What Do Buyers Actually Need?
When you begin searching for a home you are filled with excitement. Finally, after years of saving, researching, and reading everything, it’s your turn! With so much information available on social media and nearly every realtor and lender looking to become your “friend”, the process can be difficult to sort through and figure out.
The first step is to begin is obtain a pre-approval from a licensed mortgage specialist. If you have not already hired a lender, your real estate agent will be happy to refer you to a trusted professional. Most agents have working relationships with several mortgage specialists and can refer you to a lender. If you are not hiring an agent referred to you by a satisfied past client, ask for client recommendations/testimonials when interviewing agents.
The mortgage specialist will ask you for a series of personal documents to confirm your employment and income. Only your mortgage specialist can work with you to assist you in determining your price range. Once you have a certified pre-approval, your agent can work with you to set you up on an MLS search. The MLS is the only accurate source for finding listed homes. Your agent will customize your search to include any specific details you are looking for, which will save you time.
Some buyers believe it adds an advantage to sift through properties themselves and go direct to the listing agent. The buyer’s intent is to use the listing agent as their buyer’s agent. Agents are bound by a code of ethics. It is not advantageous to use the same agent for both sides of the sale unless you hired the agent in advance and they happen to have a listing that suits you. Your objective should be to hire an agent whose primary motive is working in your best interest to find you the perfect home that fits your needs, desires, and price range. You will need an agent who is active in your community, one who is well connected with other agents as well as having a solid understanding of the current market. Just as you sign a Residential Listing Agreement to sell your home, you should sign a Buyer Broker Agreement. A Buyer Broker Agreement will give your agent the confidence to continually work to find you the right home while knowing you are equally committed to each other.