What Does A Realtor Require Before Helping You Buy A House?
When you start looking for a realtor to hire when you want to buy a house, where do you look? Most people contact real estate agencies to find one, and they might interview or research several before hiring one. When you hire the one you want, they will require a few things before helping you search for a home. What do they require? Most realtors require the following three things before they will start scheduling home tours for you.
Ask to See Your Preapproval Letter
One vital step that realtors take is ensuring that you are a qualified buyer before showing you homes. Being a qualified buyer means that you are in a financial position where you can get a mortgage loan to buy a house. If you are not a qualified buyer, the agent might show you homes and walk you through the offer process, but the deal will not go through if you cannot get the loan you need. Therefore, a realtor will ask to see your loan preapproval letter. If you do not have one, ask your lender for one. If you have not yet applied for a loan, you will need to do this before viewing homes for sale.
Require a Contract
The next requirement that realtors have is a contract. A realtor does not earn any money until they close on a house with a buyer or seller. Therefore, your agent will not show you homes unless you sign a contract. The contract states that you are hiring this realtor to assist you with purchasing a home. When you find one to buy, your realtor earns a commission from the sale. Without this contract, your realtor might not end up getting paid for the work they performed with you.
Talk About Your Needs
The other thing your realtor will require is a conversation about your needs. They will want to know what type of home you wish to buy. They will ask you about your budget and timing needs. They will also want to know the location you want in a house and the types of home features you hope to find in your dream house.
These three things are vital when buying a house through a real estate agent. If you need a realtor for assistance, start looking for one in your city. It is always better to hire a local one when purchasing a home.