Finding the right home
 

You are Already Pre-Approved for a Loan, Now it’s Time to Find Your Home!

 

With very few exceptions, once a realtor enters into a contract with a seller to list a home for sale the information is entered into a database called Multiple Listing Service (MLS). Through the main hub, the realtor is then able to share the listing with as many search engines as he/she wishes.

 

Just about every search engine that enables buyers to look for homes easily online gets their information directly from the MLS.

Some realtors even pay a premium to some search engines for a premium spot on that search engine.

Once a home is under contract for sale the listing realtor is required to update the MLS and subsequently all search engines where the listing was submitted to. This is a fairly simple process. It is not uncommon though for buyers to ask their agent to check for a home they found in some search engine where it still shows as available but the MLS is already reported as a pending sale.

 

Work Closely With Your Agent

 

Your agent will create a customized home search for you based on you needs and wants within your pre-approved price range. It is very important that you establish clearly with your agent the type of home and amenities as well as the area you are looking for so he/she can effectively focus his efforts in finding the right home for you. It is just as important that you keep the same parameters in mind if you decided to do your own online searches (most buyers do nowadays). More than likely your agent’s search will include all homes you find on your own search.

 

Every now and then a home may appear on your search but not on the agent’s. The reason may be either that the home hasn’t been posted to the MLS. This happens when an agent does not enter the listing on the MLS, trying to sell the home on his own to pocket all the commission (called a pocket listing for obvious reasons). The most common reason though is that your search may be outside the boundaries of the search agreed upon with your agent or that the home is already pending but not updated yet on that search engine.

 

Your Agent Might Find a Home Not in the MLS Yet.

 

Agents normally network with other agents and may exchange information about buyers they are currently working within an effort to find your home. If the other agent has a listing coming up that matches your search you may get a first chance to look at it. Your agent may also know of some owners who have considered selling who are not quite ready yet but might consider an offer.

 

What About for Sale by Owner (FSBO)

 

Some sellers try to sell their home by themselves. Their asking price is usually high and above fair market value. Most FSBOs are unsuccessful in selling their home and end up listing it for sale with a realtor, eventually. However, let your agent know if you locate an FSBO you are interested in looking at. More than likely your agent will be able to arrange for a showing.

© 2019 by Lighthouse Real Estate DRE: 01036990     NMLS: 356070

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