Buying a Home? How REALTORS work on your Behalf
When you’re buying a home, it’s important to choose a Realtor to represent you before you start looking. Hiring a buyers’ agent will help you get the right house for you, and will ensure that the process goes smoothly. But what exactly does a buyer’s agent do?
First let’s look at the players in a transaction. A buyer’s agent must put your interests above all others, including their broker’s own interests. They must inform you of any material information about the property or transaction received by the broker. They must also answer your questions and present any offer to or counter-offer from you; and they must treat all parties to a real estate transaction honestly and fairly.
To avoid disputes or misunderstandings, you must have a signed Buyer representation agreement with your agent. Once you have an agreement established, you can rest assured that you will be represented fairly. With a buyer’s representation agreement, your MetroTex Realtor will help you work with existing homes, builders, and properties for sale by owner.
Once you have full representation in place, your MetroTex Realtor will help you find a reliable lender to help you get pre-qualified and pre-approved for a loan. That means that in addition to looking at your credit and income, your lender will look at your entire financial picture and make sure that you have all of the paperwork and credit-worthiness needed for the loan you want. You’ll be able to bid on a house knowing that you can actually close on it.
When you go to view a property, chances are the seller will not be present. However, there are times when a seller will wish to be home for the showing. In those cases, your MetroTex Realtor will handle the interaction with the seller so that you don’t have to worry about revealing too much information that could hinder your negotiations.
Your MetroTex Realtor will also explain the money you will have to put up front to secure the contract and to give you the right to inspect and if necessary opt out of the contract. How much money you’ll need, and how long the right to terminate lasts will depend on the offer and the property. It’s all part of writing a good offer. At this time, your agent will also review the seller’s disclosure with you as well as the inspection report. That way, you’ll know what you’re buying.
Once you’ve completed negotiations and you’re getting ready to close, your MetroTex Realtor will monitor where the transaction is in the process. For instance, you’ll need to know that the title company has a good survey and that there are no legal claims on the property that might interfere with the closing. The lender will have to ensure that the property appraises for a high enough percentage of the loan amount and that they can approve the loan in time for closing. Finally, your buyer’s agent will coordinate with the seller’s agent your final walkthrough, closing time and move-in date.
As you can see, there are a number of things that your MetroTex Realtor will do when you are buying a home. It’s important that you are properly represented at every stage of the process.