By The SHERIDAN Team

• Posted in Real Estate
• NOVEMBER 7, 2023
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Facts All Ohio Home Buyers Should Know

Purchasing real estate is an exciting and significant financial decision. Being knowledgeable and prepared can greatly improve your buying experience. Whether you're searching for your first home, a new investment, or your dream property, there are key steps and facts that can help you along the way.

At SHERIDANS, we are committed to assisting you throughout this process. With over five decades of experience, we take pride in offering unparalleled service to ensure your home-buying journey is seamless and rewarding. Below are details and recommendations to guide you as you navigate purchasing real estate in Ohio.

Working with SHERIDANS

1. Protecting Your Interests

Choosing a SHERIDANS Buyer’s Agent means partnering with a professional committed to your success. As your Buyer’s Agent, we:

• Follow your lawful instructions.
• Promote your best interests.
• Maintain confidentiality.
• Disclose material facts about each property.
• Provide skilled negotiation to secure the best deal for you.
• Coordinate everything from your 1st showings to closing on your purchase.

2. Our Commitment to You

We provide comprehensive services to make your experience smooth:

• Locating and showing properties that meet your criteria.
• Writing and negotiating offers.
• Managing inspections and appraisals.
• Coordinating with lenders, title companies, and other service providers.
• Ensuring every detail is addressed through closing.

3. Your Commitment to Us

To provide the highest level of service, we ask for your trust and exclusivity. Avoid engaging multiple agents to represent you simultaneously. Open communication is key—if you have concerns about our services, let us know, and we’ll address them promptly.

New laws enacted in 2024 require buyers to sign a representation agreement with their Buyer’s Agent, similar to a listing agreement with a seller. This ensures transparency for the buyer and the buyer’s agent and ensures that the buyer’s agent has your best interests at heart.

4. For Sale By Owner (FSBO) Properties

If you come across a For Sale By Owner (FSBO) property that interests you, it’s crucial to notify your SHERIDANS agent immediately and not make direct contact with the seller. Contacting the seller directly can weaken our ability to negotiate terms, including the potential for the seller to pay our commission. By allowing us to take the lead, we can seamlessly guide you through the process, from scheduling a showing to negotiating an offer and handling inspection resolutions.

5. Communicating with Listing Agents

It’s equally important never to contact a listing agent directly. The listing agent represents the seller and is obligated to prioritize the seller’s interests. Direct communication with the listing agent could compromise your negotiation power and limit your ability to secure the best terms. Always rely on your SHERIDANS agent to handle all communication with sellers and listing agents. This ensures that your interests are fully represented throughout the transaction and that we can focus on achieving the best outcome for you.

By entrusting your SHERIDANS agent to manage all interactions, you safeguard your position as a buyer and enhance the likelihood of a smooth, successful transaction.

6. Commission Payment

In many transactions, we will negotiate with the seller to pay the buyer's agent commission as part of the overall agreement. However, this is not guaranteed and depends on the specific terms of the transaction. Rest assured, we will work diligently to structure a deal that benefits you while ensuring transparency regarding any commission-related details.

Key Steps for Buyers

1. Getting Preapproved

Before starting your search, secure a mortgage preapproval from a reputable lender. This step helps you understand your budget and strengthens your offer when you find the right property. We always recommend using local lenders versus online lenders who are not fully aware of local real estate norms. Your SHERIDANS agent can provide recommendations for area lenders who have competitive rates and who focus on a strong communication through the buying process.

2. Understanding Financing Options

We work with you to find financing that meets your needs, whether FHA, VA, conventional, rural development, or specialized farmland loans.

3. Conducting Inspections

Home inspections are critical to identifying defects. Focus on major issues and collaborate with your SHERIDANS agent to address them.

4. Preparing for Closing Costs

Be ready for costs such as lender fees, title services, and insurance. Typically ranging from $3,500 to $5,000, closing costs depend on the property and loan type.

Enhancing Your Home Search

1. Researching Areas

Use online resources to evaluate schools, taxes, amenities, and more. Your SHERIDANS agent can provide valuable insights about market trends, resale potential, and helpful resources to evaluate each potential property.

2. Staying Organized

Track properties you visit, noting their pros and cons. Use a scoring system to compare options and revisit your top choices. It is not uncommon for your 1st or 2nd showing to end up being the home you purchase. Keeping good notes on each home ensures that you don’t forget important features that impact your final decision.

3. Making Competitive Offers

Market conditions vary—whether it’s a buyer’s or seller’s market, your SHERIDANS agent helps craft offers that balance competitiveness and value.

4. Handling Counteroffers

Negotiation is a natural part of buying. Trust your SHERIDANS agent to navigate counteroffers and secure favorable terms.

Navigating Common Challenges

1. Unexpected Delays

Be prepared for potential delays from lenders, appraisers, or sellers. Stay flexible, and let your SHERIDANS agent handle these challenges efficiently.

2. Inspections and Repairs

Focus on resolving major defects rather than minor cosmetic issues. Work with us to negotiate repairs or concessions that align with your priorities, and don’t let minor issues impact your your purchasing goals.

3. Managing Emotions

Real estate transactions can be emotional. Stay focused on your goals, and rely on your SHERIDANS agent to advocate on your behalf.

Things to Avoid During the Buying Process

To maintain your financial eligibility for a loan, avoid these actions unless approved by your lender:

• Changing jobs.
• Incurring new debt (e.g., car loans or credit cards).
• Making large, unexplained bank deposits.
• Entering legal disputes.

Why Choose SHERIDANS?

With over 50 years of experience, SHERIDANS has built a legacy of trust and results. We specialize in:

• Representing buyers for all property types, including residential homes, farmland, building lots, and commercial real estate.
• Facilitating auctions, traditional listings, and private transactions.
• Providing accurate valuation analyses and consulting services.

Our deep expertise, personalized service, and dedication to integrity make us a trusted partner for Ohio home buyers.

Begin Your Journey Today

Purchasing a home is more than a financial transaction—it’s a step toward your future. Let SHERIDANS guide you with professionalism, insight, and care. Contact us today to start your journey to homeownership with confidence.