With or Without an Agent?
Selecting a Home With an Agent
If you work with an agent, he or she is legally obligated to work on your behalf to get the home you really need. At the same time, buying a home may be the largest purchase you make in your lifetime. You need to actively participate in all aspects of the home selection process regardless of your agent’s obligations to you.
Neighborworks America suggests a number of processes your agent should be assisting you with, and an ideal realtor should help you with all of these. First, he or she should discuss and find out your what your needs are in the home you will be buying, as well as the area where you want to live--do you need to be near schools for your children? Do you prefer a centralized location close to your job, or something more private and secluded? Even if you can afford a large, ranch-style home, would you prefer something simpler and easier to maintain? Inasmuch as your realtor should be asking you these questions, you should be clear and descriptive so that he or she can better match potential homes to your tastes and interests.
Based on these needs, your realtor should comprehensively research and generate listings of homes in areas that you might be interested in, and give you documentation so that you can make your own comparison, or at least have background information on the homes you will want to view.
Upon viewing and finding a home that you can afford and feel comfortable with living in for an extended period of time, Neighborworks America notes that your realtor should give you comparables--information that shows what the house may be worth based on other homes that have sold in that area. From there, he or she can help you make an offer, and then negotiate on your behalf for a better selling price. Once the offer is accepted, your realtor is not finished--he or she should guide you through the closing by assisting you with any legalese on the forms you will be signing, and helping you find the other real estate professionals you need for other steps in escrow.
Selecting a Home Without an Agent
You may decide to work on your own to find your home. Should you do so, the process is essentially the same. After prequalification and finding out how much home you can afford, you should determine your real needs in the location of your home and the property itself. From there, you want to obtain comprehensive background information about the homes that you view. Upon viewing properties, take a friend, family member, or your spouse. Remember to bring a camera to take pictures. If possible, get comparable sales information to help calculate your offer price.
You will still be going through the contract and closing process. Additionally, you should still enlist some real estate professionals to assist you through escrow. Having a real estate lawyer can help understand and complete all the legal formalities. Hiring an independent appraiser will give you a realistic value of a home on which you will be making an offer. These professionals can help you with the final step and can provide you with comparable information you may not find unless you have a real estate agent.
References
Neighbor Works America. Realizing The American Dream
Freddie Mac. Buying and Owning a Home