Why Use a REALTOR® When Buying a Home?
A real estate agent can help you understand everything you need to know about the
home buying process.
Not all real estate licensees are the same; only those who are members of the
NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They
proudly display the REALTOR " ®" trademark on their business cards and other
marketing and sales literature.
REALTORS® are committed to treat all parties to a transaction honestly.
REALTORS® subscribe to a strict Code of Ethics and are expected to maintain a
higher level of knowledge of the process of buying and selling real estate. An
independent survey reported that 84% of home buyers would use the same
REALTOR® again.
Real estate transactions involve one of the biggest financial investments of most
people’s lifetime. Transactions today usually exceed $250,000. If you had a
$250,000 income tax problem, would you attempt to deal with it without the help of a
certified professional accountant? If you had a $250,000 legal question, would you
deal with it without the help of an attorney? Considering the small upside cost and
the large downside risk, it would be wise to work with a professional REALTOR®
when you are buying a home.
If you're still not convinced of the value of a REALTOR®, here are more reasons to
use one:
A real estate agent can help you understand everything you need to know about the
home buying process.
Not all real estate licensees are the same; only those who are members of the
NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They
proudly display the REALTOR " ®" trademark on their business cards and other
marketing and sales literature.
REALTORS® are committed to treat all parties to a transaction honestly.
REALTORS® subscribe to a strict Code of Ethics and are expected to maintain a
higher level of knowledge of the process of buying and selling real estate. An
independent survey reported that 84% of home buyers would use the same
REALTOR® again.
Real estate transactions involve one of the biggest financial investments of most
people’s lifetime. Transactions today usually exceed $250,000. If you had a
$250,000 income tax problem, would you attempt to deal with it without the help of a
certified professional accountant? If you had a $250,000 legal question, would you
deal with it without the help of an attorney? Considering the small upside cost and
the large downside risk, it would be wise to work with a professional REALTOR®
when you are buying a home.
If you're still not convinced of the value of a REALTOR®, here are more reasons to
use one:
- Your REALTOR® can help you determine your buying power - that is, your
financial reserves plus your borrowing capacity. If you give a REALTOR®
some basic information about your available savings, income and current
debt, he or she can refer you to lenders best qualified to help you. Most
lenders - banks and mortgage companies - offer limited choices.
Your REALTOR® has many resources to assist you in your home search.
Sometimes the property you are seeking is available but not actively
advertised in the market, and it will take some investigation by your agent to
find all available properties.
Your REALTOR® can assist you in the selection process by providing
objective information about each property. Agents who are REALTORS® have
access to a variety of informational resources. REALTORS® can provide local
community information on utilities, zoning, schools, etc. There are two things
you'll want to know: First, will the property provide the environment I want for a
home or investment? Second, will the property have resale value when I am
ready to sell?
Your REALTOR® can help you with negotiations and inspections. There are
many negotiating factors, including but not limited to price, financing, terms,
date of possession and often the inclusion or exclusion of repairs and
furnishings or appliances. The purchase agreement should allow time for you
to complete appropriate inspections and investigations of the property before
you are bound to complete the purchase. Your agent can advise you as to
which investigations and inspections are recommended or required.
Your REALTOR® provides due diligence during the property evaluation.
Depending on the area and property, this could include inspections for
termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well
tests, just to name a few. Your REALTOR® can assist you in finding qualified
responsible professionals to do most of these investigations and provide you
with written reports.
You will also want to see a preliminary report on the property title. Title
indicates ownership of property and can be mired in confusing status of past
owners or rights of access. The title to most properties will have some
limitations; for example, easements (access rights) for utilities. Your
REALTOR®, title search company or attorney can help you resolve issues
that might cause problems at a later date.
Your REALTOR® can help you understand different financing options and
identify qualified lenders.
Your REALTOR® can guide you through the closing process and make sure
everything flows together smoothly.
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