WHY HOME BUYERS NEED A REALTOR
As licensed real estate professionals we provide much more than the service of helping you find your ideal home. Realtors are expert negotiators with other agents, seasoned financial advisors with clients, and superb navigators around the local neighborhood. We are members of the National Association of Realtors (NAR) and must abide by a Code of Ethics and Standards of Practice enforced by the NARA professional Realtor is your best resource when buying your home.
LET US BE YOUR GUIDE
- As knowledgeable Realtors we can save you endless amounts of time, money, and frustration. As knowledgeable Realtors we know the housing market inside and out and can help you avoid the “wild goose chase.”
- As knowledgeable Realtors we can help you with any home, even if it is listed elsewhere or if it is being sold directly by the owner.
- As knowledgeable Realtors we know the best lenders in the area and can help you understand the importance of being pre-qualified for a mortgage. We can also discuss down payments, closing costs, and monthly payment options that suit you.
- As knowledgeable Realtors, we are an excellent source for both general and specific information about the community such as schools, churches, shopping, and transportation, plus tips on home Inspections and pricing.
- As knowledgeable Realtors we are experienced at presenting your offer to the homeowner and can help you through the process of negotiating the best price. We bring objectivity to the buying transaction, and we can point out the advantages and the disadvantages of a particular property.
- The seller pays the commission to the Realtor®, therefore typically there is no fee for our professional service. In all relationships, as your Agent I have a duty to act honestly with both the buyer and the seller.
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THE ADVANTAGES OF A
BUYER AGENCY AGREEMENT
YOUR INTERESTS ARE PROFESSIONALLY REPRESENTED
Enlisting the services of a professional Buyer’s Agent is similar to using an accountant to help you with your taxes, a doctor to help you with your health care, or a mechanic to help you with your car. If you had the time to devote to learning everything about accounting, medicine, and automotive mechanics, you could do these services yourself. But who has the time? This is why you allow other professionals to help you in their specific areas of expertise. We will take care of the hassles of everyday real estate transactions for you. We let you concentrate on your full-time job, while we do our job. We will guide you through the home-buying process and exclusively represent your interests as we help you find a home, present your contract offer, negotiate, and close on your home!
YOU GET A PERSONAL SPECIALIST WHO KNOWS YOUR NEEDS
Just as your accountant, doctor, and mechanic understand your specific needs, your Buyer’s Agent gets to know your real estate needs and concerns. This type of relationship is built through open com- munication at all times. Your Buyer’s Agent will save you a lot of time by providing you all the details about any home before you see it. In addition, your Buyer’s Agent will listen to your feedback and con- cerns about each home.
YOU WILL QUICKLY AND CONVENIENTLY GET A GREAT HOME
The advantage to signing a Buyer’s Agency Agreement with us is that you will have a professional agent working to find and secure the ideal home for you. It is nearly impossible to find a home that meets your needs, get a contract negotiated, and close the transaction without an experienced agent. You won’t need to spend endless evenings and weekends driving around looking for homes or trying to search computer networks by yourself. When you tour homes with your professional Buyer’s Agent, you will already know that the homes meet your criteria and are within your price range.
WHAT IS THE BUYER’S AGENCY AGREEMENT
Entering into a Buyer’s Agency Agreement has countless advantages. When you sign the agreement, you are simply agreeing to “hire” a personal representative who, by law, must represent your best in- terests to the best of his/her ability. All of this personal service is available at absolutely NO COST TO YOU! The Seller’s Agent is responsible for paying your Buyer’s Agent fee. With us, you get profes- sional agents devoted to protecting your needs and to helping you make one of the most important in- vestment decisions of your life; and you don’t even have to pay the fee!
BEFORE WE BEGIN…
PRE-QUALIFICATION AND PRE-APPROVAL
Many buyers apply for a loan and obtain approval before they find the home they want to buy. Why?
Pre-qualifying will help you in the following ways:
- Generally, interest rates are locked in for a set period of time. You will know in advance exactly what your payments will be on offers you choose to make.
- You won’t waste time considering homes you cannot afford.
Pre-approval will help you in the following ways:
- A seller may choose to make concessions if they know that your financing is secured. You are like a cash buyer, and this may make your offer more competitive.
- You can select the best loan package without being under pressure.
HOW MUCH HOME CAN YOU AFFORD?
There are three key factors to consider:
- The down payment
- Your ability to qualify for a mortgage
- The closing costs associated with your transaction.
DOWN PAYMENT REQUIREMENTS:
Most loans today require a down payment of between 3.5% and 5.0% depending on the type and terms of the loan. If you are able to come up with a 20-25% down payment, you may be eligible to take advan- tage of special fast-track programs and possibly eliminate mortgage insurance.
You will be required to pay fees for loan processing and other closing costs. These fees must be paid in full at the final settlement, unless you are able to include them in your financing. Typically, total closing costs will range between 2-5% of your mortgage loan.
QUALIFYING FOR THE MORTGAGE:
Most lenders require that your monthly payment range between 25-28% of your gross monthly income. Your mortgage payment to the lender includes the following items:
- The principal on the loan (P) The interest on the loan (I) Property taxes (T),
- The homeowner’s insurance (I).
- Your total monthly PITI and all debts (from installments to revolving charge accounts) should range between 33-38% of your gross monthly income.
These key factors determine your ability to secure a home loan: Credit Report, Assets, Income, and Property Value.