What Role Does a Realtor Play in the Home Buying Process

“ Your choice of realtor can make or break your transaction. You would think that a Realtor’s only job is to show you houses but that is the least of their job. ”

Realtor's Wear Many Hats

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(iRealtyWire.Org) – First listening to your housing wants and needs, taking into consideration your social life style, your work life and location and introducing you to areas that best fit those needs. Your Realtor must have a vast knowledge of the Dallas TX area. Their job is to introduce you to areas you might not have known or thought about.

Once you find that perfect house, your Realtor has to put on their analytical hat and help you arrive at a fair price to both offer and accept as a final price. A comprehensive market analysis of the specific area is a must.

Helping you locate a good reliable lender, title company and inspector is of upmost importance. A good working relationship between all parties goes a long way for a smooth transaction.

Advising you along the way and communication are imperative. There are many dates in the contract you do not want to miss. Telling you when it is time to do whatever is needed is part of that job.

Your Realtor knowledge of home repair cost associated with specific repairs will come in handy after inspections. Determining what needs to be repaired and helping arrive at a price for said repairs. Is it a $50 repair, $500, or $5,000? It makes a huge difference in your decision of what to ask the seller to repair or even moving forward with the purchase.

Your Realtor should be able to recommend good reliable companies to perform various jobs around your house from heat & air to plumbers. A Realtor wears many hats and you will make use of all of them throughout your time together.

When you have a really good, competent Realtor they should stay in your life forever; keeping you abreast of the changing laws that effect homeowners and ideas that can save you money or certainly make your life easier.

Surround yourself with a great team when buying a home; whether this is your first home or your fifth, that message does not change.

Who is on the team?

1. Your Realtor
2. Your Lender
3. Your Inspector
4. The Title Company

Notice I did not write “your” title company. They are a disinterested third party. They do not represent the buyer or seller, they are there to pull all of the real estate pieces together and get the transaction closed. Among other things, they pay off the seller’s loan, start your loan, order the survey and title commitment, issue title insurance, pay miscellaneous fees such as a home service policy and tax certificate. They are the spokes on the wheel that make the transaction come together using the contract as their guide post.

Your Realtor is one of the most important members of your team. You will not only rely on them for their expertise but you will be spending the most time with this team member.

Your lender should be able to communicate the loan process, fees, time frames, paper work, etc. This is another team member who is in the process from beginning to end. They are the people who give the title company the information needed to close the transaction and initiate your loan.

Your inspector is part of your buying process for the shortest period but is none the less important. Your Realtor is a great source for finding a good one. The inspector looks at your house thoroughly from electrical and HVAC to plumbing and structural. You are relying on his expertise to make an informed decision about the workmanship of your home.

There are other team members you will need along the way but these 3 are the first to engage and your most important as far as informative about the largest purchase most of us will ever make.
Written by Mary Beth Harrison, Keller Williams Realty