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Exploring Your Mortgage Options
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1.WHY SHOULD YOU WORK WITH A REAL ESTATE AGENT?
When you’re in the process of buying a house, working with a real estate agent can make all the difference. Here’s how a real estate agent helps:
FINDING THE RIGHT HOUSE
Your real estate agent is going to help you find the ideal house for you, as they can access the MLS database. That allows them to know what houses are on the market, their listing price, and what features they offer. Even though this information is given on real estate listings and provides a good estimate, it’s not always up-to-date or 100% accurate.
Agents have experience of finding homes and will know which homes are likely to have problems. They will help explain what you should look for and what to avoid, which is invaluable advice for first-time home buyers.
ZERO IN ON A GOOD AREA
Knowing which homes are for sale isn’t the only thing you need to know when searching for a home, and a good real estate agent will help find the best locations to buy a new home. They’ll help you find homes that have the best resale values, school districts, and amenities, whichever you favor.
GET A GUIDING HAND
The main benefit you get from a real estate agent is the consultation they provide you with. They’ll discuss the home buying process with you before searching for a home, to get an idea about your preferences. Most homeowners will only buy a home once or twice in their lifetime, but a real estate agent does this for a living and has been through the buying process with numerous clients.
MANAGING THE PAPERWORK
Most people don’t know how to write a purchase agreement but it’s not a big deal, as your real estate agent will handle all the paperwork involved in buying a house. They’ll draw up the purchase agreement; all you need to do is read and sign it. A lot of paperwork is involved when you’re buying a home but when you’re working with a real estate agent, you don’t need to worry about any of it.
MAKING CONNECTIONS
Once your offer has been accepted the entire home buying process can turn into a tumultuous experience, as there are multiple things that must be done over a month. You’ll need to handle arranging movers, arranging for repairs, shopping for insurance, getting an inspection, purchasing a home warranty, in addition to getting a mortgage.
All this can overwhelm you. Luckily, the real estate agent knows how to handle all this since they have done it numerous times. They’ll know which the best home warranties are, which movers to work with, what insurance companies offer the best rates, and which inspectors offer accurate reports. They have a lot of experience and have a lot of connections involved in the home buying process, which allows them to help you avoid expensive problems.
HOW MUCH DOES IT COST TO WORK WITH A REAL ESTATE AGENT?
The best part about working with a real estate agent when you’re buying a home is that it won’t cost you a penny. However, that doesn’t mean that the real estate agent isn’t going to be paid. They will get a commission from the seller for themselves and their agents. In general, the standard commission is 6% with the buyer agent getting 3% and selling agent getting 3% as commission.
2.HOW TO FIND A REAL ESTATE AGENT YOU TRUST?
Real estate agents have a massive role to play when it comes to ensuring a stress-free and successful home buying experience, which is why it’s important that you work with someone good. The best way to find a real estate agent you can trust is through referrals from family or friends who have recently bought a home. You can even ask your lender to refer you a real estate agent.
After getting a couple of recommendations, you should ensure that you’re working with the right person and this can be checked in a couple of ways. First, you need to work with a Realtor because they are real estate agents associated with the National Association of Realtors. That means they are bound by a strict code of ethics.
You should also check whether the real estate agent has a real estate broker license, as it shows that they’re invested in learning and improving their education in the profession.
However, the most important thing to look for is a real estate agent that gives you respect. There are a lot of real estate agents out there without any designations but have the characteristics of a good real estate agent, and you want to ideally work with someone who is respectful, loyal, and trustworthy.
SHOULD I GET APPROVED BY A LENDER OR FIND AN AGENT FIRST?
It’s preferred by a lot of real estate agents that you get approval first. This helps speed up the home buying process, as they won’t waste their time by showing you houses that are not in your budget.
3.WHAT TO EXPECT WHEN YOU’VE FOUND YOUR REAL ESTATE AGENT?
Every real estate agent is different, but we’re going to provide you with a general picture of how the house hunting process will go about and what you should be expecting from the real estate agent:
- You’ll discuss your expectations for the ideal home, and the agent is going to look at the approval letter to get an idea about your budget. You’ll also discuss your criteria for a home and what areas you are targeting.
- Next, you’ll check out the listings of homes that meet your expectations, sent by your agent, and you can choose the ones that you want to see in person.
- The house showings will be set up by your agent, which will be done quickly so that you don’t miss out on buying that home. You’ll need to clear your schedule when you’re house hunting, as the market can be quite competitive.
- You’ll go to different showings together until you make an offer for a house, and this is when your agent is going to draft an offer letter and hope that you get the house.
WHAT IF I WANT TO CHANGE REAL ESTATE AGENTS?
You won’t need to sign a contract to work with a real estate agent in most cases, so there won’t be any complications in changing your agent. However, you should be honest about your feelings and talk with your agent if you don’t think they’re doing a good job in helping you find a home. You can also inquire about whether you can work with another agent from the same company.
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Further Reading
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