Why should you use a REALTOR to help with your home buying process? After all the only things that they do are search the mls and drive you around to look at homes.
I was reading comments on a local online news site and realized that the general public has a misconception regarding the value that a REALTOR brings to the home buying process. Driving buyers around to look at homes is the easy part; it is only the beginning of a long list of duties that your buyers agent performs.
Below is an outline of the activities that a buyers agent will perform for you after you have found the home on which you want to make an offer.
Preparing the Offer
- Research comparable sales.
- Advise you regarding comparable sales and market conditions to help you arrive at an amount to offer for the home.
- Help you consult with a lender to determine the best financing options for your particular situation and make sure you obtain a prequalification letter.
- Explain the contract to purchase and any addendums.
- Write the contract to purchase.
Contract Presentation and Negotiation
- Present the contract, including the loan prequalification letter, to the listing agent.
- Advise the buyer of all counter offers and present the buyers response to the listing agent.
- Get all of the signatures and initials required from the buyer and make sure that the seller has signed and initialed where required as well.
- Will coordinate with listing agent, buyer, seller, lenders, and settlement agents.
From Contract to Closing
- Obtain the earnest money deposit
- Make sure that the buyer, lender and settlement agent have copies of the signed contract and all necessary documents.
- Make sure that the buyer has applied for financing and monitor that the financing is on tract to be completed within the necessary time limits. Let the appraiser into the home if necessary.
- Pick up the HOA package if the home is in a community with a HOA.
- Help buyer choose inspectors and make arrangements for any inspections. These could include: radon, lead based paint, building contractor. Be present at all inspections. Present results of the inspections to the listing agent and negotiate any requested responses from the seller such as repairs or mitigation. See that the inspection contingencies are removed.
- Make sure that the buyer has arranged for homeowner's insurance and that the settlement agent has a receipt.
- Notify all parties that loan approval has been obtained.
- Make sure that buyer has the name and phone numbers of all utilities and has made provisions to have them transfered to his name on the closing date.
- Keep in touch with the settlement agent and verify that the survey and title work will be completed by the closing date.
- Make sure that all agreed repairs have been completed and paid for. Verify that receipts have been given to settlement agent.
- Double check time and date of closing.
The Closing
- Schedule the final walkthrough inspection and accompany the buyer.
- Be in contact with the settlement agent for the final figure of the amount that the buyer needs to bring to closing, including the downpayment and closing costs.
- Make sure that the buyer will have all necessary funds at closing in the form of cash or a certified check.
- Attend closing with your buyer client.
As you can see there is a long list of details that are looked after by a full-service REALTOR after the home has been found. Many of these steps require decision making, where the help of an experienced professional can be invaluable.
If you have further questions regarding the home buying process, I would be happy to discuss them with you.
Pam Dent, e-PRO, SRES, NHD
Real ESTATE III
Charlottesville, Virginia
434 960-0161
www.JumpintoGreenerPastures.com
www.CharlottesvilleHorseFarmsandCountryHomes.com
www.Charlottesville.virginiablogpage.com
You have listed a farm for sale. In your listing packet you have given the buyer your list of tips for