Home Buying 101 - Working with a Real Estate Agent

(651) 401-8188
Do you need to buy a home? Call us TODAY! CallSarahFirst.com
COMING SOON!SOLD!
Sarah Marrinan

(651) 401-8188SarahMarrinan@kw.com
www.CallSarahFirst.com
Do you want to buy a home? Call us TODAY! Sarah Marrinan
Frequently Asked Questions (FAQs):
○ What is the home buying process?
○ Should I work with the Listing Agent (the ph# on the sign in the yard) to buy
a house?
○ Why are some houses showing available online but when I call they are
sold?
○ What does an agent do for a buyer?
○ What mistakes should I avoid making when buying a home?
○ What Happens When You Request Property Information Online

Do you want to buy a home? Call us TODAY! Sarah Marrinan
What does an agent do for a buyer?
Information is easy to find online these days. Looking at home photos, mapping,
sorting and researching are at your fingertips on many national websites. But
what happens when you find the house you want to buy? If you don’t have an
agent, you may lose out. Here’s why.

Do you need to buy a home? Call us TODAY! Sarah Marrinan
1. Handling the Process
This is the pinnacle of the agent’s job. What comes next? What paperwork do
you need? Do I need to sell my house first? Who do you need to talk to about
closing? Can I back out? Guiding you through the process is the most important
thing an agent can do for you and the following points all circle back to finding
the best agent to do this for you.
Waiting until you have found the home you want to buy to choose your agent may
result in hasty, uninformed decisions and undue pressure to cram a lot of
consultation and education into a small window of time.

2. Market Knowledge
A buyer’s agent will know how much the homes you are looking for should cost
and if your budget aligns with your criteria. They will have experiencing putting
together a CMA (comparative market analysis) so you can know what homes are
selling for and understand how the market is behaving. This will help
tremendously in your make decisions.

3. Financing Options Guidance
Before you go out and look at houses you will need to have your finances in
order. Your buyer’s agent will be able to help you find a great lender that will give
you options, help you choose the best program for your situation AND writing a
competitive offer. A good lender will also keep you informed during the process
and work closely with your agent. When a lender puts you in the right program,
it will reduce your chances of being underwater or foreclosed.

4. Focusing on the Right Things
Because a buyer’s agent regularly helps buyers find homes, she will have an
experienced eye when attending walkthroughs. Tell-tale signs of damage or
modifications will stand out to buyer’s agent and she will pass that information
to you. Armed with what the buyer’s agent’s trained eye has noticed, you’ll be
able to make an informed choice.

5. Agent Networks
The best way to get the best deal on a house is to know about it before it hits the
public websites and even before it goes into the MLS - or at least before it hits
public websites. Buyer’s agents use their network of listing agents to locate
homes that match your needs. Some will also be able to draw from their
company’s research tools. Keller Williams Agents have team meetings where
they announce upcoming listings and an internal posting forum where we can
share listings before they are listed in the multiple listing service (MLS) and
often days before they are available on public websites.

6. Industry Contacts
Remember, real estate agents are (usually) not lawyers, accountants, financial
planners, lenders, title closers, counselors or even home inspectors but they can
refer you to these people and that is valuable.
Having a great team of industry experts
is the BEST opportunity for success!

7. Emotional Filter
Buying a home is an understandably emotional time. Having an agent who is not
emotionally attached to the purchase will ensure you have a voice of reason
when you fall in love with a home’s upgrades and don’t notice the busy highway
or long commute. Your buyer’s agent will also help you make sure you find the
home you need instead of getting side tracked by wants and fits your ownership
plan.

8. Contracts and Paperwork
Entering into a real estate contract is legally binding and not to be taken lightly.
A buyer’s agent has written and reviewed purchase agreements before. She will
interview you and make sure that it includes contingencies in the right places to
allow you to walk away from the contract to purchase if you are not satisfied
with specified items.
There is A LOT of paperwork! Just writing an offer can take an hour or more!

9. Professional Negotiation
Regardless of your price point, negotiation is going to factor into buying a home.
Since most homes are listed with a listing agent experienced in negotiating, you
want to make sure your financial interests are equally represented in the
negotiations. Aside from straightforward negotiations, experienced, trained
buyer’s agents employ certain tricks like offering or receiving concessions to
make sure you come out ahead or happy, depending on the current market’s
behavior. Professional negotiators are always looking for a win-win to ensure a
deal stays together and both parties are satisfied.

10. Small Investment
First, I wish agents would stop saying “it’s free” to hire a buyer’s agent. I feel like
this is not 100% truthful. Here is an explanation. Once you retain an agent to
represent you (retainer fees are usually under $500, some collect upfront and
some roll this into your closing fees) as the buyer, you should not have to pay
your agent’s commission. Here’s why. When the seller hires the listing agent,
they agree on a portion of the listing commission to be paid out to the agent that
brings the buyer. This amount is listed in the MLS. Your agent can see in
advance if the agreed payout covers your representation agreement or if it will
need to be negotiated. Either way, you’ll know. Basically, you have the
opportunity for representation at little cost out of your pocket.
A great
agent is a great value!

11. Representation
Why would you go up against a seller and their agent on your own? By working
with someone who is solely advocating on your behalf (hiring a buyer’s agent to
exclusively represent you), you are accomplishing a few highly important, self-
respecting tasks. First, you are looking out for your financials above all.
When you call the listing agent, they are working for the seller, against you. When
you hire the listing agent to also represent you, they are now a dual-agent, or a
real estate representative of both the buyer and the seller, and you should
understand how your representation may be compromised. READ MORE HERE.
Be sure to review the MN required real estate
disclosure:
AGENCY RELATIONSHIPS IN REAL ESTATE TRANSACTIONS

12. Beyond the Sale
Many agents can help you with home maintenance and improvement tips that
will maintain and improve the value of you home. They will often follow up with
reminders about filing for a homestead exemption, checking your mail for your
deed, tax papers, etc.
After going through such a big experience with your agent (and their team) they
may feel like a close friend or even family. Be sure to stay in touch!

BONUS: When you work with an agent that does a lot of local business, they also
often meet with sellers weeks or months (sometimes years) before they put
their home on the market and they maybe able to contact an upcoming seller for
a direct sale to you! I have done this before!
If you contact an agent and determine you are not ready to buy a home yet,
don’t be discouraged. Remember, they are there to help you through the process
and for some people, that process can take months, or even years as they work
through their finances and life plans. Keep working together. You’ll get there!

(651) 401-8188
SARAHMARRINAN@KW.COM
WWW.CALLSARAHFIRST.COM
Don’t miss an opportunity because you weren’t prepared! Contact me today! Sarah Marrinan
What is the
buying process?
A professional agent will have
both overviews and detailed info
about the purchase process to
help you.

(651) 401-8188
What happens at a Buyer Consultation?
Good agents will encourage you to have a buyer consultation - before you even go
to see homes in person. This is one of the MOST IMPORTANT steps to ensure you
have the smoothest possible experience. It helps you to understand each other
and prevent missteps in the process. Here is what happens at a professional
buyer consultation meeting:
● Purchase Process Overview
● Education on Market
● Interview (Wants/Needs)
● Contracts & Disclosures Review
● Mutual Commitment/Requirements
● Representation Agreement

(651) 401-8188
How do you choose the right agent?
Experience, Education (Certifications/Designations), Local Knowledge, Support

(651) 401-8188
Recap
1. Handling the Process - Agents do this daily, you do it a few times in your life
2. Market Knowledge - Full time, local agents live and breathe the market
3. Financing Options Guidance - Not all homes qualify for all financing
4. Focusing on the Right Things - What really matters?
5. Agent Networks - Insider info
6. Industry Contacts - You need a good team!
7. Emotional Filter - You need to love the home AND keep your head on straight
8. Contracts and Paperwork - There is SO MUCH paperwork
9. Professional Negotiation - Find a well trained agent!
10.Small Investment - very low cost for the value
11.Representation - The Seller has representation, so should you!
12.Beyond the Sale
Hire the RIGHT agent.
Take the Buyer Consultation meeting SERIOUSLY!

(651) 401-8188
Do you need to buy a home? Call us TODAY! CallSarahFirst.com
SOLD!
Sarah Marrinan

Home Buying 101 - Working with a Real Estate Agent

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