Important Buyer Information    

The current Metro Atlanta real estate market has no resemblance to that of the mid ’00 timeframe. In short, the overcorrection of federal management in every aspect of the real estate industry has turned many transactions into a combative, exhaustive process. Nothing is easy and now more than ever, experience matters. This could not have been better demonstrated over the last several years and it continues with the current market.

The single, most important thing that a serious buyer client must do is to select an agent to represent them. Three to five agents should be selected for review. Failure to properly execute this first step will result in issues throughout the buying process. As many current sellers can attest to, this can also result in financial ruin. The easiest and most effective way to find productive agents is actually very simple and often requires just one request:

Please show me your total personal production volume for the last two to three years. CLICK HERE for Hank's

If that cannot be provided in minutes (it’s readily available in seconds to any agent via the MLS) then ask why. Smart clients will be certain to have a perspective agent not clutter the report with company or “team” numbers – be absolutely clear that the report is for the agent being interviewed. Recommendations and friends in the business are great, as long as they are actually experienced and productive in the current market. Of course verify everything else, but the focus should be on production in this market.

Preparation and knowledge are the keys to success in this environment. Buyer clients most likely to take advantage of this market will: 

  • Find and align themselves with full time professionals with a track record of success every step of the way.
  • Understand the roles and responsibilities of the parties in the transaction. Listing agents – including new construction agents – are legally bound to represent the seller’s best interest, not the buyer’s. REO and bank owned homes often require several levels of approval. Short sales require an extensive amount of work by the seller before becoming slightly viable. Not fully understanding the process puts buyer clients at a major disadvantage.
  • Have a definition of “success”; they know what they want and know when they find it. Every submarket is different, not all will have homes 30% off; none will have homes for pennies on the dollar. Short sales are not short, banks are not begging for buyers. Clients must have reasonable expectations for the area in which they are interested.
  • Have financing arrangements in place. The loan process can be exhaustingly lengthy and cumbersome, prior preparation is essential.
  • Understand the process. Clients must understand that purchasing a home in this market is not likely to be seamless, there will be issues. The successful client has confidence in both the home they are buying and the agent representing them – and that comes from thorough research and education BEFORE starting out.
  • Be flexible. Now that the government has imbedded itself in just about every aspect of the home buying process, there will be unexpected starts and stops.
  • Execute the deal when the home that meets the definition of success is found. 

The potential downsides remain as this economy and real estate are far from on stable ground. Well prepared and educated buyers understand that and are wise enough to ensure that they surround themselves with experience and expertise. Failure to do that means missing a great opportunity or worse… 

Experience matters.