Can You Switch Real Estate Agents During The Offer Process?
Congratulations! You’ve found your dream home. Nothing could be more exciting than that! You’ve made an offer, but…you and your agent are not really hitting it off. There’s another agent that someone introduced to you or you’ve been talking to that you’d like to work with instead. Is that even possible? An article by realtor.com recently answered this question and the answer is not that simple. Aside from making things awkward between you and your agent, there are a lot of questions to ask to safely say if you can switch or not. Question 1: What are the things the agent has done during the home search process? If the agent has taken you out and shown you several homes, but there’s only a verbal agreement between you and them, you’re not obligated to work with them. That stands true even if you’d like to make an offer in one of those homes they've shown. If you’re not satisfied with your agent’s service or your working relationship, you can choose another agent to make an offer for you. Question 2: Was a contract signed between you and your agent? Now a contract is binding and definitive. If you’ve already signed a contract, specifically a buyer’s agency agreement, that means that you are agreeing to work with an agent for a certain period of time. If by chance that you found a home during that timeframe and would like to make an offer, the agent should be given a commission and you would not be able to switch agents. Question 3: Was an offer submitted through the agent? If the offer is submitted, it’s almost considered a done deal. It’s considered a procuring cause of the transaction. Once the offer is accepted, the agent is entitled to receive the commission agreed upon. At this stage, it will be very difficult, if not impossible, to change agents. What to do? Before starting your home search, do not just choose any agent just so you can get started. Do your own research, ask your family and friends for recommendations, and even read reviews about agents in your local area. In this way, you’ll never have to worry about switching agents at whatever stage you are in the homebuying or even the home selling process. Our team has been working with families for almost 2 decades and has received 320+ 5-star Zillow reviews! If you’re looking around the Bay Area, we’d love to work with you! Call us at 925-415-0835! SOURCE
5 Mortgage Tips for Single Parent Homebuyers
Buying a home is already challenging in itself and if you're a single parent, there might be some hurdles that you will face while looking for the perfect home for you and your kids. And even though it's difficult, it doesn't mean that it is impossible. Read on to know these 5 practical tips (and a BONUS!) to achieve your dream home. 1. Include alimony and child benefit payments This is the single parent's leverage against lenders: his or her benefits. You have to remember that you have to prove that you are able to pay. Make sure that all your benefits are taken into account. 2. Pay a significant down payment Since it's going to be hard to get a good mortgage rate, paying a huge amount as a down payment will both help you get a great lender and a better rate. Consider this as you start saving for your downpayment. Better begin with a huge start so it's going to be easier to pay the monthly dues. Aside from that, prioritize having a great credit score since it's a great indicator for the lender that you are a good payer. 3. Consider specialty loans or down payment assistance There are loans given specifically for single parents that feature low-interest rates. That are also special offers for teachers, firefighters, ETC. There are a lot of opportunities out there to lend you a helping hand. Make sure that you ask your local agent if there are loans that you can avail within the local area. 4. Work with a local lender Great deals might not be that great if they're remotely processed. Sorting out market-specific details can be difficult as compared to working with a lender within the area. If you're new to the neighborhood, ask your realtor for their recommended local lender. Also do your own research and weigh your options before making a commitment with a specific lender. 5. Avoid adjustable rates Get a fixed mortgage rate to avoid any price hike within the coming years. Thoroughly go through your contract with the lender to avoid any penalties. To make sure that you understand all the details of the contract, work with a trusted and competent realtor. BONUS TIP: Avoid applying to different mortgage companies. Every application reduces your credit score and each application might do more harm than good. If you're a single parent or if you know one who is, share this article so it can help them buy their own home! Need a real estate professional in the Bay Area? It's our team's dream to make your real estate dreams a reality. Call us at 925-415-0835!
An Update on the AB 854
Last week, there was a buzz about AB 854 that would make owners have a hard time selling their property should they wish to (read the article here). Earlier this week, the California Association of REALTORS (CAR) has reported that Lee did not receive enough support for the Assembly to vote on the bill. This would mean that there wouldn't likely to have any progress for the rest of the year. CAR gave credit to this victory to the REALTORS in specific Assembly districts who communicated with their elected state officials. If you're a property owner renting out your space, you still would be able to sell your home if you should decide to. Got any questions about selling your home? We're the team to call: 925-415-0835. Here's the market report this January 2022 from Rama herself.
Categories
Recent Posts
