I tend to have similar conversations with buyers over and over. From, “do you have a mortgage agent?” to “how many bedrooms and bathrooms are you looking for?” the questions are always the same while the answers are totally unique. One buyer is looking for a condo while the next is looking for a barn. So here’s my best shot at introducing you, the buyer, to the buying process.

1. Talk to a mortgage agent and choose a good banker or broker. It can be your local banker, it can be a mortgage broker who shops many banks, but this person is really really really important. Make sure they know what they are doing and answer your questions thoroughly. This advice is true regardless of the market, and is even more important when the banking industry is riding a roller coaster.

2. Get pre-approved by the lender of your choice. Notice this is step two. Step one is choosing the right financing agent.

3. Put together your “list”. What are you looking for? How many baths, beds? Do you want an acre of land, or a condo in Belltown? Do you absolutely have to have a Victorian on Queen Anne or a 1950s Rambler in Lake Forrest Park? Only you know what is on this list. Your real estate agent is going to need to memorize it.

4. Choose a real estate agent. Meet a few agents. Shop around. But don’t play games with agents. Hire a buyer’s agent and make sure that agent knows that you are working exclusively with him or her. Interview a few, hire one. Most agents run around chasing listings, however, a great buyer’s agent will only work with you if the arrangement is clear. You won’t know it as their client, but a great buyer’s agent spends a lot of time sorting through “leads” or potential clients. As a potential client, you will likely be placed into one of two categories in a real estate agents mind: “buyer” or “looker”. If you are serious about buying real estate, a great buyer’s agent is essential. But most of the great agents out there have a lot of potential clients. If you want an agent to work hard for you, you will have to make it clear to the agent that you are working with them and only them. Some agents will ask you directly to sign buyer’s agency agreements, some will verbally make the arrangement clear. But any seasoned agent will be very upfront about the buyer’s agency arrangement. Make yourself a “buyer” in your agents eyes, and every agent I know will work tirelessly to find you the right home.

5. Once you find a house, be realistic. Low-ball offers on new listings are simply not going to be productive. Serious buyers educate themselves, know what they are looking for, and know what it should cost when they find it. A professional agent will steer you clear of overpriced properties. But otherwise, don’t expect to pay a whole lot less than the asking price. Not it a strong market.

Ok, that’s a good start. Once you have your list of haves and wants I’ll probably have another 5 tips posted on my blog.