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Buyer's Guide
WHY YOU NEED A REALTOR®
Expert Objective Opinions and Advice
Typically, there are a variety of steps and legalities that go on with real estate transactions, which include special forms and contracts where a real estate agent can navigate through with efficiencies to avoid delays and potential issues your average person would not be aware of.
Expanded Search Power
A REALTOR® has access to an expansive cooperative system called the multiple listing service. This tool is not available to the public and supplies an abundance of information that enables the buyer to make comprehensive decisions when making one of the biggest decisions in their lifetime.
Experienced Industry Negotiator in Your Corner
A real estate professional who's representing you has your best interests in mind as a fiduciary. Knowing the market and the ins and outs of the real estate game, they are there to negotiate the details, from repairs, to concessions, to the price; allowing you the time to do your due diligence before you are legally committed to the purchase.
Relevant and Up-to Date Knowledge of the Market
Your average person is not buying a home but once every few years and not keeping up with the real estate market and it's rules, laws, and regulations when it comes to who is responsible for what. Real estate agents are in the thick of it, not only transactionally, but with mandatory course work with continuing education, and to stay competetive and relevant in the market .
Emotional and Ethical Support
It is important when finding a real estate agent they are upholding the upmost professionalism and fiduciary responsibility to their client, as it is their duty to protect public's best interest in these types of transactions. Make sure your real estate agent can call themselves a REALTOR®, as they have earned the right by becoming a member of the National Association of REALTORS®. Every REALTOR® when becoming a member must adhere to a Code of Ethics. Most of REALTORS®, do understand this can be a very emotional time as you are buying a home, not just a house. We are here to guide you through the entire process.
The Cost of Buying
Appraisal
Earnest Money
Down Payment
Mortgage companies, banks, and lenders will require an Appraisal on a home. They range anywhere from $400-$700.
Down Payment
Earnest Money
Down Payment
Depending on the type of loan the Buyers qualify for will determine what type of down payment will be required at closing that will go towards the total home price usually expressed as a percentage all determined by the lender.
Earnest Money
Earnest Money
Earnest Money
Earnest money is considered similar to a gesture of good faith in a form of a deposit that is paid upfront, letting the Seller know you are seriously considering purchasing the home.. Later, it will get applied at closing to any closing cost/escrow fees. This is delivered to the title company/escrow agent to hold until closing.
Escrow Fees
Homeowners Insurance
Earnest Money
There are specific legal preparations that are involved in the closing of a real estate transaction that is handled by a third party, the title company. The fees associated with these preparations are called closing costs or escrow fees that are paid at closing.
Homeowners Insurance
Homeowners Insurance
Homeowners Insurance
Lenders required that homeowner's insurance be acquired on the purchase of a home and in some cases, the first year of fire and hazard is paid in advance. This is usually reflected on Closing Disclosure
Inspection Fees
Homeowners Insurance
Homeowners Insurance
An exceptional REALTOR® will advise a Buyer to do their due diligence and have the proper applicable inspections done, which may include pest, home, roof, etc.
The Pre-Approval Process and It's Importance
If You Aren't Paying Cash
- You won't waste time considering homes that may be out of your price range.
- If you are a first-time Buyer, you may be able to qualify for a special first-time Buyer program that could allow you to afford more home for your money.
- You will be ready to write a present an offer on the home you really want when you find it.
- You will be ready to write an present an offer on the home you really want when you find it.
- The REALTOR® can present a pre-approval to the Listing Agent with the offer, which in some cases may give you the leverage you need to appear more appealing to the Seller if another potential Buyer does not have one, which puts you in a much better negotiating position.
- You will know the amount needed for down payment and closing costs, which is important, because knowing that upfront could change your idea of how much house you are willing to get into.
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