Quote:
Originally Posted by honest
Real estate agents who try to ignore technology and the internet are sure to suffer as a new generation of younger more tech savvy agents move into the industry. Why would you list your house with an older agent who does not even know how to switch on a computer or keep a database of buyers and runs and email list? Real estate sales methods are changing with as many as 80% of inquiries starting via the internet, agents will need to learn how to "work" with the technology in order to prosper. Technology provides the means to much greater volumes of communication and buyer recall, agents need to master this in order to reach the top of their industry, modern agents have the means at their disposal to reach much greater levels of sales than ever before. On the flip side agents who want to flounder around with "old school" methods may find it much harder to get listings as mainstream internet users start to demand a strong online presence as a default requirement when choosing a real estate agent.
Some people even like to argue that the internet may one day replace the agent as we know them today - I see the agents role may constantly change as new methods and new generations of buyers come through - commission rates may drop as internet sites offer great exposure free of charge. An agents role as a marketer may evolve more towards that of a negotiator, it's not just the agents who are changing it is in fact the people who are buying who will force the change
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Buying your first property
So you've decided you've had enough of renting and want to make the big move by owning your own home. Your mortgage is approved, you’ve scoured your desired area and found that perfect little home, but now it's time to get serious.
Follow these steps to buying your first property:
Make an offer
Before putting in an offer, try to glean as much information from the estate agent as possible. Ask how long it’s been on the market and if the seller wants a quick sale. Initially offer below the asking price and be prepared to have this offer rejected. This is the beginning of negotiations. But remember, stick to your budget.hand-shake2.jpg
Once your offer has been accepted
Ask the estate agent to take the property off the market and then instruct a solicitor. Ask for a few quotes and follow up personal recommendations. It is best to agree a one-off fee with your solicitor, otherwise you could face a lot of extra charges. Your solicitor will take over the legal issues and make sure that all the vital checks, including those listed below, are carried out.
Land Registry search
This confirms whether the seller has the right to sell the property and whether there are any outstanding rights over the property (ie, a loan secured against it). The solicitor will then register the transfer of ownership into your name.
Local authority search
This checks that there are no local plans that may affect the value of the home (main roads or superstores being built, for example).
Survey
There are three main types. The first is a valuation survey, required by your lender to check that the value of the property covers its loan. It is a good idea, however, to get your own survey done. You can either pay for a home buyer’s report, or a full structural survey, which is more expensive.
contract.jpgExchanging contracts
Once you and your solicitor are happy with all checks and queries and have agreed the draft contract (which can take some time), it is time to exchange. You will sign the contract and pay the deposit. If you pull out now, you will lose your deposit. Once contracts are exchanged, a date for completion of the purchase can be agreed. Remember to book the removal company.
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