Purchasing a home can be a complicated process, and it can be intimidating to many people especially if you are a first time home buyer. That is why it is essential that you work with the right real estate agent who will happily fight for your best benefits. While each agent may have their own approaches to the home buying process, doing the bare minimum should not be one.
This article lists some of the most critical things a buyer’s agent should be doing for home buyers.
Get you Pre-Approved
A good realtor will have a vast network of professionals involved in the industry. Your Realtor should refer you to trusted lenders and will be your advocate to make sure you are getting the best financing available. You will need to become pre-approved for you to know how much you can spend on your home purchase.
You want a realtor who understands the pros and cons of how much to put as a down payment, who pays closing costs, and what financing terms will best suit your situation.
Many times, a seller will not work with a buyer who has yet to be pre-approved.
Help You With Neighborhood Knowledge
People buy homes in different areas with different budgets. By best understanding your specifications, a competent real estate agent will help you to determine the best location, transportation, schools and other factors. A real estate agent can prepare a comparative sales data to inform you on how much the similar houses have sold for in the area. This will help you when you are ready to make an offer for your desired home. After all, nobody wants to pay any more than he or she has to. Also, your real estate agent can point you in a direction where you can find data on schools, crime or demographics.
Negotiate an Offer
A skilled real estate agent comes with the ability to negotiate the best price and the terms for the buyer. Realtors are not messengers who just deliver client’s offers to the other party. They should be fully trained to advise and represent their client’s best interest with their knowledge. The best realtor should know the value of the property as well as the factors that affect the cost of a home that they are attempting to buy or sell.
The best realtor does not get a pass just by knowing the numbers. On top of that, he or she should also be able to effectively apply his or her communication skills to advise you on what your initial offer should be and how to proceed accordingly to the seller’s response.
Even the most stubborn seller may have a change of heart through the power of words!
Help With Home Inspection
People perform inspections. It is inevitable that some inspectors are better than the others. Your agent should have a list of the most reputable home inspectors in the area and help you choose the right one.
Depending on the area and the situation, your realtor should advise you on other inspection that may be necessary.
Attend Home Inspection
Even the most well-trained inspectors can overlook some of the areas. A buyer’s agent should attend the home inspection and directly hear what the inspector has to say.
After the inspection, your realtor should go over the inspection report and advice you on things that need to be brought up to attention. An agent who has not attended the inspection will have difficulty in fully understanding the problems. If the agent does not know what the issues are, it can be challenging for him or her to negotiate in buyer’s favor efficiently.
While it is not mandatory for buyer’s agent to be present at the inspection, it is very crucial that he be. Simply do not work with an agent who refuses to be at the inspection.
Negotiate Home Inspection Repair Requests
Buyer’s agent will use the information provided from the home inspection to negotiate repair requests. A realtor should best understand the most common types of defects in a home and which items you should expect the seller to repair and which things are typically acceptable for the buyer to handle.
As your negotiator, the agent can request the solution in the form of a repair, price reduction, or a closing cost contribution. Even the new homes may have issues. It is buyer’s responsibility to let the buyer know when he or she is making unrealistic demands.
Skilled buyer’s agent should advise the buyer on what repair requests to pursue and what to set aside.
Monitor Buyer’s Loan Commitment
Being pre-approved does not mean that you will be funded at the closing. Even minor changes to your financial status may have an impact your loan process. A skilled agent should always stay on top of the overall loan commitment process and advise the buyer on how to protect his or her approval.
Make Sure Closing Goes Smooth
It is not over until it is over. There is a number of things that could go wrong even at the closing table. An excellent buyer’s agent should be present at the closing prepared for any problems that may arise. Failing to do so can and have made closing to fall through even at this stage.
Answer Questions After Closing
Problems may arise, or buyers may still have questions even after the smoothest closing. The bond that ties an agent to his or her client should be more than just a commission check. A good real estate agent should be there to assist you and not leave you in the dust after commission check has been collected.
You should have high expectations from your realtor as you are about to make possibly the most significant purchase of your life. While you have to do some search, there are agents out there who will become the greatest ally in your home buying journey. You should take your time and look around.