Buying a home can be both exciting and stressful. As a home buyer, you have a ton of things to worry about from getting your offer accepted to closing. Especially, in this seller’s market in Portland, buyers have a hard time competing with other offers. I’ve worked with lots of home buyers in the Portland metro area and it is my joy to help them not only find their perfect home but with all the stressful details and negotiating in the process of actually getting it. There is so much more to being a good real estate buyer’s agent than showing homes and writing offers. You can truly have a winning experience with a competent real estate buyer’s agent representing you through the process. Better yet, hire an agent with attorney background like myself.
Understand the true value of a home
One of the most important aspects of my buyer’s agent service is educating my clients on what the true value of a home really is. When a home hits the market, often it could be either over or below the market value and understanding what the true value of the home is gives a buyer more leverage. In a competitive market like this, it also helps you draw the line so you know when to walk away and how much to bid. Knowing the true value, you will be happier knowing you didn’t overpay for a home. When you work with me to buy a home in the Portland area, I will show you what the true value of a home is before you submit an offer.
Maximize the buyer’s leverage with skilled negotiation
Whether the market is a seller’s market or buyer’s market, when I represent a buyer, I truly understand my buyer client’s leverage against the seller of a certain home and try to get the best price accepted for the buyer client. A buyer’s leverage, also known as purchasing power can change depending on which home you are putting an offer in and in what type of market. We have seen a competitive seller’s market in the Portland area since 2015 to 2017. In that market, mere purchasing power alone did not do much in competitive bidding situations. Homes priced reasonably went over the asking very quickly. It is the agent’s job to identify the seller’s current options when writing your client’s offer. In a competitive bidding situation, it is important to understand the true value of the home and set a reasonable limit. Within the limit, skillful tactics such as a well-written escalation clause can sometimes win the bid. Read more below on how to win an offer in seller’s market.
If the home has been sitting on the market for a while, that means there is definitely room for negotiation even in a seller’s market. I help maximize the negotiation room on behalf of my client. Negotiation is beyond numbers and data but it’s psychology. In a buyer’s market, a buyer has a lot more options and sellers tend to have more fear. It’s important to understand and test that theory.
As a homeowner myself, I have done a lot of work fixing up my own house. Although I am not an inspector nor an expert, I can point out some obvious defects in older homes. This will be helpful especially for first-time home buyers. Most homes in Portland are older and there are certain things to look for to make sure the house does not have obvious issues that will be costly to fix. They include things like slanting floors, water damage, cosmetic issues, cracks on walls, and more. I can also provide insight on how to renovate a home to increase its value.
Getting your offer accepted in a competitive situation
Competition is sometimes unavoidable for a good home priced reasonably in that market. Most buyers do not want to get involved in a bidding war but competing can be worth it. I help my buyer clients in this situation to stay calm and come up with the best strategy without being swept up by pressure. With multiple offers already submitted by others, bidders feel insecure and put in offers to beat others. Even though the price is the most important factor in most cases, some sellers also consider other terms to be important. It is the agent’s job to find out what those are. Read my article on how to win a home bidding war in Portland.
I am a competent realtor fighting for the absolute best chance for my clients and I will prepare an offer that will stand out among other offers. I always discuss with my buyer clients and come up with the best strategy in getting their offer accepted. I find out what’s important to sellers besides the price and take them into a consideration when writing a competitive offer. An emotional touch on a cover letter can also go a long way. I communicate with listing agents to get a feel for what the best offer should look like.
Hire a former attorney on your side to represent you
In a real estate transaction, it is very important to have a competent professional representing you for due diligence, and negotiation. Clients need someone who can guide them through the transaction and educate them on what legal consequences of the process are. Moreover, performing due diligence within deadlines is critical so you don’t end up waiving important rights as a buyer and the contract is carried out properly all the way to closing until receiving the key to your new house. Due diligence is about details and diligent coordination to investigate facts within the deadline to protect yourself as a buyer from foreseeable consequences that can be adverse to your interest. Many real estate agents can talk the talk but when it comes to details, they often have difficult times. I excel in details and negotiation with my former attorney background. I also understand real estate law and contract law to empower me through the negotiation process. I am a licensed attorney in Oregon although I don’t practice law anymore. As a full-time realtor, I offer my legal experience in every transaction for my clients. Most people find this helpful as this is an extra layer of service I can provide for my clients.
It is also important that a buyer’s agent is available for clients for showing properties without putting pressure into buying a home. Clients are ready when they are ready and my job is simply helping them get there when they are ready. I put my client’s best interest first. However, when they are ready, I make sure my clients are ready for the action starting with a mortgage pre-approval. I work restlessly to make sure we put our best foot forward under an extreme time pressure.
Not familiar with the home buying process? Read the full Home Buying Process Outline here.
Cost to hire a buyer’s agent
After all, it doesn’t cost buyers anything to hire a buyer’s agent. Our commission is already offered by the seller to be split with the listing agent. If you don’t hire a buyer’s agent, the 100% of the commission will be kept by the seller’s agent while you will receive a dual representation as a buyer from the agent that originally represents the seller. Do you think you can receive a fair representation as a buyer? Think again if you believe you can save money by not hiring a buyer’s agent. You don’t get that commission back as a buyer because listing agreements obligate sellers to pay out full agreed commission whether it’s split or not.
|Buyer’s Agent Scope and Summary of Services||Why Hire Peter Park?|
|– Introduction & Understanding your needs
– Mortgage Pre-approval
– Sending you MLS listings
– Acquiring more information on homes
– Property Showings
– Escrow Deposit
– Inspection Due diligence
– Preliminary Title Report Review
– Inspection Negotiation
– Lender Related Follow-Ups
– Modifications if any through Addenda
|– Diligent and prompt communication
– Former practicing attorney
– Knowledgeable in contract law & property law
– Protect your rights as a home buyer
– Expertise in real estate transaction
– Does not wait till tomorrow
– Great negotiation skills
– Free service to home buyers
Send me a message below if you want to talk about selling or buying a home. Or simply text me at (503) 686-0138.