What Your Buyer's Agent Does For You

[Article provided by National Association of Realtors.]

Finding and purchasing a home involves more steps than most buyers realize. A buyer’s representative can be an incredibly beneficial resource, helping you navigate the entire process. Here’s a partial list of everything they can do for you.  

Help arrange financing.

  1. Assist in locating sources of mortgage loans.
  2. Help you examine how much you can afford but how much you may want to spend.
  3. Assist in comparing different financing options.
  4. Provide information on purchasing incentives that may be available.
  5. Educate and discuss the differences between being prequalified and preapproved for a mortgage.

Assist in finding the right property.

  1. Identify your needs and wants in a property.
  2. Find appropriate available properties.
  3. Set up an automated email alert system that immediately notifies you of properties that fit your requirements.
  4. Sort through inaccurate information about homes in the area.
  5. Provide ready access to all MLS-listed properties.
  6. Network with other agents for properties not yet in the MLS.
  7. Preview properties prior to showing.
  8. Help select for viewing only those homes that fit your needs.
  9. Aid in narrowing your search until you have identified your top choices.
  10. Assist in analyzing the pros and cons of each property.
  11. Disclose all known latent material defects.
  12. Assist you in evaluating properties for suitability, affordability, and resale value.

Educate you on market conditions.

  1. Educate you on whether it is a buyer’s market or a seller’s market.
  2. Show statistics on what percent of list price the sellers are currently receiving.
  3. Show trends, current average days on market, current absorption rate, and/or current months of inventory.

Guide you through making an offer and represent you and your interests in negotiations.

  1. Prepare a CMA so that you make an informed decision when offering a price.
  2. Advise you on what comparable properties are selling for.
  3. Explain common contract contingencies.
  4. Obtain appropriate seller disclosures.
  5. Prioritize your goals.
  6. Help create a negotiating strategy to achieve those goals.
  7. Ensure that you receive and understand all state and federally required disclosure forms.
  8. Handle the completion of the offer to purchase or sales contract.
  9. Educate you on the contents of the sales contract.
  10. Ensure that all appropriate additional forms are completed.
  11. Assist you in getting the best property at the best price with the least amount of inconvenience based on current market conditions.
  12. Prepare you for multiple offer situations and develop negotiation strategies specific to multiple offers.

Get you to closing and serve as your trusted real estate resource.

  1. Recommend inspectors, lenders, attorneys, and other professionals as necessary.
  2. Be an advocate and advisor during the closing process.
  3. Review and discuss home inspection concerns. 
  4. Monitor and communicate required contract deadlines to ensure that you meet them.
  5. Assist in coordinating communications between the listing agent, lender, attorneys, title company, appraiser, and other professionals.
  6. Accompany you on the walk-through prior to closing to ensure the property is in the same condition as when you entered into the contract.
  7. Remain a life-long trusted advisor regarding real estate questions, needs, or concerns.

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