7 Questions to Ask Your Real Estate Agent
Your relationship with a real estate agent may enhance your home acquisition experience or make it a nightmare at the same time. According to the latest statistics, a significant number of individuals purchase their homes through an agent. In that case, choosing the right real estate agent is essential if you want your home buying process to be successful.
Here are some of the questions your real estate agent should answer at various stages of the home acquisition procedure.
Stage One: Interviewing a Potential Real Estate Agent
1. Do You Work with Buyers and Sellers?
Most real estate agents are either seller or buyer specialists. Of course, working with a specialist in any of these areas is a wise idea. However, a real estate agent with experience in dealing with buyers and sellers can offer valuable insights on either side of your home buying process.
2. How Many Years of Experience Do You Have in The Industry?
Any agent with years of experience in the real estate sector can anticipate problems, and they have reliable negotiation techniques. Such individuals also have relationships with other professionals in this industry, which is an added advantage for the buyers who engage them.
Stage Two: Touring Homes with Your Real Estate Agent
3. Can I See A CMA for This House?
A comparative market analysis (CMA) considers around ten properties within a particular home’s locality with comparable prices to determine a property’s value. For that reason, checking a CMA to establish whether the price of the home you identify is reasonable for the market is paramount.
4. What Offer Can Guarantee This House?
In most cases, a seller may not look at your offer if it is too low, and the market is competitive. On the other hand, if you plan to buy a home in a market where there is room for negotiation, avoid making an offer that is too high if you do not want to risk overpaying.
The experience of the agent you opt for should allow you to access the necessary advice on what you should offer for the home you choose and back that with concrete reasons.
5. What Happens If I Discover Issues with The House After Inspection?
It is not unusual to discover that your dream home needs fixing before you settle in. When that is the case, you need to talk to your agent regarding how they will handle such issues when they arise. Quite often, working out issues with the seller regarding concessions or repairs to make up for what you miss during the inspection stage is possible.
Stage Three: Before Closing
6. What Are Closing Costs and How Much Will They Be?
The expenses a buyer incurs that are not part of what they pay for the property they are acquiring comprise the closing costs. These include, title fees, attorney fees, lenders costs, among others. Gaining insight into what you can expect to pay as closing expenses is necessary if you do not want to budget for less than you need.
7. Is Offering Earnest Money Necessary and How Much Should It Be?
The term earnest money refers to the deposit you pay when you enter a contract to purchase a house. Earnest money can go a long way toward locking in your contract if you are in a seller’s market. If earnest money is unnecessary in your situation, you can do away with it. The reason is that it acts as an additional expense that strains your finances.
Whether you are a first-time homebuyer or if you are looking for a second or even third home, working with a reputable and capable real estate agent is not an option. Asking the questions above will make the home acquisition process easier because you will access expert advice so you can make an informed decision. If you need more information on questions to ask your real estate agent, contact us today!