How to Buy a House: Home Buying 101

Whether you’re asking Google or your parents about how to buy a house, don’t worry… you’re not the only Millennial out there who’s not sure what in the world to do.

In fact, many Millennials feel like they don’t understand the home buying process at all, which is why 71% of them hire a real estate agent.

But the thing is, buyer’s agents are really expensive. Working with one typically costs 3% of the entire transaction (that’s $6,000 for a $200,000 house).

As a home buyer you may think, “Well, the seller is the one paying the agent fees… so it doesn’t affect me.” But truth be told, many sellers factor the agent commission fees into the listing price…

And YOU’RE the one who will be paying the mortgage bill each month.

Using an innovative real estate transaction platform like Reozom will not only save you from paying for expensive fees (with interest over the course of 30 years), Reozom is also more enjoyable to use and work with.

So, without further ado, let’s walk through the simple steps of buying a home.

STEP 1: Figure out how much you can afford.

You don’t want to be house poor. So factor in any trips you’re taking, weddings you’re attending or other big purchases coming up, like getting a new car.

Lenders usually recommend looking for a house that costs 3-5 times your annual household income (if you plan on making a 20% down payment).

STEP 2: Get Pre-Approved.

Contact a mortgage banker to see how much you can get for your new house. You’ll provide your financial information and some documents (W-2 statements, paycheck stubs, bank account statements, etc.).

If everything checks out, you’ll receive a Proof of Funds or Pre-Approval letter. Keep this document handy because sellers may want to see it before a showing.

To accelerate this process, try out a new and innovative platform like Rocket Mortgage.

STEP 3: Get Your Search On!

Now that you know how much house you can buy, head on over to Reozom.com and get shopping. If you find a house you like, schedule the showing right on Reozom and you could be touring the house in-person as soon as the next day (without ever making a single phone call).

Step 4: Make an Offer

If you loved what you saw in person, it’s time to make an offer. You can make an official offer directly on Reozom. If the seller accepts your offer, a Purchase Agreement will automatically generate, which you will send over to your mortgage and title company.

At this point, the home goes into escrow, which is the period of time it takes to finish the remaining steps of the home buying process.

Step 5: Get a Home Inspection

Your offer can be contingent on a home inspection, so if the house winds up having a lot of hidden headaches, you can re-negotiate or withdraw your offer.

Find a local inspector and hire them to go check out the house. You and the seller will get a report of the findings, and at that point you can make the decision as to whether or not you want to request certain repairs before finalizing the deal.

Step 6: Select Your Loan

Work with your mortgage banker to select a loan program. They will have some options for you to pick from, so make sure to factor in what’s most important to you (for example, having the lowest monthly payment possible may be priority over a payment that is ensured to never increase).

Step 7: Get the Home Appraised

Your mortgage company will set up a home appraisal to estimate the value of the home you are about to buy. This step is necessary to show all parties involved that you are paying a fair price for the home.

Step 8: Complete the Paperwork

Your mortgage banker can connect you with a title representative. Your title rep will do all of the tricky research and paperwork for you to make sure the seller is the rightful owner of the house, so then YOU will be the rightful owner of the house once you buy it.

(Just so you know, your real estate agent doesn’t play a part in any of this paperwork.)

Step 9: Closing Time!

At the closing, you will sign all of the paperwork that will complete the purchase, including the loan documents. Once this paperwork is returned to the lender, a check will be delivered to the seller and the transaction is complete.

Now it’s time to pour some champagne because you are officially a HOMEOWNER!

See? Pretty simple.
And always remember, Reozom’s team is right here to answer your questions, just like Google or Mom.

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Real Estate Technology: Zillow VS Reozom

As a real estate tech platform and online broker, our team at Reozom is often asked the question, “Are you guys like another Zillow?”

The answer is, “No. Actually, Reozom does A LOT more than Zillow.”

Reozom is a real estate transaction platform.
From start to finish, Reozom users list, market, manage and sell their properties.

First, the seller lists their home on Reozom and completes all legal disclosures in under an hour. Next, the property is immediately marketed on all major sites like ZillowTruliaRealtor.com and the MLS (which Zillow does not do).

On Reozom, sellers can manage their listings by scheduling Open Houses, accepting Showing Requests and negotiating Offers. Reozom also automatically generates a Purchase Agreement to finalize the deal.

Zillow is an advertisement and lead platform for agents and nothing more.
Reozom is a transaction platform that markets and does a lot more.

Reozom provides real time analytics.
We hate to burst your bubble, but the data on Zillow is very outdated. Zestimates are months behind and can fluctuate based on advertising sales.

Reozom gives sellers a real time look into their listing’s activity. Users know exactly when their property is being viewed and how many people have looked at their home online. Reozom’s numbers are accurate and current by the second.

Reozom connects buyers & sellers directly.  

From scheduling showings to live online messaging, Reozom is the only real estate platform out there that allows the buyers and sellers to communicate directly and effortlessly.

Zillow depends on real estate agents in order to make money through advertising. Therefore, Zillow will never cut out the middleman to bring sellers and buyers together like Reozom does.

Reozom is ad-free. For us, it’s all about YOU and your listing’s success.

Overall, Reozom is a real estate marketing site, transaction tool and management platform all wrapped into one.

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Smarten Up Your Home to Attract Millennial Buyers

Millennials make up the largest group of buyers in the current real estate market.

This generation was raised on technology. These buyers not only like to use a real estate technology platform like Reozom to search for property listings, they also have their eyes peeled for the “tech-ed out” homes on the market.

Here are three smart home technologies that will impress any Millennial who’s shopping for their new home.

A Smart Thermostat

smarttech-05

Millennials are not only tech-savvy, they also love “going green.” Nest is a smart thermostat that can be controlled from a smartphone. It is programmed to learn a homeowner’s daily routine and adjusts the home’s temperature accordingly.

It has sensors that keep track of when a home is empty and will use less energy while no one is there. Plus, Nest can save a homeowner up to 20% in their heating and cooling bills.

Smart Lights

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A smart lighting system like the Philips Hue white and color ambiance starter kit not only allows you to turn lights on and off from your smartphone, but also saves on the electric bill.

Not to mention, it’s great for creating a relaxing ambience or setting a fun vibe while entertaining.

 Smart Locks

smarttech-04Millennials want as little as possible to keep track of, including keys. The Kevo Smart Lock is a keyless system that allows a user’s smartphone to unlock the door to your home. This product will also impress the 48% of homebuyers who are interested in smart technology that’s related to security and safety.

Smart locks make it easier for you to grant a buyer’s agent access to your home after they schedule a showing with you directly on Reozom.

Implementing one or all of these smart technologies in your home could help with getting the Millennials to line up for your listing.

Like these tips? Find more on Reozom’s Facebook, Twitter and Instagram!

What Home Buyers Love About Online Real Estate

The very first step among almost all home buyers is to look online to find their new home.

Plopping down on the couch with their laptop to search for real estate is easy and convenient for buyers. Using a tech platform like Reozom makes the experience even better for them.

Reozom caters to a buyer’s wants and needs in order for our homeowner’s listings to sell faster.

Where Buyers Search

Buyers will typically start their online search using Zillow, Trulia or Realtor.com, all of which Reozom listings are on. Reozom also posts listings on the local MLS, so if the buyers have an agent, it will be in front of them, as well.

What Buyers Like

For the third consecutive year, Millennials made up the dominant group of home buyers at 35%. Gen X came in at 26%. These generations LOVE technology and they LOVE pictures.

In fact, 90% of buyers found property photos to be the most important part of a listing’s web page. That’s why Reozom’s listing pages are designed with photos that are prominent and easy to click-through.

How Buyers Think

We live in an on demand world. When a buyer finds a listing online that they love, they want to see it in person ASAP. On Reozom, buyers can schedule a showing in seconds directly on the site. It’s instant gratification.

Buyers also might want to learn more about the listing right at that moment. They can do that by chatting live with a seller who’s online or by sending a message to the seller.

Overall, engaged buyers lead to satisfied sellers. That’s Reozom’s way of doing real estate.

For more updates and tips, follow Reozom on Facebook, Twitter and Instagram!

(information source: 2016 Home Buyer and Seller Generational Trends report)

The Advantages to Selling Your House Without a Traditional Real Estate Brokerage

With the technology and resources available today, there is no reason a homeowner cannot successfully sell their own property.

In fact, a homeowner will actually gain many advantages throughout their real estate transaction when using Reozom, an online flat fee broker and real estate tech platform that empowers home sellers and buyers.

Reozom sellers can one-up traditional brokers by listing their house at a more competitive price, communicating quickly with buyers and responding to offers directly on our platform.

Competitive Pricing

Because you are listing through Reozom for only $395, you are saving thousands of dollars on your home transaction. This gives you the flexibility to set your home at a more competitive price because you are not considering the expensive agent commission fees, up to 6% of the entire home price.

For example, a homeowner using a traditional broker will pay up to $18,000 on a $300,000 listing. Reozom sellers can competitively price their home at $290,000 and still walk away saving almost $8,000.

With a competitive price, your listing can get more attention and sell much faster, while you’re also saving thousands.

Fast Communication

You are the best sales person for your own house. A real estate agent’s schedule is often tied up because they are juggling the needs of their other clients. Believe us, they are not hunkered down in their office doing paperwork for you.

When using a listing agent, odds are your potential buyer or their buyer’s agent will either be sent to voicemail or their email will go unanswered for hours simply because the listing agent is busy.

As a Reozom seller, your sole focus is your house and getting it sold. You set your own preferences for communication whether it be phone, text, email and/or Reozom’s live messenger. You can respond to buyers instantly and interact with them directly.

The higher your response rate is to buyers, the quicker your home will be SOLD.

Direct Offers

If there’s one thing that sellers flying solo are worried about, it’s having the confidence to negotiate an offer. Well, Reozom has a solution for that.

On Reozom, buyers can send offers online directly to the seller. The seller then has the option to accept, counter or decline. Saying “No Thanks” to a low ball offer is now as impersonal as swiping left. Or sending a courageous counter offer can be done by simply clicking a yellow button.

You don’t need an agent, let technology do it for you.

 Other Quick Tips for Success:

 Share on Facebook!

Reozom posts all of our listings on Facebook. Share your listing’s post onto your Facebook in order to get it in front of all of your friends.

Also ask your close family and friends if they would re-share your listing’s post. This will get your listing in front of hundreds, potentially thousands of people in just two clicks.

Piggy Back on Other Open Houses

Do a little research on when Open Houses are happening in your neighborhood. The other real estate agents for those listings are going to market their Open House to their list of contacts.

Figure out the common date and jump onto your Reozom dashboard to schedule your Open House in seconds. Then on the day of, make sure your sign is out (maybe put up another one on the street corner) and watch all of the other listing’s traffic walk through your door.

Get Gimmicky with It

Remember, you are saving thousands of dollars on your real estate transaction. You have some room to have a little fun (that sellers with traditional brokers don’t get to have).

Here’s an idea. Go buy a 70 inch smart, ultra HD TV, mount it beautifully on your wall and during the showing, let it be known that the TV stays with the house.

(If you think about it, you’ll still have thousands more left to spend on whatever fun toy YOU want.)

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New Solutions on Reozom: A Real Estate Tech Platform

Reozom is doing what no other real estate tech platform does.

We offer home buyers and sellers online solutions that help make the home buying and selling process easier, faster and more affordable.

For just $395, homeowners can list their home on Reozom. We will then market the residential property on the MLS, ZillowTrulia and Realtor.com. Last year we were able to save Michigan homeowners $3 million and this coming year, we plan on helping a wide range of people save even more.

Using our new solutions, homeowners can view analytics on their listing’s activity, chat live with potential buyers and accept, counter or decline offers.

Here’s a quick overview of our newest features:

Real Time Analytics for Listing ActivityAnalytics1

From your “Manage Listing” page you’ll find a few new additions.

  1. Real Time Visitors: You can see the number of people that are looking at your listing at this moment.
  1. Overall Visitors: You can view the overall number of visits your listing has gotten since it went live.
  1. Social Media Buttons: You can click and share your listing onto your social newsfeed instantly.

If you scroll down the “Manage Listing” page, you’ll have access to ALL of your listing’s analytics. Here you can sort through real time, daily, monthly and overall data about your listing’s activity.

Analytics2

Ability to Accept, Counter & Decline Offers

Buyers can now make an official offer on your listing directly on Reozom.com. They can fill out our online offer form, upload their Proof of Funds and send it your way.

You will receive an email notifying you of the offer. You can also see if you have any new Offers on your user Dashboard.

Offers1

Upon clicking the Offers notification, you’ll go to a page that lists all of the offers that have been made on your property.

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When you click on the offer, you will be taken to this page below where you can review the offer. Here you can accept, counter or decline the offer.

Offers2

Upon an offer’s acceptance, you can add conditions. A purchase agreement will automatically generate upon the acceptance of an offer.

Communicate with Home Buyers & Sellers

When visiting a listing’s page, buyers will be able to see whether or not a seller is online or available to chat.

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Buyers and Sellers are able to connect and communicate unlike they ever have been able to before.

Reozom-Messenger

Please look forward to more tutorials and helpful posts about our new platform.

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Facts Behind the Myth: Real Estate Agents & “Paperwork”

Common Question:

“But… if I don’t have a real estate agent, who’s going to do all of the paperwork?”

Honest Answer:
Your real estate agent doesn’t really do that much paperwork… at all.

In fact when using Reozom, a real estate tech platform and online flat fee broker, sellers complete all of the required “paperwork” electronically and intuitively. They are able to do this because using Reozom is as easy as using Facebook.

You are paying your real estate agent thousands of dollars to do a task that you can do online while watching a 30-minute episode of a Netflix series.

It’s a total myth that real estate agents do a lot of paperwork. A real estate agent is responsible for completing listing documents and a purchase agreement (upon the acceptance of an offer). That’s it.

During Reozom’s streamlined listing process, you are guided step-by-step through each document as if you are filling out any other online application. Legal disclosures are also completed. Reozom covers it all.

Now you may be thinking, “But wait, I still don’t know how to fill out a listing document…”

Nobody knows your home better than you. With the use of Reozom’s technology, you can complete this “paperwork” all on your own without ever picking up a pen.

Still have doubts? Try answering these questions below:

How many cars fit in your garage?
How many rooms are in your house?
Does your dishwasher currently work?
Has there been evidence of water in your basement?
Does your roof leak?

Knew all the answers, didn’t you?
You can totally do this.

Even better, Reozom automatically generates a Purchase Agreement for you after you accept an offer directly through our platform. You don’t even have to think. It’s immediately ready for you to send off to your title rep.

Which brings us to the real paperwork aka the title work. Your title representative is in charge of handling all of your closing documents (you know, that large stack of paper that you sign before getting the keys). Your real estate agent has nothing to do with these documents.

Simply put, when using Reozom you’ll fill out a few easy online forms and your property will get marketed on all of the major sites like the MLS, ZillowTrulia and Realtor.com.

Thousands of dollars will be saved… along with a lot trees, too.

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Share Your Listing on Facebook & Reach Buyers Instantly

share reozom real estate listing on facebook

Just as Reozom is the new way of real estate, Facebook is the new word of mouth.

As an online flat fee broker and a real estate transaction platform, Reozom leverages technology as much as possible, including social media.

Our Reozom team posts every single one of our listings on Facebook. This immediately gets our seller’s property in front of Reozom’s growing Facebook community, while also giving our sellers the opportunity to easily Share their listing onto their own page.

Why Share your listing on Facebook?

Sharing your listing on Facebook gets the word out fast that your home is up for sale. Your listing’s Facebook post is basically a modern day property sign.

The average American has 350 Facebook friends. Combined with Reozom’s following and your own friends, upon being shared, your listing instantly gets in front of an average of 1,000 people.

 Not to mention, Millennials (Gen Y) make up the largest share of home buyers at 32%. And 91% of Millennials use Facebook.

Facebook Share-02

 

Ask your family & friends to Share it, too!

Recently, a Reozom seller shared her listing’s Facebook post and five of her Facebook friends followed suit.

In just one day, her listing got 1,559 views. Even better, Reozom’s analytics showed that 40 people were actually viewing her property online at the same time!

If 3-5 of your family or friends shared your listing, it could potentially reach 3,500+ people in just one day. The more friends you ask to share your listing, the better!

To Share your listing’s Facebook post: 

Click the Share button within Reozom’s post of your listing
Press “Share Post Now”

And you’re DONE. The listing is now posted on your newsfeed.

If you want to write something specific about your listing:
Click the Share button on Reozom’s post
Select “Share…”
Write your description
Click the “Post” button

Reozom’s team cannot encourage our sellers enough to take action and share your listing on Facebook. It will be a few seconds very well spent!!!

Follow Reozom’s FacebookTwitter and Instagram.

 

Sources:

  • Infinite Dial 2014 report by Edison Research and Triton Digital
  • 2015 National Association of Realtors Home Buyer and Seller Generational Trends
  • By the Numbers: 200+ Amazing Facebook Statistics
    ExpandedRamblings.com, February 2016, Craig Smith

Easy, Fast, Affordable Real Estate

Daunting, drawn out and dense. If that’s your take on real estate, it’s time for you to meet Reozom.

Our online real estate tech platform streamlines the home buying and selling process, making real estate easy, fast and affordable. In 2015, we saved Michigan homeowners $3 million dollars in their real estate transactions. Simply put, Reozom is changing the way real estate works for good.

REOZOM IS EASY

Anyone who can fill out a Facebook profile can list a house through Reozom. All you have to do is gather the information about your house (like room dimensions), snap some property photos and register on Reozom. From there you will begin our quick listing process and complete all of the required legal disclosures while doing so.

Continue reading

How to Get Your House Ready to Show

More than 90% of buyers go online to look for their new home. As an online real estate platform, Reozom has Michigan’s sellers covered by getting their listings on all of the major sites like the MLS, ZillowTrulia and Realtor.com.

One of the biggest letdowns for a buyer is loving a house based on its property photos to then discover that the home looks completely different in person. Awesome property photos and a great showing experience are both necessary for a successful (and fast) sale.

Continue reading

How to Price Your House

With the information and technology that’s readily available, homeowners no longer need a Realtor to set the right asking price for their house. Reozom, an online real estate platform, empowers sellers to save thousands of dollars in their real estate transaction by eliminating costly agent commissions. Through Reozom’s tech capabilities, homeowners across the state of Michigan and Florida can list their home properly and quickly with minimal effort, without an agent.

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2016: A New World for Real Estate

From new buyers to new technology, a lot of good change is underway for the world of real estate in 2016. Throughout this coming new year Reozom will be rolling out new technologies built to empower both buyers and sellers. We are currently initiating our own evolution in order to continue toward our main mission: make all aspects of real estate easier, faster and more affordable for the people. Continue reading

Do I lose my right to Sell by Owner if I list through a flat fee broker?

The short answer is absolutely not. Simply put, you’re paying that broker to gain access to your local  MLS as a means to get the same exact advertisement as if your property was listed with a full cost  traditional broker / realtor. The type of contract entered into with a flat fee broker is known as an  Exclusive Agency Contract, otherwise known as a Limited Service Listing Agreement. An exclusive agency  contract allows for the seller to sell their property on their own without having to pay the listing broker  a commission and can be cancelled at any time without any type of monetary consequence. Continue reading

Save Money when Selling Your Home

At some point during your life you want to sell your house and move into a new place. This type of changes can appear suddenly in your life, so you must make sure that you have the proper way of dealing with them. However, selling your house is not that easy if you want to do it on your own, and if you hire a real estate agent he will usually charge you around 3% of the whole house value, which literally means thousands.

What a real estate agent does is that he lists the house on an MLS and that’s it, without actually doing anything else and leaving those channels to promote the house for him.

If you do want to sell your house faster and literally save thousands of dollars, then you need to use the Flat-fee MLS website http://www.reozom.com/. Reozom has been specifically created to help people sell their house much easier, but instead of asking for the 3% of the house sales, you will just have to pay a small, flat rate of $395 for exactly the same service.

Reozom basically replaces the real estate service as it lists your house in multiple locations so buyers will immediately come and ask for your home. The best part is that you have to take a few minutes to become a member at Reozom, upload some images and fill out a few forms on Reozom.com, then the team will take care of the rest for you. When interested people contact you about your house, you will have the opportunity to deal with them directly and negotiate what’s best for both parties. Continue reading

Realtor Myths and Misconceptions

A Realtor is the reason between selling and not selling your house? FALSE. A Realtor doesn’t sell your house, your property sells itself. When is the last time someone said to themselves; I’m going to purchase a property because so and so has it listed? If that were the case buyers would be searching by listing agent instead of the property’s features, location and pricing.

Have you ever seen anybody try to market a property for the mere fact it’s listed with a Realtor? No of course not, because the fact that it’s listed with a Realtor brings no added value to the property, as is the case with high quality windows or a reputable builder having built the house. Completely the opposite; having a Realtor involved in the transaction does nothing more than artificially inflate the sales price, but contributes nothing of lasting value.

Realtors do most of the work, that’s why they get paid the most. FALSE. Realtors do the least amount of work, but stand to make the most. This statement is especially true for listing agents. Out of all the people involved in the transaction (seller, buyer, inspector, mortgage broker, title insurance provider, appraiser, attorney and agents) the listing agent does the least amount of work, yet receives the greatest piece of the pie. This statement might not have been true 10 or 15 years ago, but the Internet has made life much easier for the average agent. The Internet might also be their demise as well.

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Mortgage lending startup gets $1.5M boost from investors

Mortgage lending startup Lenda has raised $1.54 million in seed funding the company says it will use to expand into new markets.

The San Francisco-based firm launched a platform in July to allow borrowers to complete the home loan process online from start to finish without a loan officer as middleman. Lenda currently operates in California and will expand into Oregon and Washington next month. So far, the company says it has handled more than $13 million in loan volume through its platform.

Growth image via Shutterstock.