent will look out for your best interests while the seller’s agent will look out for the seller’s best interests.
#2. Don’t make an offer without preapproval from a lender.
Don’t make an offer without having a preapproval letter from your lender. That’s because the seller is taking the house off the market because he or she believes you will buy it – but what if funding never materializes because you can’t get loan approval? You’ll cause the seller to take the house off the market and potentially miss out on a sale from another buyer who has the funding to buy it.
That’s one reason that sellers reject offers, too, so you could be wasting your time. The seller wants to sell, but if you’re not preapproved, there’s no guarantee that you’ll even be able to get the financing to buy the home.