Finding a home is more than just a real estate transaction. It’s about discovering the perfect place where you’ll make memories, raise a family, or simply unwind after a long day. If you’re considering purchasing a home, this post will provide you with the necessary resources and tips to make your home finding journey as seamless as possible.
First, let’s examine the different types of purchases you can make. This is important because it can affect where we locate properties and how we finance a purchase.
The four basic types:
Traditional or “Coming Soon”: A sale from a seller/owner to a buyer/purchaser. Typically sourced directly from the MLS, these are considered the safest type of purchase.
Foreclosure or REO: A sale (like above) but the seller can be a government agency (think HUD), a corporation (like a bank) or other legal entity. These have an increased risk compared to a traditional sale but usually offer an attractive price point. Generally the sellers of these properties have no direct knowledge of the property and are likely to “disclosure” less information.
Auction or Sheriff Sales: These are the riskiest purchases because of the lack of available information. Often these are cash only, typically do not guarantee the home is uninhabited and many times interior viewings are unavailable. Buyer due diligence required.
For Sale By Owner (FSBO): A direct transaction from a seller/owner to a buyer/purchaser. Typically the owner has chosen to not use a licensed brokerage. Generally these considered safe purchases but with no licensed brokerage on the selling side you will want to verify all disclosed information for accuracy.
Let’s continue…
Now that we have a basic understanding of “what” we can purchase we need to know “where” we can search. Here are four great options:
Online Real Estate Portals
Online real estate portals have revolutionized the way we search for homes. Websites like Zillow, Trulia, Realtor.com, and brokerages sites (think Keller Williams, REMAX, Compass, etc…) provide comprehensive listings of homes for sale in. You can customize your search based on your preferred price range, number of bedrooms, location, school district and more. Remember, photos can be deceiving, so always schedule a visit before making a decision. Keep in mind, video (like FaceTime) or virtual tours should be available in most areas.
Local Real Estate Agents & Brokers
Local real estate agents are indispensable when it comes to understanding the nuances of a local housing market. They can provide insights that are not readily available online (like property disclosures), but the real superpower is an agents relationships with other agents. The ability for two agents to discuss a property can always improve your understanding of the situation adn what it might take to make a deal happen. They will also have complete access to every house listed for sale in the Multiple Listing Service (MLS) and homes that are “Coming Soon” or in the Private Listing Network (a sub-group of the MLS).
Community Resources & Word-of-Mouth
Don’t overlook the value of local community resources. Websites like Nextdoor and Patch.com are great places to get a sense of a community and may have listings for homes for sale by owner. Also, consider attending local open houses or community events to get a feel for the neighborhood and potentially discover homes that are not yet listed online. And, of course, we can’t forget to mention social sites like Facebook, Instagram and YouTube. Social sites can be a great way to ask questions, take video tours and research any aspect of a community.
Off MLS Sources - The Fixer Upper
If you are considering a fixer upper you can always check off-MLS sources but “buyer beware”. Foreclosures, auction sites, and sheriff sales all come with an attractive price point but often can have significant repairs needed and will almost always need updating and remodeling. Make sure you have a strong team supporting you (agent, attorney, inspector and lender) and make sure you have a clear understanding of what you are buying. Many times these can require special financing so make sure you review with your lender.
Conclusion
Purchasing a home is an exciting journey that should be fun, educational and rewarding. By utilizing online real estate portals, working with a local real estate agent, and tapping into community resources, you can streamline your search and find a home that perfectly suits your needs and lifestyle. Remember, buying a home is a significant decision, so take your time, visit various properties, and consult with experts before making your final choice.
Happy finding.
Text “home” to (224)544-9080 for immediate Real Estate assistance.