The process of buying a home can be a bit overwhelming. Between financing to negotiating to closing, many moving pieces can leave homebuyers baffled.
A buyer agent can help alleviate some pressure by guiding you through each step of the buying process and offering sound advice along the way.
But what exactly is a buyer’s agent?
A buyer’s agent is a licensed real estate agent that represents the buyer in a real estate transaction. There is a lot that goes into finding the right home, so making sure you have an agent that will explain the process and is a good fit is very important. Even though the buyer agent represents the buyer, you do not actually pay them. The seller of the house you purchase pays the agent’s commission for you. Not only will working with an agent grant you access into the ins and outs of the real estate industry, but it will also not cost you anything.
Deciding when to buy, how much to spend, and how to make an offer on a house are crucial steps in this process. If you are getting ready to buy a home in Central Ohio, but do not know where to start, be sure to check out how an agent can help you today.
- Getting Pre-Approved by a Lender One of the major pieces of buying a home is getting pre-approval for a mortgage. By providing your agent with some basic information about your financial situation, they will work with you in getting pre-approval by a reputable lender. After you are pre-approved, the lender will go over your financing options with you. It is at this stage that you will discuss what monthly payment amount you can afford and what you can expect to pay for the down payment and closing costs.
- Choosing a Home Choosing a new home can be an emotional process for many buyers. You have to search through hundreds of listings, examine local community information like schools and zoning to home-specific details, and then, in the end, figure out what is in your price range. Though overwhelming for buyers on his or her own, working with an agent allows you to find exactly what you are looking for. Agents are able to offer unbiased information about every property looked at and they use their specialized knowledge to narrow down the hundreds of choices. When your new home is finally found, an agent will discuss strategy with you regarding offer price, financing terms, closing date; all weighted in your best interest.
- Making an offer After finding your dream home, an agent will research recent comparable sales of other homes in the area. This helps determine a fair selling price. Based on those comparable sales, as well as other factors like inspections, appraisals, disclosure documents, and repairs, an agent will help you construct an offer and negotiate to get the best possible deal. It is common for this process to take between one to two weeks.
- Closing The process of closing on a house can be complicated. Depending on the properties, anyone from a real estate agent, to an attorney, to a corporation could handle the closing process. In any of these cases, using a real estate agent will ensure that the entire process goes smoothly. With an agent, the closing process goes quicker, is less of a hassle, and is much more efficient than doing it all yourself.