It’s never too early to start looking at homes on-line. You can search homes on Zillow, Trulia, or Tiger Prop. Many real estate websites claim to have accurate information, but only update their site every few days. What is more disappointing than finding a home you love online only to find out that it is already pending or sold? Tiger Prop’s search function is one of the most advanced and up to date searches out there! We have a direct feed from the Intermountain MLS that allows you to view all the available properties that Real Estate professionals have access to. We offer the ability to create your own profile and save your favorites or request more information or showings with just the click of a button. We won’t sell your information and we won’t hound you and we will save you thousands of dollars.
Get pre-qualified with a lender
There are thousands of loans in existence and a good lender should be able to guide you into the loan program that suits your needs the best. It’s important for you to find a lender who is competent and ethical. We suggest people who take an educational approach not a sales approach. There are an abundance of loans ranging from Conventional , FHA, VA, Idaho Housing, Homepath and a plethora of other options. Once you get pre-qualifed your lender will be able to tell you what your maximum budget is. Ask the lender questions and make sure you understand the process and their fees.
Speak with a real estate agent
Even if you can get a loan for $200,000 you may decide that $150,000 is your maximum budget. If you speak to a real estate agent who tries to pressure you into a higher price then run away from that agent. Ask your real estate agent questions about the real estate process. Educate yourself, and make sure you select an agent that you trust. It is better to have a real estate agent who is a teacher than a salesman. They will be your advocate during this process and you want to be confident that they will have your best interests at heart. Your agent can be a valuable source for you. They can provide you with homes to look at, they will set up appointments to look at homes, they will open up lockboxes and get you inside, they can run comparable sales for you, they can recommend contractors, and they can be an invaluable resource for you.
Write an offer
When you have found the perfect house then your agent will help you draft an offer catered toward your needs. They will explain the entire offer and process to you. They will have you sign the necessary paperwork (offer, property disclosure, lead paint if applicable….) and collect your earnest money. Your agent will present your offer to the listing agent and negotiate on your behalf. Perhaps you guys counter offer back and forth a couple times, and then finally you come to a meeting of the minds. You have a deal!!!! Whoohoo!
Your real estate agent will set up a home inspection for the home. You should go, so that you can find out all of the problems with the home. Don’t be an ostrich. If you don’t know a good home inspector then your agent can make some recommendations. A good home inspector will go in the crawl space, in the attic, on the roof, they should check the plumbing, the electrical, the HVAC, the framing, the foundation and a thousand other items. They should find problems. After the inspection you will decide whether you want to cancel the contract, buy the house as-is, or ask the seller to make certain repairs (ie. Fix some leaky plumbing) in exchange for removal of the home inspection.
After the inspection has been negotiated your lender will order an appraisal (if you are getting a loan). If the appraisal comes in below the sales price you can back out or ask the seller to drop the price. If it comes in at or above the sales price, then the transaction moves forward.
The escrow officer will prepare all of necessary documents and make pro-rations as of the day of closing (property taxes, HOA fees, sewer trash…). Your agent will check the closing statements and ensure that they are accurate. You will want to verify that the purchase price is correct, you are being credited for your earnest money, and if you are buying with Tiger Prop that the selling agent credit (the gift from Tiger Prop to you) shows up on the closing statements. The escrow officer will explain everything to you and you will sign your life away.
Funding and Recording
Your lender will transfer the funds to the seller, pay off any seller liens, and record the property into your name. Your real estate agent will call you once this has happened and congratulate you while coordinating delivery of the keys. You are now a homeowner and you can paint tiger stripes on the walls.
Since you were smart and purchased your home through Tiger Prop instead of your cousin at that big national franchise, you were credited 20% of the brokerage fee paid to Tiger Prop at closing. If you bought a $500,000 house that paid a 3% brokerage fee, then Tiger Prop gave you $3000.00 instead of giving you a fruit basket. Now you can afford to go to Hawaii and give your Tiger Prop agent a fruit basket.
- Make recommendations on inspectors, lenders, plumbers, electricians, framers, attorneys, handymen, painters, movers, accountants, and a plethora of other contractors.
- Set you up on an automatic email notification where new listings and price changes are emailed to you daily or weekly. This service can allow you to stay one step of the market so that you can be the first to snag those good deals.
- Show you any homes which are listed on MLS.
- Run a comparable market analysis for you. They will pull up similar properties which are actively for sale, pending, and which have sold recently. Your agent will make necessary adjustments to give you an idea of what the home you want to buy is worth.
- Be a valuable source on educating you on the buying process. If there is something that your agent doesn’t know, he or she can connect to other tigers who can offer assistance or other experts such as attorneys and CPA’s.
- Draft the offer for you when you find a home on which you want to make an offer. We will also provide you with seller property disclosure forms and other documents such as lead paint disclosures if applicable.
- Provide all the contracts and necessary documentation to your lender, title, and the listing agent once you have accepted an offer.
- Help you coordinate a home inspection and then help you draft an inspection contingency release or cancellation of the contract if you aren’t happy with the inspection.
- Coordinate a time for you to sign at title.
- Review the closing statements and check for accuracy.
- Give you 20% of the selling side brokerage fee at the close of escrow. On a $500,000 house that pays a 3% brokerage fee, your Tiger Prop agent will give you $3000.
- Call you once the property has funded and recorded and coordinate getting you the keys.
- Save you thousands.
When you buy a home you don’t have to pay a brokerage fee. Most brokerages will tell you that their buyer services are free. This is technically true. They will sell you a house, collect the entire brokerage fee offered by the seller, and hopefully give you a nice closing gift such as a fruit basket. It has become a custom for sellers to offer compensation to the agency the buyer’s agent through MLS. In other words the seller pays for both the listing agent and buyer’s agent. As a buyer, it is important to remember that just because you are not paying for it, doesn’t mean that you shouldn’t be aware of it.
Tiger Prop has a very different business model. We collect the entire brokerage fee offered through MLS, and give 20% of the total brokerage fee back to our buyers at the close of escrow through a credit or a rebate. The credit is our gift to our buyers and we do not give them a fruit basket. Tiger Prop is sorry.
Assume that you buy a $500,000 house and this house offers a 3% brokerage fee to the agency who procures a buyer through MLS. If you chose a Tiger Prop agent to represent you as your buyer’s agent, then Tiger Prop will give you $3000 at closing instead of a fruit basket. The total credit is dependent upon how much compensation is offered through MLS. On a $250,000 house that pays a 3% brokerage fee Tiger Prop will give you $1500 at the close of escrow. If you really like fruit, you can take your $3000 to Albertsons and buy an enormous amount of fruit. Trust us, you can an immense amount of fruit for $3000. Alternatively, you can spend your $3000 on whatever you want, such as a trip to Hawaii and a nice fruit basket for your Tiger Prop agent who saved you all that money. The bottom line is that the tiger takes less money, so that you can have more money in your pocket. Don’t worry about the tiger, we are at the top of the food chain, we prey upon 6% brokerages and we will always thrive. Make sure that you tell all of your friends and family how much money you saved using Tiger Prop. We are happy to save them money as well. We are Tiger Prop and we will save you thousands.