S2 Ep31 - Purchasing Real Estate from the Buyer's Perspective - a podcast by Brian Cook And Kindra Cox

On Season 2 Episode 31 of The Brian & Kindra Show, they are joined by Mike Gossett of On Point Land Survey to talk about his recent home purchase experience from the buyer’s perspective.

The first piece of advice that Mike has for home buyers is to get a preapproval! You hear real estate agents say this all of the time, but often buyers wait until they have an accepted offer to go talk to the bank. Mike waited until he had a contract to go to the bank, and he said it caused him lots of stress waiting for the approval because he knew other buyers were waiting for his contract to fall through to scoop up the property. Having a pre-approval also gives the seller more confidence in your offer. When competing with another offer, a pre-approval gives you a stronger position. 

Next, Brian, Kindra, and Mike discuss that there are two types of buyers: buyers that can wait to find a home that suits them really well and buyers who need to move very quickly. If you have the luxury of having a place to live while you shop, Mike’s advice is to be very patient. Make sure you don’t get in a hurry because you are excited, but wait to find the right home. However, if you are in a hurry, sometimes you simply have to buy the house that you hate the least. Regardless of which type of buyer you are, try to look at multiple properties, save as much money as you can for the down payment and expenses, and don’t judge a book by its cover - sometimes a photograph just can’t do a home justice! 

Finally, they discuss the idea of value. To an appraiser and a bank, value is a number on paper, and that value is the appraiser's opinion on the day they performed the appraisal. Unfortunately, appraisers can’t give value to emotion or personal preference, but these things can make a home much more valuable to a buyer. When talking about these large purchases, many people fixate on price or “getting a good deal.” While, of course, you want a good deal, don’t let the good deal get you into a home that doesn’t really suit you. It’s okay to pay top dollar for a home that is perfect for you if you plan to live there for a long time! In some instances, such as super-hot markets like OKC, buyers are even willing to pay over the appraised value to gain the home that they really want. In the end, the value of the home is what the buyer is willing to pay for it! 

To listen to the full episode of The Brian & Kindra Show, search for them on your favorite podcast service or check out the video on YouTube by searching “The Brian and Kindra Show”. 

Brian and Kindra hope this information has been helpful to you. As always, if you have any questions or need help, please feel free to reach out to your local real estate professional.

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