Why Use a Realtor when Buying a Home?
All realtors if they are professional licensed realtors have a code of ethics to honor in that they will treat all parties equally. This is just one reason you should contact a realtor if you plan to buy a home.
Just because you wish to own your home, does not necessarily mean you know exactly how to go about purchasing a home. There are many things can contribute to the purchase such as your own buying power, the appraisal of the property, the inspection of the property, and even who is behind the sale of the property. Every home you see listed on the MLS has a seller that is normally in the background of the sell until the closing date. You will have to work with their realtor or have your own to do all the negotiating for you as the seller does. You will find that the seller can be an individual, a bank, a mortgage company, or even a group of investors. Each one of these sellers has their own way in which to sell property and professional realtors know the ins and outs of the various ways.
The reason to find a realtor that you feel comfortable with and one that you trust is very important. The ways a realtor will make your life easier include helping you learn your buying power, aiding in finding a loan source, help you with your quest in finding a home, do all the negotiating with the seller and his or her realtor on your behalf, finds out the scoop on all the inspections, valuations, etc… on the home you wish to purchase, and help you throughout the entire closing process.
Do you really know how much buying power you have? Once you give all your income information to a realtor, they can aid in finding a lender that will be able to match you with the perfect loan so you can begin the process to become pre-qualified. With a pre-qualification letter or a full qualification letter, you will know just how much money the lender is willing to give you for a loan, how much down payment you will need, and an estimate on your monthly costs.
Once you have your letter in hand, your realtor will begin scouring the areas you wish to live in order to find a home. However, once again you must let your realtor know what your top line is when it comes to monthly payments. If you cannot afford to pay over $970 per month, your realtor will be able to figure the cost of the home along with insurance, etc… to ensure your monthly payments will not exceed the price you have stated. You will also have to let your realtor know a few more things about the home you wish to buy such as how many bedrooms, if you have preferences to the number of bathrooms, square footage you desire, lot size, or whatever you desire.
Negotiating for you may be the most important aspect of purchasing a home. The realtor will be your mouthpiece and will fight on your side such as an attorney does in court for things like price, terms, financing, date of closing, and the inclusion or exclusion of repairs.
Before you sign the dotted line on the home contract you should listen to your realtor about the various inspections and evaluations that should be performed such as termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests. This is only a short list to give you an idea. Your realtor will know which inspections will need to be performed according to the location of the home you wish to purchase.
Last, but certainly not least, your realtor will be there during closing. He or she will ensure that every step of the way the process will be smooth and that you understand exactly what is going on during the entire procedure.
Instead of traveling down the road of home ownership on your own, take along a friend that will guide you and be at your side to ensure your success, a professional realtor.