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 feel 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, what you can reasonably expect for a down payment, and final closing costs.
You are choosing the right home for your family and budget.
Choosing the right home is a highly emotional process for most home buyers. 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, an excellent real estate professional can help you find exactly the home you’re looking for.
The proper ways to negotiate real estate include 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, comparable sales, and other factors like inspections and repairs, a real estate agent will help you structure the right offer and then negotiate with the seller to get you the best possible price.
You are getting to the closing table on your home purchase in a reasonable time frame.
Closing on your dream home or settlement can be complicated. In some states, an escrow or title company manages the closing process, while a real estate attorney handles the final transaction in other areas.
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 terminology, 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.