It's a Patriots free weekend : Central MA Real Estate Guide

It's a Patriots free weekend

Date: Jan. 25, 2008
Tags: House Hunting, Buyers Representative, Low Mortgage Rates, Real Estate, Houses

This is a football free weekend......leaving Patriots' fans all over the nation sitting on pins and needles. The anticipation will leave many anxious and at loose ends.

One way to quell that nervousness is by getting out to look at houses. If you are even THINKING about the prospect of buying a home, whether it be as an investor or a primary residence, the drop in interest rates and prices makes this a prime time to be shopping. There has been an increase in properties going under contract in the past month. Many of those are seeing multiple offers.

There are a few things you must do before getting out "in the market" to be prepared.

First and foremost, meet with a lender you know and trust and get pre-approved. If you are considering putting an offer on a property (and you never know when you "know" you are in the "right" house), a pre-approval is essential to accompany the offer. In today's market, most agents or sellers won't even consider an offer that does not have a pre-approval to review at the same time. If you are in a multiple offer situation, this can make the difference between having your offer considered with the others, or not.
Secondly, find a Realtor® who will represent your best interests. If you are reading this thinking, "I don't know any Realtors®", the best place to start is by talking to anyone you know who owns a house. Ask about their experience with the Realtor®, and get referrals. When you speak to the agent, find out if the agent is either an Accredited Buyer's Representative (ABR®) or Certified Buyer's Representative (CBR®). Agents with either of these designations have taken courses and have been trained extensively in buyer representation to earn these designations. A good buyer's agent will conduct an initial consultation with you to find out more about you, your expectations and what you are looking for, as well as spend time with you explaining the process of buying a home. You wouldn't expect a doctor to perform surgery without first spending time with you to find out what's wrong, correct? Be wary of the agent who is willing to put you in the car to view houses as soon as they hang up the phone with you and before this important first step has been completed. Furthermore, remember...the seller is being represented by their agent. It is vitally important that you have your own representation.
It's also helpful to find out if the agent you are meeting with is an ACRE (Accredited Consultant in Real Estate). This is a relatively new designation and so there are not many out there. Again, agents with this designation have spent time in extensive training to work as a consultant with their clients. Just as you would have a lawyer advise you on legal issues, and a CPA work as a tax consultant, a real estate consultant is truly working in your best interest. You can find out more about this topic on my website at and click on the ACRE icon on the top right.