The Process of Buying Your Home
Step Number 1: Choose a REALTOR® and Analyze Your Needs and Wants
Buying Real Estate Is Not a Do-It-Yourself Project
It is important to find a REALTOR® to act as an advocate for you, the buyer, and your best interests. The commissions paid to the Buyer’s Agent are FREE to the buyer; so, it only makes sense to enlist an agent to work for you, on your behalf. The commissions for both the buyer’s and seller’s agents are paid by the seller from the proceeds of the sale. An agent that has a particular home listed for sale (name is on the for-sale sign on the property) is working for the seller and is representing the best interests of the seller.
When choosing a real estate agent, it is important to ask questions that will help you find a qualified, experienced and effective agent. One of the most important questions to ask is if this is the agent’s full-time career or part-time job and how many homes they sold last year (buyer purchase or seller sale). According to the National Association of Realtors, the average agent sells 3.8 homes each year. An active, full-time agent is more likely to be up-to-date on the market and the law and to be trained and experienced in all aspects (see agent’s role) of being an effective real estate agent.
- Why should I work with you?
- What sets you apart or what do you do better than other real estate agents?
- What process will you use to help me find the right home for my particular wants and needs?
- Are you a full-time agent? The average real estate agent lacks experience – sells only 3 homes each year!
- What are the most common things that go wrong in a transaction and how would you handle them?
- What are some mistakes that you think buyers make when buying their first home?
- What systems do you have in place to ensure a smooth, hassle-free transaction?
- Do you guarantee my satisfaction?
- Can you provide me with references and/or testimonials from past clients?
Your Real Estate Agent’s Role
- Educate you about your market.
- Educate you about the buying process.
- Learn and analyze your wants and needs.
- Guide you to homes that meet your criteria.
- Negotiate the price and terms on your behalf.
- Coordinate the work of other needed professionals.
- Check and double-check paperwork and deadlines.
- Solve any problems that may arise.
- Ensure an easy, hassle-free experience through closing.
The typical real estate transaction involves at least two dozen individuals: mortgage brokers and underwriters, inspectors, appraisers, escrow officers, buyer’s agents, seller’s agents, bankers, title researchers, insurance assessors, and a number of other individuals whose actions and decisions have to be coordinated in order to perform in harmony and get a home sale closed. It is the responsibility of your real estate agent to expertly coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout the transaction.
Analyzing Your Needs and Wants
What does your “perfect home” look like? Your REALTOR® will help you analyze your needs and wants by Creating Your Home “Wish List”. Revealing your true priorities to yourself will save you endless time and frustration during your home search. The results will also help your agent guide you in finding your “right” home, the home that meets all of your needs and as many of your wants as possible.