Prospective homebuyers who begin their search without enlisting the knowledge and experience of a professional Realtor to represent them will miss out on a range of resources that can help them make an informed decision. Realtors add insight into the current market conditions, histories of recent transactions, and a real-time understanding of current conditions and characteristics of each neighborhood.
An experienced Realtor can help narrow the home search. A Realtor can help save time and aggravation by sifting through and prioritizing potential showings that meet the homebuyer’s needs.
How a Realtor Helps a Homebuyer
A knowledgeable Realtor plays several roles in the home search and purchase. They advise, guide, and negotiate while resolving potentially “sticky” issues along the way, all the while keeping the buyer’s best interests in mind.
A few of the many ways that a professional Realtor will help homebuyers achieve their dreams include:
It all begins when a prospective homebuyer meets with a Realtor to discuss their expectations and desires. The homebuyer may need a specific number of bedrooms and baths, lot type and size, and perhaps even architectural style.
There may be a desire to live in a specific neighborhood, near schools or shopping. A target price range is also an essential element of the pre-search discussion.
Assist with Mortgage Preapproval
If the homebuyer is financing their new home, securing a lender’s preapproval is a critical first step. Securing a lender preapproval entails providing income and credit information, current savings and investments, and a proposed down payment. The information allows the lender to offer a pre-approved borrowing limit and estimated principal and interest payment.
In many instances, the Realtor will provide the homebuyer advice regarding prospective lenders and can help communicate with the lending officer.
The preapproval serves two vital purposes:
- Provides clarity and saves time by narrowing the list to affordable potential homes to view.
- It shows the home seller and their Realtor that the homebuyer is serious and qualifies for a loan.
Schedules and Accompanies the Buyer to Showings
Armed with the list of preferred search criteria plus a clear price target based on the mortgage preapproval, the Realtor will create a list of current possibilities to view. By accessing the MLS (Multiple Listing Service) databases, the Realtor will enter all the desired criteria and price range to create a customized list of properties for sale.
Generally, the Realtor previews prospective homes before scheduling a showing to make sure the home fits the homebuyer’s requirements. The Realtor also coordinates showing prospective homes with the home seller for the homebuyer.
When showing a home, the Realtor guides the buyers and can point out any unique characteristics and perhaps any deficiencies that may not be readily apparent.
Writing an Offer
When the homebuyers discover a property that seems to best fit their needs, writing a formal offer is the next step. An experienced Realtor will recommend a realistic offer price to the homebuyer, along with any contingencies or repairs needed, and set a time for acceptance or rejection. Creating the proposal is a critical step. The Realtor will draft an offer that precisely expresses what the buyer expects from the seller.
An experienced Realtor helps prospective buyers understand current market conditions. The Realtor can also offer details about recent comparable home sales in the area to help the buyer decide if the home fits their needs.
Once an offer is accepted, a professional home inspection is usually the next step. An inspection is for finding any potential problems or deficiencies that may not have been apparent during the showing. Often the Realtor can recommend a proven, reliable home inspector.
The Realtor may join the inspector during the in-depth home inspection and make a note of any problems found.
Negotiating Inspection Deficiencies
If the offer had been contingent on a formal inspection, the Realtor would discuss strategy with the homebuyer. The Realtor will often propose that an offer be made contingent upon the home seller making repairs before the closing or ask for a reduction in the selling price.
Monitor Final Documents
Real estate transactions involve a substantial number of documents. The Realtor will review all the paperwork before closing to ensure that the process progresses smoothly and that the buyer’s interests are fully represented.
Before the actual closing, the Realtor will lead the buyers through the home again to ensure that everything is still in the expected condition. Also, this is when the homebuyers can make sure that any intended repairs are complete.
Find the Home of Your Dreams with a Proven Realtor
Eliminate unnecessary headaches, missed opportunities, and save time and money while buying your dream home with an experienced Realtor as your representative.
Searching for a home should not be stressful. A professional Realtor is your personal guide on the sometimes complicated journey to buying a new home.