How To Select a Real Estate Agent to Purchase a Home

By
Services for Real Estate Pros with Author, Speaker, Consultant, Carra Riley Inc.

There are four simple reasons the time is right to buy a home NOW!

1.  The inventory to select from is high.

2.  The interest rates are very affordable.

3.  New legislation created a STIMULUS package to encourage home sales.

4. The buyers market could soon be turning into a sellers market. 

 

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On November 6, 2009 the President signed an extension for the first-time home buyer credit of $8,000. The legislation also INCLUDED a move up buyers credit for a $6,500.  With basic principles of supply and demand incorporating the stimulus package, the real estate market should get ready to rock again! Today's buyer is going to receive financial advantages to BUY NOW.

The extension and new credit apply to home purchases occurring between November 6, 2009 and April 30, 2010. Purchases signed by the April 30 deadline have until July 1, 2010 to close. Military personnel serving abroad have an extra year, with the tax credit set to expire June 30, 2011.

IT MAKES SENSE TO BUY REAL ESTATE NOW!  

If you are a buyer, looking to connect with a professional Real Estate agent to help you find your dream home, there are a few questions you should ask before deciding who you want to work with.

You should interview an agent you select to work with just like you would if you were hiring an employee to work for you in business. 

Knowledge IS power.  As a buyer, you make any sale work.  The loan or cash you bring to the transaction enables the closing to take place. Nothing happens in real estate without a buyer.  Working with the right agent is of utmost importance to represent you in the transaction.  My suggestion is to talk to at least three agents to compare and find the one who fits and relates to you and your needs. 

Buying a home is one of the biggest purchases most people make in their lives, so connecting with the right individual who you want to make your Real Estate agent for life is very important. 

The Real Estate agent you select to work with could possibly be a friend and confidant for a very long time.  Selecting the agent with the same care you would pick an attorney or account will make your home buying journey much easier.   

Start your agent selection process on the Internet. puzzle

Read Real Estate blogs.  See what the agent is talking about and how they present themselves as a professional.  See if they know about the area you are interested in and how much information they are sharing with the public. Determine if the person you want to interview looks like an authority in real estate.

Google the Real Estate agents name.  See what cyberspace says about the possible candidate. READ all the information. 

Check websites.  Look for references and testimonials to select the three candidates you want to interview.  Do they have an interactive website site to start looking for homes or a place where you can get free information about the home sale process. 

Once you have selected several agents to interview discuss the home sale process and how you fit into the transaction along with how they will work with you and communicate. Below are 12 points to start with.

Each state may have different variations on regulations with reference to disclosure of agency and who a real estate agent works for. Each agent will discuss specific answers to questions based on State Law.

1.  Discuss agency in your state.  
Ask the agent to explain buyer agency and seller agency so you understand who works for you and  how the representation process works.  

    a.  Do you sign a buyer agency contract? 

    b.  How long is the contract?

    c.  Can the contract be terminated and what are the details.  

    d.  Get a copy and go over ALL of it untill you understand what it means.    

2.  Discuss Loan Pre-approval process.

As a buyer you should be pre-approved BEFORE you go out to look for a home.  You should not get in the car to even look for a home until you know what you can qualify for. It would be a waste of everyone's time to contract or start looking for a home if you are not pre-qualified to purchase.


3. Discuss property requirement, information.

Make a list of what the home MUST have for you to buy and a list of what the extras you LIKE to have.  Be realistic in your wants.  Describe what the bare minimum you would settle for includes. 

    a.  Location:   Are schools important?  Is public transportation part of the decision? Proximity to family? 

    b.  Condition:   Will you take something that needs work?  Can you replace carpet or paint?                                    Do you need something ready to move in?

    c.  Terms:  Do you need some seller financing or are you pre-qualified for a traditional loan?

    d.  Home Specifics:  Bedrooms, bathrooms, lot size, garage size, zoning, basement, construction, style

4.  Discuss the sale timing.

Do you need to wait for a lease to expire, school to get out or any event which plays a part in your ability to close prior to July 1, 2010. This applies to buyers looking for the current tax credit.

5. Discuss the showing process.

When will you go look at property.  How many homes will you look at a time.  How will the homes be presented to you before you go to look? Who will show you the homes.

6. Discuss the offer price determination process.

How will the value of the home you selected be evaluated.  Will you get a market analysis of the home and information on what is going on in the area?
    

7. Discuss the process for the offer to purchase.

What are the steps involved in writing an offer.  How much earnest money is needed?  When will it be deposited?  When is an inspection preformed and where do I find an inspector.  How long does it take for an answer to the offer? 

8. Discuss potential property deficiencies. 

How does the resolution process take place after an inspection?

9.  Discuss the loan processing and appraisal.

After the contract is accepted and the inspection completed what happens and how active is the agent going to be in the process during that time frame. 

10. Discuss Insurance and utilities.

How do you select an insurance agent is there a report on the property to aid in obtaining the insurance.  What utility changes have to be completed prior to a closing.

11.  Discuss the closing process.

Will closing documents be provided for review a minimum of 3 to 5 days prior to close of escrow.  Can the buyer discuss closing questions with the Buyer's agent, accountant and/or attorney?

12. Discuss the day of closing and possession.

Is there a final walk through prior to closing.  How long will the seller have to get out of the home? When will the buyer get the keys?  How does the title actually transfer?

The agents you interview may have much more specific lists for you to review about the buying process.  Some agents will have a professionally prepared presentation on why you should select them and their company to represent you on the purchase of your new home. 

Remember, buying a home might be the biggest investment of your life.  Take  the decision seriously, select someone you feel comfortable with on a communication level.  Do not pick someone who makes you feel uneasy.  Do your Internet homework.  The transaction cannot take place without you, the buyer!

Select a Real Estate Agent for life.  Someone you can trust and create a lasting friendship and working relationship with who you can refer your friends to in the future. Your new Real Estate professional will be there for you when it is time to move again so pick the right one and make the next selling job, easy!  

You will know the right agent when you meet them.  You will connect and it will just feel good! Real Estate agent and contract

The time is right to buy now! 

Start your search and celebrate the American dream of home ownership!

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Re-Bloggged 5 times:

Re-Blogged By Re-Blogged At
  1. Pamela Cendejas 11/08/2009 12:40 PM
  2. Sybil Campbell 11/08/2009 08:39 PM
  3. Becky Schor 11/09/2009 08:20 AM
  4. Joyce Thomas 11/09/2009 08:46 AM
  5. Cheryl Ritchie 11/17/2009 05:03 AM
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Show All Comments
Rainmaker
334,259
Agent Aaron Vaughn, REALTOR® Listing Specialist
The $500 Million Marketing Advantage
Capitol Home Team | Austin TX

Really ... it all boils down to this: If they have chosen me, they have made the correct decision. God bless them for being so astute! =)

November 08, 2009 11:41 PM
Rainmaker
401,965
Claudette Millette
Buyer, Broker - Metrowest Mass
The Buyers' Counsel

Cara:

Home buyers and sellers are at more of an advantage now with so much transparency available on the Internet.  Reading an agent's blog, website, testimonials as well as anything else that comes up in Google can be extremely useful in choosing someone to work with.

 

 

November 09, 2009 07:06 AM
Rainmaker
185,720
Joyce Thomas
Anthem Merrill Ranch AZ Real Estate
REMAX Home Expert Realty

Great post with a lot of helpful information for buyers!

November 09, 2009 08:01 AM
Rainmaker
244,038
Kristi DeFazio
Colorado Springs Rea lEstate 719-459-5468
RE/MAX Advantage

Great post! In some price ranges around here it seems to be a seller's market! Especially those low priced bank owned homes that are in decent condition. Those are going fast!

November 09, 2009 10:59 AM
Rainmaker
281,804
Carra Riley
CRB, CRS, GRI
Author, Speaker, Consultant, Carra Riley Inc.

Jason,

Glad you liked it.  The post is meant to be a guide for both buyers and agents in meeting the demands of the way the 21st century buyer thinks and what will make the transaction easier with specific communication. 

November 09, 2009 04:20 PM
Rainmaker
281,804
Carra Riley
CRB, CRS, GRI
Author, Speaker, Consultant, Carra Riley Inc.

Kyle,

In Austin, Texas we know where to go!  ROCK ON!

November 09, 2009 04:21 PM
Rainmaker
281,804
Carra Riley
CRB, CRS, GRI
Author, Speaker, Consultant, Carra Riley Inc.

Claudette,

The Internet is helping everyone get more information and being able to make better informed decisions.  Blogs are a great way of sharing knowledege about an area or a specific topic and easy for the consumer to search.

November 09, 2009 04:24 PM
Rainmaker
281,804
Carra Riley
CRB, CRS, GRI
Author, Speaker, Consultant, Carra Riley Inc.

Kristi,

Great to know that the Colorado Springs, CO market is back on track!  When the inventory goes done... the market changes!  So happy to hear that! 

Joyce,

Hope you can use the format for talking with buyers and creating a process to close. 

November 09, 2009 04:27 PM
Rainmaker
194,585
Emily Lowe
Nashville TN Realtor
The Lipman Group Sotheby's International Realty

So many great tips on choosing a realtor!  I always use my blog, my experience growing up as the daughter of a realtor, and I love letting a potential client talk to other clients of mine to relate their experience with me!

November 09, 2009 04:58 PM
Rainmaker
281,804
Carra Riley
CRB, CRS, GRI
Author, Speaker, Consultant, Carra Riley Inc.

Emily,

You see the great way the dots all connect! Your Internet exposure and past client testimonies are the key to building TRUST.. which creates clients for life!  You had a great role model as a daughter of a Realtor.  Glad you could use the post.

November 09, 2009 06:08 PM
Ambassador
1,500,485
Ed Silva
Central CT Real Estate Broker Serving all equally
RE/MAX Professionals, CT 203-206-0754

Carra, great post. As a Realtor I can see the benefit of motivating buyers to get a purchase, and also applaud the adder of move-up buyers getting a break. From a down the road practical tax payer, it could get into a Major default down the line because the jobs scenario and unemployment are still too fragile. Excellent post, thanks for sharing.

November 09, 2009 06:41 PM
Anonymous #51
Anonymous
ghanshyam

This superior post by you because for questionable and noticeable .

I think by it we can know maore about real Estate.

-----------------------

Property Auction

November 09, 2009 10:47 PM
Rainmaker
698,193
Sharon Parisi
Dallas Homes
Keller Williams Dallas Premier Realty

Thanks, Carra, for capturing the value of a Realtor!!!

November 09, 2009 11:20 PM
Rainmaker
281,804
Carra Riley
CRB, CRS, GRI
Author, Speaker, Consultant, Carra Riley Inc.

Ed,

Your points are valid... now, we just have to work with what we have and do the best we can with what we have to work with.  If the speculation gets under control and people are living in the homes... could take care of the imbalance in the market... let's go with that for now! Thanks for the comment.

November 10, 2009 12:06 AM
Rainmaker
281,804
Carra Riley
CRB, CRS, GRI
Author, Speaker, Consultant, Carra Riley Inc.

ghanshyam,

I am happy to be of service and I sincerely hope the questions will helpful in learning more about real estate. 

 

November 10, 2009 12:09 AM
Rainmaker
281,804
Carra Riley
CRB, CRS, GRI
Author, Speaker, Consultant, Carra Riley Inc.

Sharon,

I am so happy you got that point in the post!  There is such incredible value in selecting the right real estate agent!  When the selection it is done correctly the relationship which develops can be so beneficial for life time help in many areas.

November 10, 2009 12:12 AM
Rainmaker
437,217
JL Boney, III
Columbia, SC Real Estate
Russell and Jeffcoat

There is a lot in the works right now to turn the market around and I have seen an increase in buyers coming off the fence to take advantage the current situation. There is a ton of value in having a h=good Realtor to take care of you through the process and people need to see it.

November 10, 2009 08:19 AM
Rainmaker
281,804
Carra Riley
CRB, CRS, GRI
Author, Speaker, Consultant, Carra Riley Inc.

JL,

I hope that message came through loud and clear in this post.  It is the professional real estate agent the buyer selects that make the process go smoothly.  Then there is an additional benefit to connecting with an agent who keeps them up todate with the area and the economy after the fact!  The Internet makes that all possible and painless!  I am hoping people will connect with real estate agents and make it a relationship for life!

November 10, 2009 09:47 AM
Rainmaker
233,069
Mark Montross
Listing and Buyer Specialist
Catamount Realty Group

Carra, another great blog posting! Thank you for the ideas and the inspiration. I can tell you are a true professional!

June 11, 2010 07:01 AM
Rainmaker
281,804
Carra Riley
CRB, CRS, GRI
Author, Speaker, Consultant, Carra Riley Inc.

Mark ~  Glad to be of help and look forward to reading your posts.

June 11, 2010 07:01 PM
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Rainmaker
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Carra Riley

CRB, CRS, GRI
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