When you decide to work with a real estate agent to buy a home, your agent will require a few things before starting the process. Realtors that work with buyers are buyer's agents, and these agents do not get paid until their clients close on a home. If you decide to work with a realtor, which most people do, here are three steps they will probably take before helping you find a home to purchase.
Make Sure You Have the Financial Means to Buy a Home
The first thing a realtor wants to know is if you are a qualified buyer. Realtors typically do not show homes to buyers unless they can prove they are qualified buyers. To prove this, you will need a letter from your lender that states you are preapproved for a loan. This letter will have an expiration date on it, and it will state the amount you can borrow. Your agent will want to see this letter before showing you homes for sale. If you do not have a preapproval yet, work through this process before selecting an agent to represent you.
Create an Agreement and Have You Sign It
The next step your agent will take is creating an agreement. This agreement is a contract between you and the agent, and it states the details of the contract. The realtor you hire will not show you properties until you sign the agreement. One of the main reasons you need an agreement is to ensure that the agent gets paid. If the agent is your buyer's agent, they will not receive a dime from helping you unless you close on a house. Therefore, you must sign an agreement and follow the guidelines in it.
Learn Your Needs for a Home
The third vital step your realtor takes before showing you homes is learning what you want in a house. What are you looking for in a home? Do you have specific needs? What is your budget? These questions are things the agent will ask because they must know these things before showing you homes. Once you complete this step, your realtor will begin working on finding properties that match your desires, needs, and goals.
These are the three primary steps a realtor takes when helping someone buy a house. If you are ready to start the process, contact a real estate agent in your location.