If you’re shopping for a house, or even just considering buying one, there’s one person that you absolutely need on your side: a Realtor. Potential buyers often think they can go it alone, but there are a number of things they may not be considering.
What is a Buyer’s Agent and How are They Compensated?A Buyer’s Agent is your representative throughout the transaction. When you choose a Buyer’s Agent to represent you, they’re going to keep your best outcome in mind. They’re not only legally bound to protect you throughout a real estate transaction, many Buyer’s Agents are also naturally protective of their clients.
Many people are nervous about choosing a Buyer’s Agent because they’re under the impression that they may have to pay an extra fee for their services. However, the fees that the real estate agent and their company earn are set long before you walk in the door. Buyers don’t typically pay their agent directly since the brokerage commission is figured into the price of the house. So cost is not typically an issue for a buyer.
Buyer’s Agents Make Everything Easier for You Furthermore, your Buyer’s Agent is a lot more than a pencil pusher. They can help make your purchase so much easier in a million ways. Here are just eight of them:
Some consumers have a lot of false assumptions about the housing market – and those beliefs may cause them to miss out on a great house.
HouseLogic.com recently featured some of the biggest misconceptions that buyers have, including:
Bottom line - If you've found your dream home and the 20% rule is out of reach, give us a call. We work with reputable lenders who have a variety of products that will be able to help you. Even though interest rates are inching up little by little, they are still at historic lows and it's a great time to buy.
Househunters, before you can start the “fun” part of searching for and touring potential homes, you must take the very important step of getting pre-approved for a mortgage (assuming, of course, you’re not paying cash for the home).
The first step is finding an experienced and trusted Realtor to guide you through this process. Your Realtor will be able to walk you through the pre-approval process step by step and even connect you with proven lenders they know and trust.
Did you know that many Realtors will not even look at offers (and sometimes even showing requests) from buyers without pre-approval. For that reason, agents are often reluctant to take clients out on tours before they have gone through the pre-approval process.
FIRST THINGS FIRST
Your first step is to find an experienced, local lender to start the process of getting pre-approved for a mortgage. We are happy to help you with this step! The pre-approval process is actually quite simple and can usually happen in a 20-30 minute phone call or meeting. The option for online pre-approval exists, but it’s usually easier to have a call or meeting so the lender can get all of the needed answers while also gathering your personal information.
THE PRE-APPROVAL PROCESS
What is covered in this initial consultation? The lender will ask about your your current income, assets, and liabilities. They will also want to discuss your real estate goals so that they can tailor a mortgage to fit your needs.
Here’s a list of documents you will need for a lender to verify your income and assets for pre-approval:
If you’re just starting to think about a new home, take the first step of getting pre-approved for a mortgage, today. It’s much easier than people realize! Be sure to use a trusted, local lender who is responsive, creative, and works evenings and weekends, to help get you into your dream home.
Ready to start the process? Book a buyers consultation.
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The Team at eXp Realty are available to answer any questions you may have regarding the Naples/Marco Island market. Contact Us.
It pays to have agents who are familiar with the ins and outs of the community. We're here to help guide you.