How a REALTOR Can Help?

A real estate agent can help you understand everything you need to know about buying a home.
The process of buying a home generally starts with determining your buying power; that is, your financial reserves plus your borrowing capacity. If you give a real estate agent some basic information about your available savings, income and current debt, he or she can refer you to a lender that is best qualified to help you get pre-approved to buy a home. 

Once you know how much you are able and willing to invest in a home purchase, the next step is to find properties that fit your needs. This is the time to choose a real estate agent. When picking a real estate agent look for one who is also a REALTOR. A REALTOR is a member of the NATIONAL ASSOCIATION OF REALTORS, a real estate trade association, and all members agree to abide by a 17 article Code of Ethics. A REALTOR has many resources to help you in your search. Sometimes the property you are seeking is available but not actively listed in the market. It will take some investigation by your agent to find all available properties.

Since making the final selection of the property is full of excitement and emotion, a real estate agent can be a tremendous help by providing objective information about each property. Agents who are REALTORS have access to a variety of informational resources. REALTORS can provide local community information on utilities, zoning, schools, etc. There are two things you'll want to know. First, will the property provide the living environment you want NOW? And, will the property have strong resale value when you are to sell?

When you negotiate your purchase contract, there are many factors to consider. Not only price, but terms, date of possession and often the inclusion or exclusion of repairs and furnishings. The purchase agreement should provide a period of time for you to complete any needed inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

With a negotiated agreement in hand, it is time to complete the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, faulty structure, roof condition, septic tank and well tests, just to name a few. Your agent can assist you in finding qualified professionals to do most of these investigations and provide you with written reports. 

Finally, there is the closing. In some areas, the title or escrow company will handle this process. In other parts of the country, an attorney does it all. Again, your real estate agent can guide you through this process and make sure everything flows together smoothly.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney...of course not. That is why it would be foolish to consider a real estate purchase without the professional assistance of a REALTOR.

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