Finding An Agent

This is part 2 of a series of 7 articles that guide potential buyers through the home buying process. These articles provide insight and suggestions to help homebuyers find the home of their dreams.

Step One: Getting Your Finances In Order

Your first step to buying your dream home is to get your finances in order and figure out what your dream home can be based on your financial reality. The second step then is to arm yourself with the most important tool you will need in the home buying process – an agent.

There are several reasons you should hire a buyer’s agent, but we’ll just lay out a couple of them and walk you through how to find a good one.

Tip 1: A home buyer’s agent is free, so get one

A buyers agent is the kind you’re looking for to help you find a home, make an offer and close a deal on the home of your dreams. Their fees or commission for the job is paid from the home sale itself. In other words, the seller you work with will be paying your agent – you don’t have to pay a dime out of pocket.

Not only can you get a buyer’s agent free of charge, having one actually saves you money. Studies have shown that the right agent and company can impact your financial outcome by as much as 20%. Having an agent to search for the best home deals and negotiate on your behalf for a lower price can save you thousands of dollars when it comes time to buy your home.

So take advantage of this professional because their help is invaluable during this process.

Tip 2: Look for an agent that fits you and your needs

Everybody is different and so is their home search which means you need to find an agent to fit your specifications. For example, you should search for a local expert in the particular city or area where you're interested in settling, an agent who specializes in short sales if you’re interested in buying one or just an agent who works primarily with buyers. Your ideal agent should have the insider scoop on the best neighborhoods in your area of interest and come with built in local market knowledge.

In order to find the right agent, you will need to meet with several potential candidates and interview each one. It’s important to find an agent you can trust and get along with because you will be working very closely.

Interview Questions:

• How long have you been a buyer’s agent?
• How many homes have you helped past clients buy in the area?
• What specializations, credentials or certifications do you have within the real estate industry?
• How will we communicate?
• What do you know about financing options for buyers?

Tip 3: Find an agent with great contacts

It’s a good idea to find an agent who knows about financing options because they can help you find the right program and lender. You’ve already done your finances you so you know what you can truly afford each month but you still need to secure a loan. An experienced agent will have suggested lenders and know which financial programs best fit you  like maybe an FHA loan if you’re a first time buyer with less than stellar credit, or a VA loan if you’re a veteran.

Not only should your agent be able to help match you up with a great lender, they will also have tons of other professional contacts in the industry. Experienced agents will have a Rolodex of trusted vendors so  you don’t have to do the research. They can set you up with repair companies, appraisers, real estate attorneys and more.

Which leads us to next week’s installment – Step Three: Getting pre-approved for a home loan

Buyers – What do you think are the most important qualities/qualifications to find in a buyer’s agent?

Agents – What pitfalls do buyers face without professional help?

Originally posted at: http://www.firstteam.com/blog/?p=7358