Buying a home is a lengthy, emotional process. Sure, the shopping part is fun, but throw in financing, negotiation, and closing conditions, and you’ve got yourself a full-time job for the next sixty-ish days. Unless, you hire a Realtor to handle much of the stress for you.
You’ll find yourself working with many professionals throughout your homebuying experience. It’s essential that those professionals are kept in constant communication and made aware of deadlines, changes, and closing conditions. Here’s a small sample of all the people who will rely on your Realtor to bring your deal to the closing table:
All of the parties listed above want to help you close on your new home, but it’s not always a simple process. The professionals involved in your transaction will need frequent updates, sometimes several per day.
Buyers need Realtors. A Realtor is the buyer’s number one advocate from start to finish. A Realtor can find all homes that match your criteria, schedule your showings, negotiate your offer, help you through the inspection process (which could result in more negotiation) and advise you during and after the closing. Whew, take a breath. That’s a LOT of steps from start to finish, and it’s just a quick overview!
A big stressor for buyers is the Purchase Agreement. The Purchase Agreement is the long document written in legalease that spell-out the stipulations of your purchase. It’s also a legally-binding contract. It includes information like sale price, loan terms, closing date, tax and fee agreements, and any other negotiated terms for the purchase. Making a mistake on said contract could lead to surprise costs at closing. An experienced Realtor will double-check everything on your Purchase Agreement to ensure that you’re aware of everything you’re agreeing to in writing.
And here’s an often-overlooked fact: As a buyer, you won’t pay a commission. You might pay a one-time fee at closing to the Realtor’s principal broker. A principal broker’s overhead fee usually runs between $200-$300, but the larger percent commission is the responsibility of the seller. The seller pays a fee to his or her agent, usually around 6% of the sale price, and the seller’s agent negotiates a share of that fee with your agent. If you don’t enlist the help of a buyer’s agent you risk having the seller’s agent represent you at the closing table.
Bottom line: Choose your own agent and work with someone who is focused solely on YOUR best interests.
This segment could go on forever. As anyone who’s bought a house knows, the process is full of unexpected “surprises.” We’ll just keep it to the top three nightmares that agentless buyers have endured.
Save yourself the stress and potential expenses that come with going it alone. Choose a Realtor before you start house-hunting. He or she will make the home buying process as smooth as possible and will ensure that you don’t pay too much for your home.
Like this info? Subscribe to our blog for future posts about homeownership, finance, DIY projects and more!
Buying a home for the first time is daunting, but there are thousands of resources available to you at the time. Unfortunately, the same can’t always be ...
Adjustable-rate mortgages have gotten a bad rap over the years (especially after they helped along the American economy’s near-collapse in 2008), but hey, ...
1700 Magnavox Way, Suite 220, Fort Wayne, IN 46804
Ruoff Mortgage Company, Inc supports Equal Housing Opportunity
Ruoff Mortgage Company, Inc., d/b/a Ruoff Home Mortgage, is an Indiana corporation licensed by the Indiana Department of Financial Institutions (DFI). For complete licensing information visit: http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/141868. Equal Housing Lender. NMLS#141868
800.627.8633 | NMLS ID: 141868 | NMLS Consumer Access
ALL RIGHTS RESERVED