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Benjamin Franklin Inspires Buyers to Succeed

Written by Posted On Monday, 24 November 2014 19:48

Everyone is in a hurry these days and real estate buyers are no exception. In their haste to get the deal done, they can undermine the success of their significant purchase and their long-term goals.

Benjamin Franklin's observation that "Haste makes waste" serves as an excellent summary for the tendency of many buyers to act too quickly and, therefore, not gain all the benefits available to them.

Haste to read listings and view properties can mean many buyers leap into the buying process before they are sure of what they want and need, and before they are aware of all their financial and real estate options;

Haste to squeeze a real estate purchase into already jam-packed schedules and smartphone-driven communication overload can add pressure that results in hastily-made, misguided and hard-to-live with decisions;

Haste to act in high-pressure and multiple-offer situations may lead buyers to jump at a property without a clear picture of what they are buying and what compromises they are making.

Slowing down the buying process once it gets started can be a challenge since real estate is all about acting on urgency. Once you view an acceptable property the question becomes, "Are you ready to make an offer or will you risk losing out?"

The key to success lies in developing "smarts" before you jump into the sales funnel and face the pressure of making an offer. Start by taking time to learn how to act in your own best interest beforeyou dig through listings, view properties, and make a choice then you'll benefit on many levels.

Rush into the home buying process—whether you are intent on a condominium, a vacation property, or a detached home - and your lack of preparation can make you vulnerable to THREE COMMON BUYER MISTAKES that arise from acting in haste and regretting in hindsight:

#1. Again Franklin hits the 21st-Century point on the head with his statement: "By failing to prepare, you are preparing to fail."

Work with your chosen real estate professional to familiarize yourself - and everybody who is part of your buying team - with the entire buying process, from start to finish, before you plunge in:

What are your "essentials" when analyzing your needs and wants?

How will the real estate professional match these parameters with potential neighborhoods, building styles, amenities, price range, time frames etc.?

What is involved in being pre-approved for financing and what are the benefits?

How do you view a prospective property to uncover its full value and potential, and to avoid being distracted by staging or by a property that shows poorly?

What is "an offer" and what does it legally commit you to and protect you from?

What strategies can compensate for typical "unexpected problems" like multiple offers, bad home inspection reports, last-minute financing issues etc.?

What happens between the day your offer to purchase has been accepted until the day you move into your new home?

What recourse will you have if problems pop up after you've settled into your house or condominium unit?

Once you understand what will happen, what rights you have, and how your real estate professional can head off and resolve problems that arise, you're ready. This knowledge will take some of the pressure off and provide self-preservation perspectives for the many decisions ahead.

#2. "We are all born ignorant, but one must work hard to remain stupid," says Franklin and explains why knowing who is working in your best interest is essential to success. How the real estate industry works for buyers can be confusing.

Sellers have a listing salesperson and listing brokerage committed to placing their interests—financial, legal, and otherwise—first, ahead of everything including real estate commission.

Buyers have to ask questions to find out which, if any, real estate professionals are legally bound to place the buyer's interests first. The buyer agent relationship is equivalent to a seller's listing agreement, but this does

not happen automatically for buyers.

Be smart. Clarify, in writing, who will negotiate for you at every step along the buying process before you start.

#3. "He that can have patience can have what he will" said Franklin, long before smartphones and apps were even dreamt of, but he hit the mark when it comes to getting the right accurate information before you act.

Click on one of the growing number of real estate apps and you instantly have data at your fingertips. With information, faster is not necessarily better:

Often apps and online sources condense or generalize when a buyer really needs specific details relevant to the specific property, market, and offer they are dealing with.

Data can be incomplete or inaccurate, but the average buyer will may not be aware of these deficiencies until it is too late.

Significant issues like property condition, problems regarding abutting properties, liens or work orders, and unregistered changes are just a few details which may be lacking in digital offerings.

Take the time to listen to the local, experienced real estate professionals who work for you since they can provide relevant details for the properties they sell. What they don't know, they know how to discover. More important, they can explain how these details can affect a buyer's enjoyment or use of the specific real estate that has caught their attention.

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PJ Wade

Futurist and Achievement Strategist PJ WADE is “The Catalyst”—intent on Challenging The Best to Become Even Better. A dynamic speaker and author of 8 books and more than 1800 published articles, PJ concentrates on the knowledge, insight, communication prowess, and special decision-making skills essential for professionals and their clients who are determined to thrive in the 21st-Century vortex of change.

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