What Does A Real Estate Agent Do for A Buyer?
Technology has immensely evolved in several ways that make it easy for people to access real estate related information at their fingertips. The convenience of utilizing Google’s search function or other real estate apps isn’t enough because there are many involved steps to buy a house in California. That’s why you need to find a real estate agent to guide you throughout the home buying process.
I’ve listed down ten essential aspects that will shed some light about the realtor responsibilities to buyer and a real estate buyer agent checklist. It is helpful to know these items so you can be confident in how to choose a realtor as a first-time home buyer as well as what are the duties of a real estate agent. You will gain a more positive perspective on what they can help you with.
1. Neighborhood Knowledge
You surely have that perfect neighborhood pictured in your mind, but at the end of the day, there are many factors that buyers need to consider in choosing where your house will be located. You need to put your preferences on a scale to ensure that you acquire the best place that matches your personal needs.
For example, if you’re moving to a big city where the cost of living is high, you need to consider your financial budget. You also should consider all factors important to you in the next 5 years including details about schools and the local lifestyle. As a home buyer, you would want to be guided by someone who has neighborhood expertise. By doing so, you are guided in the right direction and can make the home hunting process work in your best interest.
2. Lender Recommendations
There’s a lot of risks involved in terms of choosing a mortgage broker skilled in accommodating your contract schedule. This is a critical part of the transaction, so it makes sense to find a realtor who knows professional mortgage lenders who consider the current market conditions and can close your home purchase on time. Professionals in the real estate industry are connected to mortgage lenders with a proven record to get the job done the right way.
3. Detailed Market Research
It’s essential to have a real estate agent who can assist with comparative market analysis. A local San Jose Real estate agent can add a lot of value to the home buying process by educating you on the differences between local properties and key factors to consider when determining value because it’s their field of expertise. Automated values on Redfin and Zillow do not take into consideration many factors. One of the many duties of a real estate agent is to know the details needed to provide an accurate market value.
4. Expert Advice and Guidance
If you’re planning to purchase a property, experienced real estate professionals are the best people to seek assistance from. For example, a home may need a lot of repairs. An experienced real estate agent can advise or research for you the cost of those repairs. With this information, you may decide it is not financially wise for you to move forward or it doesn't fit in your budget.
Also, I have found that buyers get emotional about finding a home and then realize there were certain things they needed in a home that a property doesn't have. Your agent should be your voice of reason in the decision-making process.
5. Guidance Through Legal Contract
Understanding the terms of your agreement is a crucial part of the home buying process. The real estate contract formally locks the agreement between two parties. It is your agent's job to guide you through the legal contract to make sure you are complying with the timelines and the rules. You want to ensure your home purchase is a clean legal process and there are no detrimental financial consequences, to ensure you are complying with the contract, work with a knowledgeable real estate buyer agent.
6. Negotiate of Details
There are many details in a real estate transaction. For example, you will need to decide on your offer terms and price, and possibly negotiate repairs. Your agent can help to advise you on these specifics and comments based on your situation. It is also important to consider what is typical in the current market. Your buyer agent’s expert advice will help you know how to proceed in order to be competitive yet fair with your offer.
7. Arrange Expert Inspectors
Buying a home is a big investment. You need a professional home inspector to scrutinize all the structural and aesthetic components of your target property. It’s a smart way to ensure that you won’t have any problems in the future. The seller has done some inspections, but in many of those cases, those inspections will call for additional experts. Your agent is the best resource to find these experts whose goal is to ensure you understand all aspects of the house and what needs to be repaired.
8. Negotiate Repairs
Once you get the expert inspectors to the property, there might be something that you reveal that wasn’t anticipated in your home purchase offer. The next step is to negotiate details on those repairs. Your agent can help you write out your repair request properly and negotiate with the seller.
9. Advise on Risk and Contingencies
When you're exploring a potential new house, you need to schedule a contingency time period to research all aspects of the property. Your agent will help to advise you as to what is the risk if you waive or shorten those contingencies. Also what would be the financial consequences if you remove them and something does not work out? What are your choices? All of these are important decisions that you need to make, and your agent is the best person to advise you on the details.
10. Lead You Through Next Steps
It can be very overwhelming to go through the contract steps, to explore the loan options and the property details and also think about moving. This is where the role of a real estate agent comes in. There’s usually a 30-day escrow but there are many details happening during that time. It’s critical to have someone guide you on the steps that you need to pay the most attention to. An experienced local San Jose Real estate agent is there to guide you through this entire home-buying process.
If you have any further questions, feel free to reach out to me. Click the link below to read my blog post about the steps to buy a house in California. You'll find a lot of detail that I didn't cover that will help you understand what it takes to buy a home in the San Jose area.
To understand the local San Jose market, visit my market trends page.
Download our Home Buyer’s Guide for more tips on how to prepare and start your research.