House Rules: Top Dos and Don’ts for the Successful Home Buyer

Despite the accumulated inches of snow on the ground, take my word for it spring has officially begun. At least in the world of real estate where house-hunters start touring Open Houses as soon as the Christmas tree is deposited on the sidewalk. So far 2013 has started with bigger bang than most real estate analysts expected and it may not slow down again until early summer.

In order to buy the home of your dreams in this fast-moving real estate market, you need to be as prepared as possible. That said here are what I’m calling “House Rules” for you overeager home buyers, especially those first-time house-hunters in the crowd.

DO get yourselves pre-approved. No excuses here folks. Today’s sellers won’t even glance at your offer if it’s not accompanied by an up-to-date pre-approval letter from a mortgage lender. Getting pre-approved also helps Mr. and Ms. Buyer know exactly what they can comfortably afford.

DON’T get caught up in the “auction fever.” For most of you buying a home will be the largest purchase of your life. If that’s the case then it stands to reason that it would be in your best interest to take it slow. The multiple offers, the crowded Open Houses, the finger-biting stress … all that aside, you need to think carefully about buying this house you hope to call home. And yes I know it’s easier said than done.

DO get yourself a Buyer’s Agent. A licensed real estate agent who acts as your Buyer’s Agent is by definition someone who offers you “undivided loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality and accountability.” Two tried and true methods to find the right agent are 1.) Ask friends and families for a referral; 2.) Check out online client recommendations (e.g., Angie’s List, Trulia.com, Zillow.com)

DON’T see too many homes in the same day. If you plan to view six or more homes in a single day, you will get what I call “Buyer’s Fatigue.” Not only will your memories of the places you’ve seen blend together defeating the whole purpose of your search but you’re sure to grow weary of the whole house search. Keep the day’s search down to no more than six homes and take notes at each one. I recommend using a simple A-F grading system as a quick way to wean out the worst of the lot.

DO write a letter. In many cases these days, the difference between an offer to purchase a home and the winning offer is a simple, sincere letter to the homeowners. Keep it short and sweet and stress how much you can envision living in their lovely home. A few kind words to the sellers can make their review of multiple offers a bit easier for them to choose yours.

DON’T get disenchanted by the process. You won’t always get the first home for which you submit an offer. Don’t let that get you down. There’s always another home out there and, quite often, the house that wasn’t meant to be leads you right to the house that is.

House-hunting should be a stress-free event. It’s a learning experience that can actually be fun at times. So it’s best to just be patient, listen to your Buyer’s Agent’s advice and wear comfortable shoes.