Building Your Home-Buying Team
Once you have a mortgage lender on your home-buying team, have your pre-qualification letter, and know what you can afford, it’s time to expand your home-buying team.
You are only as strong as your weakest team member, so when choosing professionals with whom to work, you’ll want to interview several real estate agents before you decide on one.
What Makes a Great Real Estate Agent?
Having a great community bank on your side to help you personally through the mortgage process can make a big difference in reducing stress and helping you get to closing. The same is true when it comes to choosing your real estate agent.
Connection to the Community
A great real estate agent is connected to the community where you want to buy, understands the local market (and market trends), can help you find the right home for your budget, and can help you put together a competitive offer when you find your dream home.
A skilled real estate agent can guide you effectively during negotiations. They'll advise you on when to increase your offer or when it's better to step back. Additionally, an excellent agent will introduce you to other key professionals you may need, such as lawyers or home inspectors, as you progress in buying a home. Finally, a reliable agent will help you stay on top of all the important dates and requirements in your property contract, ensuring you don't overlook any crucial details.
Interview the Agents
When deciding which real estate agent to work with, talk to friends or family or colleagues who have purchased a home. Who have they worked with? Make a list and interview a few real estate agents before settling on one (aim to meet with three!).
Look for someone you get along with and trust.
Remember that your agent will likely get to know a little about your finances (especially if he or she wants to see your pre-qualification letter). They will want to get to know your hopes and dreams as you explore homes in your target area. And they will probably be the person you’ll call when the seller takes longer than expected to accept your offer or when the great and powerful underwriters send messages from the behind their green bank curtains to tell your mortgage loan officer that they want either you or the seller to replace a railing before they’ll approve the mortgage.
Key Takeaways
It can’t be stressed enough how important it is to have a strong team on your side as you navigate the home buying process. You, your mortgage loan company, and real estate agent are the foundational members of that team. These professionals can guide you through the home buying process, answer your questions, and make sure you miss nothing important as the process unfolds.
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