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Get a Realtor in your life Deborah Fleishman, The Dallas Morning News 5/31/09 |
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| Going it alone on the
biggest investment of your life isn't a good idea, especially if
you're a first time home buyer. No matter how gusty,
business-savy and cool you are, you'll need a translator to
guide you through the homebuying maze. A recent survey conducted by the National Association of Realtors revealed that most buyers aren't aware of the value that a Realtor brings to the process, says Bill Head, director of communications for www.dfwrealtors.com--The MetroTex Association of Realtors, the area's largest Realtor association with 13,000 members. He admits to trying to wing it on his own homebuying transaction a couple years ago, but recalls, "I quickly changed my mind." At the very minimum, Realtors are conversant on real estate law and have access to the dizzying array of required documents, including contract forms and disclosure statements. A Realtor also can help first time home buyers determine how much they can afford to spend on a home and if they are in the position to qualify for a mortgage loan. "A good Realtor can help first-time buyers assess various neighborhoods, including local community information on utilities, zoning and statistics regarding school districts," Head says. As far as your home search goes, don't be surprised if your Realtor knows of dozens of homes in your price range that are for sale, but not actively advertised. It's possible that your dream home is on the market, but doesn't have a for sale sign out front. Though it is easy to fall in love with a home, a good Realtor can help bring you back down from the clouds, especially if the home is not a good investment. Working with a Realtor can improve the chances for a first-time buyer to make a wise investment and to obtain attractive financing. When it comes time to make an offer, a good Realtor can really help during the negotiation. "There are many factors, including financing, terms, date of possession, and often the inclusion or exclusion of repairs and furnishings or equipment," Head says. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent also can advise you as to which investigations and inspections are recommended or required. There is a fair amount of due diligence a Realtor can oversee during the evaluation of the property you're interested in buying. Depending on the area and property, this includes inspections for termites, dry rot, asbestos, the condition of the roof and siding and structural conditions. Most realtors can also assist in finding qualified professionals to do most of the investigations and provide written reports. If you don't understand financing options or know how to shop for a lender, once again, your Realtor can advise you on how to get started. And finally, a Realtor can guide you through the closing process on your new home and make sure everything moves smoothly. Adapted from the Dallas Morning News. |
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