Buyer Resources

A buyer’s agent, also known as a buyer’s representative, is a licensed real estate agent who works exclusively with buyers to help them purchase a property. A buyer’s agent represents the best interests of the buyer throughout the entire home buying process, from the initial search to the closing of the transaction.

Here are some of the key responsibilities of a buyer’s agent:

  1. Help the buyer find the right property: A buyer’s agent will work with the buyer to understand their needs and preferences, including location, size, and budget. They will then use their expertise in the local real estate market to search for properties that meet the buyer’s criteria.

  2. Arrange property viewings: Once the agent has identified potential properties, they will schedule property viewings for the buyer and accompany them to the showings.

  3. Provide market information: A buyer’s agent will provide the buyer with information about the local real estate market, including recent sales data and pricing trends. This information can help the buyer make an informed decision about the property they want to purchase.

  4. Assist with the negotiation process: Once the buyer has found the right property, the buyer’s agent will assist with the negotiation process. They will work to ensure that the buyer gets the best possible price for the property and will negotiate on the buyer’s behalf with the seller’s agent.

  5. Recommend professionals: A buyer’s agent will also recommend professionals such as home inspectors, mortgage lenders, and attorneys to help the buyer throughout the home buying process.

  6. Ensure a smooth closing process: Finally, a buyer’s agent will ensure a smooth closing process by coordinating with the buyer, seller, and other professionals involved in the transaction, such as title companies and attorneys.

Overall, a buyer’s agent is an essential resource for buyers who want to navigate the complex process of buying a property. By working with a buyer’s agent, buyers can save time, reduce stress, and have the peace of mind that they have an expert on their side throughout the entire process.

Needs vs. Wants

Take a minute to define what we’re talking about when we talk about needs vs wants. Needs are deal-breakers. These are essentials that would impossible, or very hard, to change. Wants are optional, to varying degrees. Our checklist has “big want” and “small want” columns. These are things you want but can live without, or possibly add to your home later.

Here are some things to think about as you work through the needs vs. wants checklist:

What do you love and hate about where you live now? If the layout of your current place is a huge pain, for example, think twice about settling for a home that has the same problem. Things like that really shape your daily life.

How long will you live in your home? Needs are a moving target, and your first home probably won’t be your last. Think short- and long-term goals.

Are your expectations realistic? You probably won’t get everything you want in one house. Home buying is about compromises and tradeoffs — and being smart about how you make them.

If a home doesn’t meet a need as is, can you remodel? Are you willing and able to add your must-have third bedroom or second bathroom? If you face this kind of decision, make sure building codes won’t preclude your plan. And get a realistic sense of the cost. Do you have the money? How long will it take to save up? One of the biggest surprises for new homeowners is how darn expensive things are.

Costs to Consider

Down Payment: This varies depending on your loan and what you feel comfortable with. Some loans offer down payment assistance but it’s not uncommon to put 3% down for an FHA loan, 5% conventional and 20% down to avoid PMI (private mortgage insurance).

Earnest money: a check is needed once we go under contract on a home. It is usually about 1% of the purchase price. This is deposited and given back to you (as a credit) at closing to go towards your closing costs.

Once we find the house, we will have a home inspection in the first week. This costs between $400-$600 depending on the size and type of house. **If you have an inspector that you prefer to use, let me know. If not, I am happy to give you a list of suggestions.

After the inspection and once we have verified you want the house, we will order the appraisal which is around $500-$600. This is paid at closing.

Home Buying Timeline

Pre-approval

It’s important to meet with a lender first. This allows you to figure out exactly how much you qualify for and what monthly payment you will be comfortable with.

House Hunting

I will sit down with you and learn what is important in your next home. We will discuss what your wants and needs are, I will send you listings, and take you to see your top picks!

Executed Contract

CONGRATULATIONS! You found a home you love, we put in an offer, and it was accepted. We are officially under contract. 

Earnest Money Due

You must send earnest money to the title company or broker within 24-48 hours of the contract being accepted.

Loan Application

Your loan applications needs to be started within 3 days from the executed contract date. During your loan processing it is VERY IMPORTANT not to make any major job changes, major purchases, or open new credit cards or lines of credit, as any of these activities could alter your qualification.

Schedule Inspection

The last date to renegotiate or cancel contract due to anything that comes up during inspections is 7-10 days after entering contract (depending on what was agreed to). I recommend scheduling the inspection as soon as possible.

Wait for Appraisal

The home appraisal occurs once the offer is accepted and usually within 1-2 weeks AFTER an inspector has reviewed your home. In other words, once you and the seller have worked out details about a price, repairs, and credits—essentially all the financial give and take—the lender will send in an appraiser to assess the fair market value of the home.

Words to Know

  • ESCROW: When you make an offer on a home, you will write an earnest money check that will be placed in “escrow.” That means it isn’t going directly to the seller but is being held by an impartial third party (the broker or title company) until you and the seller negotiate a contract and close the deal.
  • CONTINGENT: After an offer has been accepted, finalization of the closing can be contingent on certain terms (i.e. inspections, appraisal, etc.)
  • APPRAISAL: A licensed appraiser’s opinion of a home’s market value based on comparable recent sales of homes in the neighborhood.
  • CLOSING COSTS: These are costs outside a property’s sales price that must be paid to cover the cost of the transaction, such as a loan origination fee, discount points, insurance fees, survey fees, and attorney’s fees. Closing costs vary from location to location, but must be described to you when you submit your mortgage loan application.