Have you ever wondered or asked “what does a realtor do for a buyer?” I have asked this many times myself. So let’s dissect it.
Our first priority is helping you find a home, but before we can start searching we have to know what you are pre-qualified for. A lender will approve you for a loan based on your financial situation.
Once you are pre-approved we start searching for homes that meet your criteria. Once we have located that perfect home for your family, we will then negotiate through a contract offer with the sellers to get the lowest possible price.
If your offer is accepted we will then walk through some due diligence items such as Title work, HOA docs order a home inspection and appraisal to make sure everything checks out to your satisfaction. If all goes well the next step will be the closing table, where you will be handed the keys to your new home.
Thit doesn’t seem to hard does it? Let’s look into each step a little deeper and see how they will affect you.
The first step is to get pre-approved by a lender. The lender will ask for a few documents having to do with your financial situation. With this information they will then explain all the programs available to you.
There are many different loans such as VA loans, FHA loan and Conventional loans. Within these loans there are many different options as well, such as: No money down, little money down, different interest rates or payment options.
This is one of the most crucial pieces of the home buying process. Without the lender loaning money it will be very hard to purchase a home.
Helping you find a home
Helping you find a home is an ongoing process that doesn’t end until you purchase a home. Instead of searching on other websites like zillow or realtor.com (which are NORMALLY behind the live system) we will set you up on a private live portal directly linked to the Realtor MLS (Multiple Listing Service).
With this portal you will be notified instantly when a new property in your criteria has been listed by any Realtor or any Company. Because of this instantaneous notification it gives you the advantage above other buyers who may be searching other sites who are normally behind in their updates.
This could be the difference between being the first offer or finding out it has gone under contract before you even got the chance to see it.
Showing you homes
Showing homes is really an educational process. We will look at your favorite properties in the portal to determine if there are any of them you would like to purchase.
The educational portion comes in this process by weeding out homes and areas that you may or may not like, as well as, home styles and features you really like or dislike. This will help us narrow your search criteria even more.
Negotiate the best price for you
Once you have found the home that you desire, we will prepare an offer based on all the information we have gathered in our analysis of the property in regards to worth, condition and other factors. It will be prepared on an e-contract that you will be able to sign with your mouse from the comfort of your own home.
We will then send the offer and the Lender pre-qualification letter to the listing agent representing the seller. Typically the seller will make a counter offer. This is where we will negotiate until we come to an agreement that ultimately meets the seller and buyers satisfactions.
Within the first 10 days of the contract we will inspect the home using a professional home inspector. An average cost to the buyer for an inspection will be around $300-$500 depending on the square footage of the home.
This is a good time to spend several hours inside the home looking at many details that might not have been seen during the initial preview. If inspection items are found in the home that you are not comfortable with, we will write up an inspection objection to correct these items. The seller has an opportunity to reject the items or offer an alternate resolution.
If the buyer is not comfortable with the home after the inspection or after receiving the sellers alternate resolution, they may walk away from the contract and get their earnest money back.
Order the appraisal
Once the inspection items are negotiated, we will instruct the lender to order the appraisal. The lender will order the appraisal through a licensed appraiser to go to the property to determine its value.
If the value does not come in at the value of the contract or above, you will be able to back out of the contract and get your earnest money back.
The closing table
We will meet at a title company with the sellers and their agent to sign all the paperwork for the closing of the home. We will get to review all the paperwork for accuracy and sign for the home.
Once the signing is complete, all keys will be turned over to you and you will walk out a proud homeowner.
These are just a few of the things to answer the question “What does a Realtor do for a buyer?” These 7 steps are certainly not everything that we do, but just a piece of what you may see as you go through the home buying process. If you would like to know more about what a Realtor does for a buyer please leave a comment below.