Buying a new home is often a complex and overwhelming process. From properly negotiating the sale, to filling out mortgage paperwork, there are so many moving pieces to closing on a property that buyers can be left feeling frustrated and bewildered.
For many, the solution to this stressful situation is to hire a real estate professional.
A real estate agent can walk you through each step of the home buying process, offering sound real estate advice as you go.
Here are four key areas that a real estate agent can help you with buying a home:
Understanding financing and the mortgage pre-approval process.
Providing your real estate agent with some of your financial details such as your annual income, personal savings, and revolving debt, they can assist you in acquiring a loan pre-approval with a reputable mortgage lender.
It is then between you and the mortgage bank or lender to discuss available financing options including: specific monthly payment amounts you can afford, and what you can reasonably expect for a down payment and final closing costs.
Choosing the right home for your family and budget.
For most home buyers, choosing the right home is a highly emotional process. A real estate agent will assist you by offering objective market information about each property you find.
From local community and neighborhood information like the quality of schools and city zoning, to more home-specific details like roof condition and amenities, a good real estate professional can help you find exactly the home you’re looking for.
The proper ways to negotiate real estate including making an offer.
Once you have found your dream home, your agent will likely research data points to find recent comparable home sales of similar properties in the area to help determine a fair purchase price.
Based on the local real estate market data and comparable sales, as well as other factors like inspections and repairs, a real estate agent will then help you structure the right offer and then negotiate with the seller to get you the best possible price.
Getting to the closing table on your home purchase in a reasonable time-frame.
Closing on the home of your dreams, or settlement, can be quite a complicated process. In some states, an escrow or title company manages the closing process, while in other areas a real estate attorney handles the final transaction.
Sometimes there are closing delays such as loan underwriting, appraisals, inspections and surveys by a third party to the transaction.
This is where a good real estate agent is invaluable as they can ferret out any detail discrepancies and keep the other parties moving toward the finish line – closing on your new home.
Regardless of where you are closing, local real estate agents understand the lingo, guidelines and procedures that will help everything go smoothly.
By partnering with a knowledgeable local real estate professional who knows the ins and outs of the local market, chances are you will get the right home and walk away with a great experience.