How many people searching for a home know the entire process for buying a home? I have worked with several buyers and found that with today's access to the Internet, people are a lot more educated on buying a home than in years past. A few people know to start by talking with a lender to get prequalified. Some know that its better to use a Realtor to aid in the search for your dream home. Even still more know that you should have a home inspected by a licensed inspector to insure a quality home. They know about appraisals and final loan commitment to secure the property. What most don't understand is buyers agency and how it works. The buyer thinks the Realtor does nothing other than drive around and show properties, write an offer and when the transaction is completed, collect a large sum of money with little or no effort. The process starts with the agent letting the buyer know that the agent is working solely in the buyers best interest. Anything that is said is between the buyer and agent is confidential unless the buyer wants it to be disclosed to another party. It is the agents fiduciary duty to arm the buyer with all the knowledge possible to make the best decisions to purchase.The agent is going to recommend a lender(s) if needed along with any other vendors that will assist the buyer in the home buying process(IE, Home inspectors, contractors, attorneys, movers.etc.). The agent will help the buyer find the home that they are looking for base on the their assessment of the clients needs. The agent will help the buyer understand what houses are selling for in the area. The agent will help negotiate a price that the buyer is willing to pay for the property, include all the terms in the contract (such as closing date, offer and acceptance date and time, items that will remain with the home, etc.)and insure that all the time lines are being met to keep the transaction running smoothly with little or no stress. The agent will help facilitate the inspection of the property, be there for the appraiser if needed and notify all parties when and were the closing will be. All of this is being done without being paid one dime before the property closes. I believe if we as agents share this information with our clients when we make the appointments, our buyers will have a greater appreciation for what we do and why.
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