For Homebuyers
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How To Find A Realtor That Works With Home Buyers
Most Realtors work with both buyers and sellers. Any Realtor, with any real estate company, can show any home. In other words, if your Realtor is with Keller Williams, your KW Realtor can sell you a home listed by a Century 21 Realtor. A Realtor can show and sell any home listed with any company.
If I Want To Buy A Home Should I Contact A Realtor First?
The lender is who you need to be speaking with before you step foot into a house. One benefit of using your Realtor's lender is they have a working relationship. This is important because whenever you make an offer to purchase a home, your offer will include a copy of your loan pre-approval letter. What it says, who issues it and when you obtain it is of high importance.
Your lender is a vital component to the real estate transaction because once you are under contract to purchase a home, the ball is essentially in their court. The degree of success you experience in a home purchase weighs heavily on your lender's ability to manage your file. So yes, if you plan on purchasing a home, contact your Realtor first because they should have a well qualified lender reference to share with you.
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Who Pays The Realtor Commission or Fee?
As a homebuyer, once you choose a Realtor, your agent will require you to sign a contract known as a Buyer's Representation Agreement. This designates the Realtor as your exclusive agent. The agreement lays out the requirements of both the buyer's agent and homebuyer. The agreement also states that your Realtor will be guaranteed a certain percentage or flat fee once you purchase a home. So, if your Realtor requires a 3% commission, and you find a home where the seller is only offering 2% to the buyer's agent, you would in this case be required to pay the difference of 1%. On a $950,000 home, that would be $9,500. And your buyer's agent would let you know this beforehand. This is a very rare circumstance, but it does happen.
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Why Do I Need To Get Pre-Approved Before I Look At Homes?
If you begin looking at homes and find a great deal. And then decide you want to make an offer, you can't if you’re not approved.
Your pre-approval is "proof" to the seller that you are serious and financially organized. Knowing this, once under contract the seller can more comfortably begin making offers on the next home they intend to buy.
If you’re looking at properties for sale without getting approved for a home loan first, you're approaching the process totally blind and unprepared. Once you find the home you want to make an offer on, the seller will require your loan approval letter before reviewing your offer. By the time you call your lender and turn in the documentation they require to issue you a letter, the home you want will likely be under contract with a more prepared home buyer.
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