In any real estate deal, the relationship between a buyer and their agent requires disclosure and trust. When meeting a potential agent, you should receive an explanation of how that agent views the relationship so you can be sure you'll receive the level of service you're expecting in future dealings. Here's a list of the things you should expect from a buyer's agent:
1. Financial Pre-Approval
The first step to buying a property is settling finances. I like to help my buyers get pre-approved with one of my team members for the amount of financing needed.
2. Attorney Referral
For some of the transaction paperwork, legal work will need to be conducted, so an agent should be referring his or her client to a reputable professional attorney.
3. Website Sign-Up
I like to refer my buying clients to my website to offer help, tips and a way to easily keep in touch.
4. Purchase Offer Walk Through
When you're interested enough in a property to start the buying process, a purchase offer is written up. A hands-on agent should explain to you how the process works and what the offer contains.
5. Home Inspection Explanation
If the offer is accepted, a home inspection is often the next step. Your agent should explain how the inspection works and what the inspection report will reflect.
6. Purchase & Sale Explanation
Now you're ready for the Purchase & Sale, the final step in the purchasing paperwork. Your agent should walk you through this document thoroughly so that you understand each component and are comfortable with the final terms of the agreement.
7. Appraisal Process Explanation
Your agent should inform you about the home appraisal process, in which the home will be accessed for fair market value so that your financing is in line with the actual value of the home.
8. Commitment Letter Explanation
When your financing is approved, your agent should help you understand your commitment letter, which lets you know that your mortgage has been approved.
9. Property Walk Through
Your agent should lead you on a final walk through of your property.
10. Closing
This is the final step of buying a property, where your agent should be present for the handling of keys and offering congratulations - after all, you just bought a home!
You should be getting exactly what you need from an agent during the home buying process - arm yourself with the knowledge above to ensure that you will.
Get in touch to learn more and see how I can help you find your dream home!
Written by:
Bill Rosanio
Commonwealth Properties
(617) 548-8719
bill@wearecommonwealth.com
