Step 3: Viewing Homes

So now the fun begins…..You want to see some houses right? It will help to determine a list of criteria and rank them in order of importance. Items to consider are price range, area, bedrooms, baths, amenities, etc…). You will want to share your list of criteria with your Realtor so they can have a good understanding of what homes to look for. You will then be set up on the MLS (multiple listing service) search to receive notifications of any new homes for sale. This is the fastest and most reliable way to view any new listings as they hit the market.

What is the MLS? A multiple listing service (MLS) is a service used by a group of real estate brokers. They band together to create an MLS that allows each of them to see one another’s listings of properties for sale. Under this arrangement, both the listing and selling broker benefit by consolidating and sharing information, and by sharing commissions.

We also recommend and encourage the buyer to monitor sites like Realtor.com, Trulia, Zillow, etc… and then send the home info to your Realtor via email or text with any that you may be interested in.

How long does it take to get showings scheduled? Typically 24-48 hour notice is required to set up showings on an occupied home (to allow the owner proper notice to prep). At times, vacant homes can be viewed the same day if the agent’s and buyer’s schedule allows.

When you are walking through homes it is important to keep some items in mind:

  • Condition of the house (Age of roof, mechanicals, windows and foundation)
  • Review the Residential Property Disclosure Form (required by the state of Ohio to be filled out by the sellers to disclose any known defects with the home)
  • Neighborhood and location
  • Functionality of layout
  • School system (if applicable)

Once you have found the right house for you, the next step is to write an offer!

Step 2: Selecting a Real Estate Professional

Finding a real estate agent should begin around the same time you are looking to get pre-approved. It is important to have proper representation throughout the home buying process. Your agent will be known as the ‘Buyer’s Agent’ in the transaction. They are obligated to have your best interest throughout the transaction and will work on your behalf. 

What does a buyer’s agent do for me?

  • Learns and understands what you are looking for in a home 
  • Schedules and coordinates showings
  • Writes, submits, and negotiates offers on your behalf 
  • Provides market knowledge and educates you throughout the entire home buying process

You can search for your agent by asking your friends, family or colleagues for referrals or visiting local open houses. Also, a simple google search for reviews would do. It is important to work with someone that you can trust. It is a good idea to speak with a few agents before deciding who to work with. You want your buyer’s agent to have knowledge of the industry, experience, proper communication, and have a good rapport working together. Real estate can often be a time-sensitive industry and it is important to have a responsive agent working on your behalf. You want to make sure your real estate agent is working under a real estate brokerage, has access to the MLS, and is a designated Realtor.

Do I have to pay my buyer’s agent? No! The buyer’s agent commission will be paid by the seller at closing. Typically the only charge is an administration fee that is to be paid to the brokerage. This can range from $200-$400 depending on the brokerage ($250 for JAMM Real Estate Company).

Once you have selected your agent, you are now able to move to the next step of touring homes!

New Investment Property Information Guide