It’s a great privilege for real estate agents to help homebuyers with one of the largest financial decisions they are likely to ever make, buying a home. Homebuyers need a great real estate agent to help them navigate this important journey. They will have many big questions, particularly if they are new to the process. One important question you will be asked is just how you as the buyer’s agent are going to help them. Here are eight tips to consider when you answer how you will help the homebuyer.
You help get them pre-approved. A good agent has a reliable network of trusted resources, lenders, and other professionals involved in the buying and selling process. Your homebuyer needs to be pre-approved, so they know how much they can spend. The real estate agent should be able to use his or her contacts to help get this done.
You help them find the home. One of the real estate agent’s most important jobs is to help the homebuyer clarify their wants and needs. A good agent will provide clients with a comprehensive questionnaire and/or ask a lot of questions to help them pinpoint their home buying criteria. As the agent, you need to be able to tell your client whether their list of “needs” is realistically affordable in their area of choice. The best real estate agents will be great counselors on locations, neighborhoods, schools, and other factors.
You help negotiate the right offer. The best agents analyze the value of the home their clients want to buy. They should have in-depth knowledge of all factors that affect the price of the home. The homebuyer will expect you to advise them from the initial offer and how to proceed based on how the seller responds.
You help pick a home inspector. Not all home inspectors are alike. Established agents should know who the best inspectors are and help the homebuyer choose the one who will give them the best picture of the condition of the home they are seeking to buy. In addition, you should be prepared to help your client with any additional inspections that may apply to the home they look at, including radon, mold, water, lead paint, and so forth.
You attend the home inspection. The best inspectors have been known to miss things and fail to accurately convey the information they find. A good agent can attend the home inspection can help their clients go through the inspector’s report and provide counsel on what should be brought to the sellers attention.
You help negotiate home inspection repair requests. The home inspection information can provide the homebuyer with leverage in negotiations. Based on information in the report, you can help your client request repairs, and sometimes get other concessions based on problems found in the inspection. As the realtor, you should be qualified to help negotiate these requests because you know how each issue affects the value of the home.
You stand as a key point of communication. A good agent keeps everyone informed, knows how to measure the importance of information, and knows who needs what and when and how to keep things moving forward.
You stay on top of the buyer loan process. Mortgage mistakes can be quite common, especially among first-time homebuyers. Great agents stay on top of every aspect of the purchase, including monitoring the buyer’s mortgage commitment. Agents make sure buyers understand they need to maintain their current credit status and how to protect their loan approval—for example, by not making any large purchases or taking out any loans before you closing on a home.
You help finalize loose-ends at closing. Selling a home is full of details. Good agents work to make sure the closing takes place without a problem. No detail is too small.
Remember, that while answering these questions may be old hat for you, this is a new experience for many homebuyers. Your sincere and thoughtful answers will be the beginning of a great opportunity to help your client throughout the homebuying experience not just the first mortgage but also any DPA-relevant loans that affect the mortgage status.
At Chenoa Fund ,we offer DPA in the form of second mortgages. We offer five different second mortgage options, each with their own individual underwriting requirements and guidelines, in an effort to provide options to borrowers of any income and any DTI. Some of our options include products for both FHA and Conventional loans; some features for our products include zero percent interest rates and no monthly payments. Click here to find an approved Chenoa Fund lender.