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Buying a Home Using a Realtor
There are people who think that a realtor is not necessary to
represent them in purchasing a home. The power of the Internet
allows someone to visit various homes for sale from the comfort
of a desktop in the den. Many homes listed have virtual tours
that give a real feel of the home. But there is more to buying a
home. You should consider working with a realtor that you pick.
The realtor who has listed the property works for the seller not
the buyer. This is because the seller will be paying the
commission to the realtor upon the sale of the home. When you
retain your own realtor to help find a home the agent works with
you but for the seller. It comes back to who is paying the
commission. Still the buyer's agent will try to meet your goals.
If allowed by state law, some realtors will want you to sign a
buyer's agreement. This document basically states that you will
retain the agent exclusively to find a home. In consideration
for this the agent's duties will be spelled out. The reason the
agent might want this is that there is a lot of time and effort
that goes into finding you a home. This will bind you at least
in good faith to stick with the one that is helping you. It
would be up to you if you want to sign the document.
So with that in mind, you need to take certain steps so that you
can find and work with a realtor that will locate for you the
home you want and need. You should talk to several realtors,
including any that may have been referred by friends or
relatives. Make a list beforehand of what you want. You should
have a wish list of neighborhood, type of house, square footage
and lot size. Nearness to schools, churches, medical facilities
and major shopping malls may play
a part in your decision.
The realtor should be able to assess your needs and fit you with
a group of homes to consider. The realtor should be meeting your
goals by only showing you homes that you can afford and want. An
important part of this process is for you to get pre-approved by
a lender in the beginning. This will allow the realtor to focus
on homes you can afford. It will give the realtor strength in
presenting an offer to the seller's agent when the time comes.
If there is more than one offer going on at the same time it
shows you are ready to close.
There may be a rejection of your offer or a counter offer made
by the seller. These should be carefully explained to you at the
time by your realtor. It is to be understood that any counter
needs to take into consideration whether you can perform what is
asked. Examples would be if you are qualified for a higher sales
price or if you are willing to share in the expense of excess
repairs not covered by the earnest money agreement. You will
consider whether it is worth it to you get the home or move on
and look for another opportunity.
Once you have an accepted sales agreement the realtor will
assist in providing closing arrangements, entry for the
appraiser and ongoing communication with all parties involved
until funding. A realtor who is honest, knows the business and
is someone who you can get along with will be a real asset for
you in completing your home transaction.
About the author:
Bill Wehr has been in home loan origination for over 25 years.
He is the owner of Great Pacific Northwest Mortgage
http://www.billwehr.com , a residential mortgage company serving
Oregon and Washington.
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