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.
- Assist in locating sources of mortgage loans.
- Help you examine how much you can afford but how much you may want to spend.
- Assist in comparing different financing options.
- Provide information on purchasing incentives that may be available.
- Educate and discuss the differences between being prequalified and preapproved for a mortgage.
Assist in finding the right property.
- Identify your needs and wants in a property.
- Find appropriate available properties.
- Set up an automated email alert system that immediately notifies you of properties that fit your requirements.
- Sort through inaccurate information about homes in the area.
- Provide ready access to all MLS-listed properties.
- Network with other agents for properties not yet in the MLS.
- Preview properties prior to showing.
- Help select for viewing only those homes that fit your needs.
- Aid in narrowing your search until you have identified your top choices.
- Assist in analyzing the pros and cons of each property.
- Disclose all known latent material defects.
- Assist you in evaluating properties for suitability, affordability, and resale value.
Educate you on market conditions.
- Educate you on whether it is a buyer’s market or a seller’s market.
- Show statistics on what percent of list price the sellers are currently receiving.
- 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.
- Prepare a CMA so that you make an informed decision when offering a price.
- Advise you on what comparable properties are selling for.
- Explain common contract contingencies.
- Obtain appropriate seller disclosures.
- Prioritize your goals.
- Help create a negotiating strategy to achieve those goals.
- Ensure that you receive and understand all state and federally required disclosure forms.
- Handle the completion of the offer to purchase or sales contract.
- Educate you on the contents of the sales contract.
- Ensure that all appropriate additional forms are completed.
- Assist you in getting the best property at the best price with the least amount of inconvenience based on current market conditions.
- 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.
- Recommend inspectors, lenders, attorneys, and other professionals as necessary.
- Be an advocate and advisor during the closing process.
- Review and discuss home inspection concerns.
- Monitor and communicate required contract deadlines to ensure that you meet them.
- Assist in coordinating communications between the listing agent, lender, attorneys, title company, appraiser, and other professionals.
- 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.
- Remain a life-long trusted advisor regarding real estate questions, needs, or concerns.
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