Regardless of the market, speed and efficiency is always important. The process of purchasing a home is a big deal that, especially at crucial times, can be very stressful. Empowering your team early eases the tension and will make your life easier. Additionally, I am going to explain how it can actually save you money and/or help your when in competition with other buyers.
When it comes time to submit your offer to purchase a house, a lot of metaphorical balls get thrown in the air for you to juggle. Financing applications, home inspection, insurance quotes, legal assistance, moving arrangements, additional improvement quotes, etc are just the tip of the iceberg when it comes to successfully purchasing and moving into your new house. Making some calls early and/or allowing your agent to set many of these things in motion prior to starting your search removes the pressure from your shoulders.
Here's an example: You've just purchased a home conditional upon financing, home inspection and insurance for a period of 7 days. Time is of course of the essence and a lot needs to be done to get your financing firmly approved. Without empowering your agent to talk to your mortgage advisor/broker you would need to personally set up a time to meet. If your schedule is as busy as most peoples this may take a day or two, putting the deal in jeopardy. If anything goes wrong or if the lender needs additional paperwork you could be out of luck. On the other hand, if you had empowered both your mortgage advisor/broker and your agent to work together, things would be a lot smoother. First and foremost, you could make sure to have all of your necessary paperwork handed in ahead of time. This will ensure that once the deal is delivered, the application can be sent in. Additionally, if your agent and advisor are able to talk they can speed up the entire process. Your agent can make sure to get the deal into your advisor's hands as soon as it is accepted and can follow up to make sure all of your bases are covered. Moreover, if a problem does arise, your agent whom is more familiar with common problems than you are, and more familiar with you than your advisor is, can work with your adviser to come up with a solution. Believe it or not, a conversation between the two can make the world of difference.
Successfully representing your interests is paramount for us agents. We love nothing more than seeing our clients successfully navigate a multiple offer situation or get a deal together at the right price. If you have never been a seller that has received multiple offers than you may not understand how important the 'extras' are. Things like, closing date, additional clauses, included conditions, etc can often become more important then price when offers are close. Regardless of whether or not you are in a multiple offer situation, being able to improve your offer without adding zeros is a huge benefit. Here's one way that it can be done.
Let's say a seller lists a property on Monday and is holding offers until Friday evening. Your agent, knowing that the property is coming up ahead of time, gets you in on Monday afternoon. You end up loving the house as it satisfies all of your needs and wants. Fantastic right? Well, not entirely because now you need to get it. It's a hot property and the seller knows it. You are either going to be up against other offers or against a seller that will not feel the need to compromise much. One fantastic thing that you can do is remove your home inspection clause from your offer. That said, I would not recommend foregoing the inspection. Rather, I would recommend we take advantage of our head start and get an inspection done before Friday's offer presentation. If you and your agent have already discussed home inspectors and have come to a decision on which one you plan to use, then your agent can remain in contact with him/her throughout the process. As a result, when a situation like this arrises, your agent can set up a home inspection quickly. Remember, us agents work with the local inspectors on a regular basis and can often get an appointment faster than the average person. Having this inspection done before the offer is submitted makes your offer stronger. There are simply fewer hurdles to be jumped over. Thus, making your offer harder to turn down and giving you a leg up on any competing offers.
Always empower your team. Trusting that they have your back and are here to make the entire process easier can make the world of difference.
Thanks for reading.