Touring homes (Procedures Before and During)

When it comes to buying a new home, touring properties is one of the most exciting steps in the process. Whether you're a first-time buyer or looking to upgrade your current lifestyle, understanding what to expect before and during home tours can make a significant difference. Here’s what you need to know to get started, along with some best practices for making the most out of your home tours.

### Buyers: Preparing for Your Home Tours

Before you start visiting homes, it's crucial to have a clear idea of your needs and preferences. This includes setting a budget, identifying must-have features, and considering the lifestyle you envision in your new home. Are you looking for a quiet suburban neighborhood or a bustling urban environment? Do you need multiple bedrooms for a growing family, or are you seeking a cozy space just for yourself?

### What's Needed to Get Started Touring Homes

1. **Pre-Approval for a Mortgage**: Before you even set foot in a potential new home, getting pre-approved for a mortgage is essential. This not only gives you an idea of what you can afford but also shows sellers that you're a serious buyer.

2. **A Real Estate Agent**: Partnering with an experienced real estate agent can make your home search much more efficient. They can provide valuable insights into the market and help schedule tours that fit your criteria.

3. **A List of Priorities**: Create a checklist of features that are non-negotiable versus those that are nice-to-have. This will help you stay focused during tours and make more informed decisions.

4.**Buyer Showing Authozation form**: Starting August 17 2024 as a result of the NAR settlement. Realtors are required to have potential home buyers sign a Buyer showing authoziation form before touring homes (In person and virtual). This form is between the buyers and the brokerage. identifying the agent helping this buyer. It has a start date and a end date. You are able to identify potential homes that the buyer is interested in as well. The form also lets the buyer know that the agent is working as a tranaction broker (neutral 3rd party) and what they do/don't do and along with any showing fees that are being charged. The real estate landscape has changed with this requirement but don't fret. You are not tied to this agent. Think of it as a test run. If you want to proceed with this agent there will be more forms to go over.

### Best Practices During Home Tours

1. **Be Mindful during tours**:With recording devices becoming smaller and more affordable try and not say anything that could put us at a disadvantage if you are wanting to put in offer on said home. Best rule of thumb is to wait until we are outside and away from the home.

2. **Ask Questions**: Don’t hesitate to ask your real estate agent questions about the property’s history, any recent renovations, or potential issues that might need addressing.

3. **Consider Future Needs**: Think long-term when evaluating homes. Will this property still meet your needs in five or ten years? Is there room for growth if your family expands?

4. **Check Out the Neighborhood**: Take some time to explore the surrounding area. Visit local shops, parks, and schools if applicable, to get a feel for the community.

### The Role of a Transaction Broker

In some real estate transactions, especially in states like Colorado and Florida, buyers may encounter transaction brokers rather than traditional buyer's agents or seller's agents. A transaction broker acts as a neutral third party who facilitates the transaction without representing either side exclusively.

This neutrality can be beneficial because it ensures that all parties receive fair treatment without any conflicts of interest. However, it's essential to understand that while transaction brokers can provide valuable assistance with paperwork and negotiations, they won't advocate specifically for your interests as an exclusive agent would.

### Final Thoughts

Touring homes is an integral part of finding the perfect property that matches your lifestyle needs and budget constraints. By preparing adequately before starting your tours and following best practices during them, you'll be well on your way to making an informed decision.

Remember also to consider working with professionals like real estate agents or transaction brokers who can guide you through this complex process efficiently. Happy house hunting!

James McGrew Jr

Real Broker, LLC

316-284-7767

James@MovewithMcGrew.com