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Your Stress-Free Guide to Shopping for Home Loans

Your Stress-Free Guide to Shopping for Home Loans

By: HouseLogic

With this super-simple breakdown of loan types, you won’t get overwhelmed — you’ll find the right mortgage. Mortgages, too, come in many styles — and recognizing which type you should choose is just slightly more involved than, say, knowing that you prefer hardwood floors over wall-to-wall carpeting.
First things first: To pick the best loan for your situation, you need to know what your situation is, exactly. Will you be staying in this home for years? Decades? Are you feeling financially comfortable? Are you anxious about changing loan rates? Consider these questions and your answers before you start talking to lenders. (And before you choose a lender, read this.)
Next: You’ll want to have an understanding of the different loans that are out there. There are lots of options, and it can get a little complicated — but you got this. Here we go.

Mortgages Are Fixed-Rate or Adjustable, and One Type Is Better for You

Let’s start with the most common type of mortgage, that workhorse of home loans — the fixed-rate mortgage.
A fixed-rate mortgage:

• Lets you lock in an interest rate for 15 or 30 years. (You can get 20-year loans, too.) That means your monthly payment will stay the same over the life of the loan. (That said, your property taxes and insurance premiums will likely change over time.)

It’s ideal when: You want long-term stability and plan to stay put.
Here’s what else you need to know about fixed-rate mortgages:

• A 30-year fixed-rate mortgage offers a lower monthly payment for the loan amount (for this reason, it’s more popular than the other option, the 15-year).
• A 15-year fixed-rate mortgage typically offers a lower interest rate but a higher monthly payment because you’re paying off the loan amount faster.

Now let’s get into adjustable-rate, the other type of mortgage you’ll be looking at.
An adjustable-rate mortgage (ARM):

• Offers a lower interest rate than a fixed-rate mortgage for an initial period of time — say, five or seven years — but the rate can fluctuate after the introductory period is over, depending on changes in interest rate conditions. And that can make it difficult to budget.
• Has caps that protect how high the rate can go.

It’s ideal when: You plan to live in a home for a short time or you expect your income to go up to offset potentially higher future rates.
Here’s what else you need to know about adjustable-rate mortgages:

• Different lenders may offer the same initial interest rate but different rate caps. It’s important to compare rate caps when shopping around for an ARM.
• Adjustable-rate mortgages have a reputation for being complicated. As the Consumer Financial Protection Bureau advises, make sure to read the fine print.

A general rule of thumb: When comparing adjustable-rate loans, ask the prospective lender to calculate the highest payment you may ever have to make. You don’t want any surprises.

Conventional Loan or Government Loan? Your Life Answers the Question

Which fixed-rate or adjustable-rate mortgage you qualify for introduces a whole host of other categories, and they fall under two umbrellas: conventional loans and government loans.
Conventional loans:

• Offer some of the most competitive interest rates, which means you’ll likely pay less in interest over the period of the loan.
• Typically you can get one more quickly than a government loan because there’s less paperwork.

Who qualifies? Typically, you need at least a credit score of 620 or above and a 5% down payment to qualify for a conventional loan.
Here’s what else you need to know about conventional loans:

• If you put less than 20% down for a conventional loan, you’ll be required to pay private mortgage insurance (PMI), an extra monthly fee designed to mitigate the risk to the lender that a borrower could default on a loan. (PMI ranges from about 0.3% to 1.15% of your home loan.) The upshot: The lender has to cancel PMI when you reach 22% equity in your home, and you can request to have it canceled once you hit 20% equity.
• Most conventional loans also have a maximum 43% debt-to-income (DTI) ratio,which compares how much money you owe (on student loans, credit cards, car loans, and other debts) to your income — expressed as a percentage.

Fannie Mae and Freddie Mac set limits on how much money you can borrow for a conventional loan. A home loan that conforms to these limits is called a conforming loan:

• In most cities, the maximum amount for a conforming loan is $453,100.
• In high-cost areas, such as New York City and San Francisco, the limit is $679,650.
• Limits are revisited annually and are subject to change based on each area’s average home price.

A home loan that exceeds these limits is called a jumbo loan:

• Jumbo loans typically require a higher down payment (up to 30% for some lenders) and a credit score of at least 720. Some borrowers can qualify while putting down 20%, but their credit score has to be higher.
• They also tend to have stricter debt-to-income requirements, generally allowing for a maximum DTI ratio of 38%.

There are practical considerations to take into account before getting a jumbo loan too, mainly: Are you comfortable carrying that much debt? The answer depends on your current financial situation and long-term financial goals.
Government loans:

• Include loans secured by the Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA) Rural Development.
• Are meant to stimulate the housing market and enable folks who may be unable to qualify for conventional loans to still become homeowners.

Who qualifies? That depends on which government loan you’re looking at.
If you’ve had trouble qualifying for a mortgage because of income limitations or credit:
FHA loans are used by a broad swath of people, including those with lower credit scores and income.

• You can get an FHA loan with a downpayment of 3.5% if you have a minimum credit score of 580. You can still qualify with a credit score below 580 — even with no credit score — but the down payment and other requirements will be much higher.
• FHA loans conform to loan limits set by county; these limits typically range from $294,515 to $679,650 in high-cost areas. You can view the FHA mortgage caps for your county at hud.gov.
• If you get an FHA loan, you must pay an upfront mortgage insurance premium (MIP) and an annual premium of 0.85%. Currently, the MIP is 1.75% of the loan amount — so, $1,750 for a $100,000 loan. This premium can be paid upfront at the mortgage closing, or it can be rolled into the monthly mortgage payment.

Also, a heads-up — the date an FHA loan was issued affects the MIP.

• If you received an FHA loan on or before June 3, 2013: You’re eligible for canceling MIP after five years, but you must have 22% equity in your home and have made all payments on time.
• If you received an FHA loan after June 3, 2013: To stop paying MIP, you’d have to refinance into a conventional loan and have a current loan-to-value of at least 80%.

If you’re in the military, a veteran, or a veteran’s spouse:

• VA loans offer active or retired military (or a veteran’s surviving spouse) a mortgage with a 0% down payment.
• VA loans also can have more lenient credit requirements — typically around a minimum 620 credit score — and lower DTI requirements.
• The VA only allows lenders to charge 1% maximum to cover the costs of originating and underwriting the loan, so you save money at closing. There is, however, an additional upfront, one-time funding fee of 2.15%.

VA loans also don’t charge borrowers mortgage insurance — potentially helping you save a significant chunk of cash on your monthly payment.
Given the benefits, a VA loan is often the best mortgage option for people who qualify.
If your income is limited and you live in a small or rural town:
USDA loans are mortgages for limited-income home buyers in towns with populations of 10,000 or less, or that are “rural in character,” meaning that some areas that now have bigger populations are grandfathered in. You can see whether your town is eligible on the USDA’s website.

• USDA loans typically have lower interest rates than non-USDA loans.
• Down payments can be as low as 0%.
• USDA mortgages also have more lenient credit score requirements than conventional loans.
• Income limits to qualify depend on location and household size.
• USDA loans charge an upfront mortgage insurance fee of 1% of the loan amount and annual mortgage insurance premium of 0.35%.
• And USDA loan borrowers must buy a “modest home” — a property with a market value deemed reasonable for the area, though the USDA does not set specific price limitations.

Only a select number of lenders offer USDA loans; here’s a list of USDA-approved lenders nationwide.
If your job is to help people:
Niche programs, like the Neighbor Next Door from HUD, allows teachers, law enforcement officers, first responders, and government workers — as much as 50% — on eligible homes in revitalization districts.
Note: Downpayment assistance programs offer qualified buyers such things as grants and interest-free loans. Start with your state’s housing finance agency to find options.

Now You Know the Basics. It’s Time to Call for Backup

Speaking of your lender: Ultimately, you’ll be working with your loan officer or broker to narrow down these choices, and to find a loan that works for you and your finances. (Just another reason why it’s important to choose a lender you’re comfortable with.)
Your real estate agent should be able to offer some insight, too. And because they don’t earn a paycheck from your loan selection, their advice about mortgages should be impartial.
You know your stuff. And you know whom to ask for help. Who’s overwhelmed? Not you.

What if the inspector finds something wrong?

What if the inspector finds something wrong?

From finding an inspector to dealing with surprises — this is your guide to getting a house checked out.

The first thing you need to know about home inspection: You’ll feel all the feels.
There’s the excitement — the inspection could be the longest time you’re in the house, after the showing.
Right behind that comes … anxiety. What if the inspector finds something wrong? So wrong you can’t buy the house?
Then there’s impatience. Seriously, is this whole home-buying process over yet?
Not yet. But you’re close. So take a deep breath. Because the most important thing to know about home inspection: It’s just too good for you, as a buyer, to skip. Here’s why.

A Home Inspector Is Your Protector

An inspector helps you make sure a house isn’t hiding anything before you commit for the long haul. (Think about it this way: You wouldn’t even get coffee with a stranger without checking out their history.)
A home inspector identifies any reasonably discoverable problems with the house (a leaky roof, faulty plumbing, etc.). Hiring an inspector is you doing your due diligence. To find a good one (more on how to do that soon), it helps to have an understanding of what the typical home inspection entails.
An inspection is all about lists.
Before an inspection, the home inspector will review the seller’s property disclosure statement. (Each state has its own requirements for what sellers must disclose on these forms; some have stronger requirements than others.) The statement lists any flaws the seller is aware of that could negatively affect the home’s value.
The disclosure comes in the form of an outline, covering such things as:

• Mold
• Pest infestation
• Roof leaks
• Foundation damage
• Other problems, depending on what your state mandates.

During the inspection, an inspector has three tasks -- to:

1. Identify problems with the house that he or she can see
2. Suggest fixes
3. Prepare a written report, usually with photos, noting observed defects

This report is critical to you and your agent — it’s what you’ll use to request repairs from the seller. (We’ll get into how you’ll do that in a minute, too.)

The Inspector Won’t Check Everything

Generally, inspectors only examine houses for problems that can be seen with the naked eye. They won’t be tearing down walls or using magical X-ray vision, to find hidden faults.
Inspectors also won’t put themselves in danger. If a roof is too high or steep, for example, they won’t climb up to check for missing or damaged shingles. They’ll use binoculars to examine it instead.
They can’t predict the future, either. While an inspector can give you a rough idea of how many more years that roof will hold up, he or she can’t tell you exactly when it will need to be replaced.
Finally, home inspectors are often generalists. A basic inspection doesn’t routinely include a thorough evaluation of:

• Swimming pools
• Wells
• Septic systems
• Structural engineering work
• The ground beneath a home
• Fireplaces and chimneys

When it comes to wood-burning fireplaces, for instance, most inspectors will open and close dampers to make sure they’re working, check chimneys for obstructions like birds’ nests, and note if they believe there’s reason to pursue a more thorough safety inspection.
If you’re concerned about the safety of a fireplace, you can hire a certified chimney inspector for about $125 to $325 per chimney; find one through the Chimney Safety Institute of America.
Explore More Topics:
Make an Offer & Negotiate
Buy a Home: Step-by-Step

It’s Your Job to Check the Inspector

Now you’re ready to connect with someone who’s a pro at doing all of the above. Here’s where — once again — your real estate agent has your back. He or she can recommend reputable home inspectors to you.
In addition to getting recommendations (friends and relatives are handy for those, too), you can rely on online resources such as the American Society of Home Inspectors' (ASHI) Find a Home Inspector tool, which lets you search by address, metro area, or neighborhood.
You’ll want to interview at least three inspectors before deciding whom to hire. During each chat, ask questions such as:

• Are you licensed or certified? Inspector certifications vary, based on where you live. Not every state requires home inspectors to be licensed, and licenses can indicate different degrees of expertise. ASHI lists each state’s requirements here.
• How long have you been in the business? Look for someone with at least five years of experience — it indicates more homes inspected.
• How much do you charge? The average home inspection costs about $315. For condos and homes under 1,000 square feet, the average cost is $200. Homes over 2,000 square feet can run $400 or more. (Figures are according to HomeAdvisor.com.)
• What do you check, exactly? Know what you’re getting for your money.
• What don’t you check, specifically? Some home inspectors are more thorough than others.
• How soon after the inspection will I receive my report? Home inspection contingencies require you to complete the inspection within a certain period of time after the offer is accepted — normally five to seven days — so you’re on a set timetable. A good home inspector will provide you with the report within 24 hours after the inspection.
• May I see a sample report? This will help you gauge how detailed the inspector is and how he or she explains problems.

Sometimes you can find {{ start_tip 84 }}online reviews{{ end_tip }} of inspectors on sites like Angie’s List and Yelp, too, if past clients’ feedback is helpful in making your decision.

Show Up for Inspection (and Bring Your Agent)

It’s inspection day, and the honor of your — and your agent’s — presence is not required, but highly recommended. Even though you’ll receive a report summarizing the findings later on, being there gives you a chance to ask questions, and to learn the inner workings of the home.
Block out two to three hours for the inspection. The inspector will survey the property from top to bottom. This includes checking water pressure; leaks in the attic, plumbing, etc.; if door and window frames are straight (if not, it could be a sign of a structural issue); if electrical wiring is up to code; if smoke and carbon monoxide detectors are working; if appliances work properly. Outside, he or she will look at things like siding, fencing, and {{ start_tip 85 }}drainage.{{ end_tip }}
The inspector might also be able to check for termites, asbestos, lead paint, or radon. Because these tests involve more legwork and can require special certification, they come at an additional charge.

Get Ready to Negotiate

Once you receive the inspector’s report, review it with your agent.
Legally, sellers are required to make certain repairs. These can vary depending on location. Most sales contracts require the seller to fix:

• Structural defects
• Building code violations
• Safety issues

Most home repairs, however, are negotiable. Be prepared to pick your battles: Minor issues, like a cracked switchplate or loose kitchen faucet, are easy and cheap to fix on your own. You don’t want to start nickel-and-diming the seller.
If there are major issues with the house, your agent can submit a formal request for repairs that includes a copy of the inspection report. Repair requests should be as specific as possible. For instance: Instead of saying “repair broken windows,” a request should say “replace broken window glass in master bathroom.”

• If the seller agrees to make all of your repair requests: He or she must provide you with invoices from a licensed contractor stating that the repairs were made. Then it’s full steam ahead toward the sale.
• If the seller responds to your repair requests with a counteroffer: He or she will state which repairs (or credits at closing) he or she is willing to make. The ball is in your court to either agree, counter the seller’s counteroffer, or void the transaction.

At the end of the day, remember to check in with yourself to see how you’re feeling about all of this. You need to be realistic about how much repair work you’d be taking on. At this point in the sale, there’s a lot of pressure from all parties to move into the close. But if you don’t feel comfortable, speak up.
The most important things to remember during the home inspection? Trust your inspector, trust your gut, and lean on your agent — they likely have a lot of experience to support your decision-making.
That’s something to feel good about.

The Everything Guide to Buying Your First Home

The Everything Guide to Buying Your First Home

By: HouseLogic

How to find exactly what you want, and how to work with the experts who’ll help you get it.

 

So you’re thinking about buying your first home. Your very own house (and mortgage). A place to call — and make — your own.

It’s a big move, literally and figuratively. Buying a house requires a serious amount of money and time. The journey isn’t always easy. It isn’t always intuitive. But when you get the keys to your new home — that, friend, can be one of the most rewarding feelings pretty much ever.

The key to getting there? Knowing the home-buying journey. Knowing what tools are at your disposal. And most importantly? Creating relationships with experts who can help you get the job done.

That’s where this guide comes in. We’ll show you not only the major steps you’ll take during the home-buying process, but also explain the relationships and experts you’ll need along the way. We’ve even made a handy infographic that outlines the home-buying process from start to finish.
You ready to live the dream? Here we go.

Do Your Homework | Start Shopping | Find a Great Agent | Choose a Lender | Pick a Loan (It's Not So Bad) | Visit Open Houses, and Look Around | Make an Offer | Negotiate, Negotiate, Negotiate | Get the Place Inspected | Ace the Appraisal | Close the Deal

Do Your Homework

 

Oh sure, everybody wants to jump right into open houses. But before you even set foot into a foyer, you should identify your list of “musts” and “wants.” This list is an inventory of priorities for your search. And there’s so much to decide: Price, housing type, neighborhood, and school district — just to name a few.

To get yourself grounded, we recommend filling out this brief worksheet.

If you’re planning to buy a home with a partner (in life or in real estate), fill the worksheet out with them. You want to be on the same page while buying a house. If you’re not, you’ll be less able to give agents or lenders the information they need to help you. And you risk wasting time viewing homes you can’t afford — or don’t even want in the first place.

Start Shopping

Once you know what you’re looking for, the next step is to start looking at listings and housing information online. (This part? You’re going to crush it.)
Explore More Topics:
See All Steps to Buying a Home
Buy a Home: Step-by-Step

Find a Great Agent

Your relationship with your real estate agent is the foundation of the home-buying process. (And your agent = your rock.) He or she is the first expert you’ll meet on your journey, and the one you’ll rely on most. That’s why it’s important to interview agents and find the agent who’s right for your specific needs.

Choose a Lender

Once you’ve found your agent (AKA, your new best friend), ask him or her to recommend at least three mortgage lenders that meet your financial needs. This is another big step, as you’ll be working with your lender closely throughout the home-buying process.

Pick a Loan (It’s Not So Bad)

Once you’ve decided on a lender (or mortgage broker), you’ll work with your loan agent to determine which mortgage is right for you. You’ll consider the percentage of your income you want to spend on your new house, and you’ll provide the lender with paperwork showing proof of income, employment status, and other important financials. If all goes well (fingers crossed) you’ll be pre-approved for a loan at a certain amount. (Sweet.)

Visit Open Houses, and Look Around

Now that you have both an agent who knows your housing preferences and a budget — and a lender to finance a house within that budget — it’s time to get serious about viewing homes. Your agent will provide listings you may like based on your parameters (price range, ZIP codes, features), and will also help you determine the quality of listings you find online. Then comes the fun part: Open houses and private showings, which give you the unique opportunity to evaluate properties in a way you can’t online.

Make an Offer

Once you find the home you want to buy, you’ll work with your agent to craft an offer that not only specifies the price you’re willing to pay but also the proposed settlement date and contingencies — other conditions that must be agreed upon by both parties, such as giving you the ability to do a home inspection and request repairs.

Negotiate, Negotiate, Negotiate

Making an offer can feel like an emotional precipice, almost like asking someone out on a date. Do they like me? Am I good enough? Will they say yes? It’s stressful! Some home sellers simply accept the best offer they receive, but many sellers make a counteroffer. If that happens, it’s up to you to decide whether you want your agent to negotiate with the seller or walk away. This is an area where your agent can provide real value by using their expert negotiating skills to haggle on your behalf and nab you the best deal.

Get the Place Inspected

If your offer is accepted, then you’ll sign a contract. Most sales contracts include a home inspection contingency, which means you’ll hire a licensed or certified home inspector to inspect the home for needed repairs, and then ask the seller to have those repairs made. This mitigates your risk of buying a house that has major issues lurking beneath the surface, like mold or cracks in the foundation. (No one wants that.) Here’s what to expect.

Ace the Appraisal

When you offer to buy a home, your lender will need to have the home appraised to make sure the property value is enough to cover the mortgage. If the home appraises close to the agreed-upon purchase price, you're one step closer to settlement — but a low appraisal can add a wrinkle. Not one you can’t deal with. Here’s how to prepare.

Close the Deal

The last stage of the home-buying process is settlement, or closing. This is when you sign the final ownership and insurance paperwork and make this whole thing official. There’s some prep work you have to take care of first.
When it’s all said and done — break out the rosé. You’ll have the keys to your new home!

 

How you’ll know you’ve found the right agent?

How you’ll know you’ve found the right agent?

Article From HouseLogic.com

By: HouseLogic 

A great real estate agent is like an Oprah for living your best real estate life.

For every journey, there is a guide. To explore the West, Lewis and Clark had Sacagawea. To navigate his magical powers, Harry Potter had Dumbledore. And to discover our best lives, America has Oprah. For every journey, there is a guide. To explore the West, Lewis and Clark had Sacagawea. To navigate his magical powers, Harry Potter had Dumbledore. And to discover our best lives, America has Oprah.

 Then there's the all-too-real journey of buying a home. For that, you have an Oprah of your own: your real estate agent -- a licensed professional who's familiar with local home values and neighborhood perks, understands real estate trends, can write an offer on your behalf, and who negotiates with home sellers so you don't have to.

 Think of your agent as a therapist/consultant for your home search. A collaborator. A co-conspirator. A mentor. Someone who amps up your confidence and counsels you through big decisions (teamwork makes the dream work, after all). And, someone who wants you to find a house you can be happy in because they're invested in your happiness.

 If the housing market doesn't line up with your needs and budget, your agent will go back to the drawing board with you. They interpret raw housing data through the filter of your unique search, then tell you what's important and why. They help you map the path to your goal, and connect you with trusted experts who can get you into your dream home. (Cue selfie of you drinking wine in your new living room. First like on Instagram? Probably your agent.)

 That's a lot of responsibility. And a lot of pressure. There's obviously a lot at stake: money and time, of course, but also your happiness. So reach out to an agent sooner in the process rather than later, and you'll be on the fast track to picking out paint swatches for your new kitchen.

 Agents, Brokers, and REALTORS?: What's the Difference?

"Agent" is a catchall phrase that is used, in casual conversation, to describe the three types of professionals who buy and sell real estate: agents, brokers, and REALTORS?.

 No, they're not really the same. Yes, you should care about what makes them different. Here's a breakdown:

 A real estate agent is a licensed professional who helps people buy, sell, rent, or invest in homes. To become an agent, a person must take pre-licensing training from a certified institution (these vary from state to state) and pass their state's real estate licensing exam. Once they have their license, an agent must affiliate themselves with a real estate brokerage.

 Some agents specialize in representing buyers, some specialize in representing sellers. Some do both. An agent who represents both the buyer and the seller in the same real estate transaction is called a dual agent. By law, a dual agent must disclose dual agency to both parties. (If an agent is seeing other people, you obviously need to know.)

 A real estate broker is a professional who has additional education beyond the agent level, as required by state law, and who has passed a broker's exam. In some cases, brokers also have more years of experience than agents. The biggest difference between a broker and an agent is that a broker may work independently. An agent must be overseen by a broker.

 A REALTOR? is a broker or agent who belongs to the National Association of REALTORS? (NAR), the largest trade group in the country. (Full disclosure: NAR publishes HouseLogic.com). A REALTOR? commits to following a strict Code of Ethics intended to protect buyers and sellers; for example, REALTORS? pledge themselves to protect and promote the interests of their client. Agents and brokers who are not NAR members can't call themselves REALTORS?. There are more than 1 million REALTORS? in the United States. You can use realtor.com?'s Find a REALTOR? tool to connect with one in your area.

 In most cases, using an agent, broker, or REALTOR? won't cost you a penny because the seller typically pays both the listing agent and buyer's agent's commissions. However, some buyers' agents request a representation fee from the buyer. That's rare.

 The Best Agent for You Depends on ... You

 Before you seriously partner with anyone, you'll probably survey family, friends, and trusted acquaintances for at least some input. Finding a real estate agent is no different: A great starting point is to ask your inner circle and neighbors for recommendations. According to recent NAR research, 52% of buyers 36 and younger found their real estate agent through a referral.

 Then there's the internet.

 Each of the major property listing websites -- realtor.com?, Zillow, Redfin, and Trulia -- has an agent-finder tool that lets you search for agents in your area. These property sites also collect reviews and ratings from an agent's past clients, which gives you insight into an agent's reputation. Keep in mind, though, that the sites vary in their policies about whether agents can edit or remove reviews. (Like with Yelp, use your own discretion.)

 The sites also show an agent's sales history, so you can see how many homes a person has sold. In general, it's best to choose an agent who has a large number of sales under his or her belt (a sign they're committed to real estate work). Perhaps even more important: an agent who has sold homes at the price point and in the neighborhood where you're looking to buy -- a sign they understand the local market.

 Whatever you do, don't rely on online listings alone. Always interview prospective agents -- at least three -- in person. A meet-and-greet will give you the perspective you need on the agent's personality and style. Is this someone you'll like working with? Who has a sense of humor? Who has your back? Who communicates in the ways you want to be communicated with? Best to find out in person.

 Explore More Topics:

 Find an Agent & View Homes

 Buy a Home: Step-by-Step

 How to Know If An Agent Is Knowledgeable

 Once you've gathered all the information, listen to your gut: It won't steer you wrong about who's the best agent for you.

 But, that said, there are a few qualities you'll want to look for in any agent (your gut would agree):

• Local expertise. Does this person know their stuff about neighborhood home value trends, shops and restaurants, schools, commute times, and geographic factors such as floodplains? These things are important, especially if you're looking for a home in a new city or town. If the agent seems lost or like they're winging it, keep looking.
• Responsiveness. You'll have a lot of questions, and will be asked to produce documents at certain steps during the buying process. Think about how available you want your agent to be, and how quickly you want him or her to respond. One way to figure that out? Contact a prospective agent online or by phone and see how long it takes them to reply. If you don't hear back within a time frame that works for you, it's probably best to move on.
• Reputation. This is when to consult your inner circle again. The agent-finder tool mentioned above can also help. In addition, you'll want to verify the agent's license; search "[state] real estate license lookup" to find a resource for your state. If you want to confirm whether an agent is a REALTOR?, you can call NAR at 1-800-874-6500.

There are a number of professional designations that indicate an agent has obtained additional education beyond their licensing work. An accredited buyer's representative (ABR?), for instance, is someone who specializes in working with home buyers and has taken a course on buyer-client relationships. You can search the different types of designations here.

 Don't Be Afraid to Ask a Lot of Questions

 Congratulations! You now have a list of agents you like based on their stats, and you're ready to get to know the finalists. Binge a few episodes of "The Bachelor" for pointers -- just kidding, don't do that.

 What to really do: Schedule interviews with the top three agents, at least. During each conversation, your goal is to understand the agent's experience, personality, and working style.

 Here are 13 questions that will help the vetting:

 How many years have you been in the business? 

Having more experience doesn't guarantee that someone is a great real estate agent, but a lot of the business is learned on the job.

How many homes have you sold in the last year? 

Volume isn't the most important factor when choosing an agent, but you want someone who is active in the industry. Also, the more transactions an agent has under their belt, the more adept the person should be at solving complicated problems that can crop up during a home sale. Remember: Your transaction is unique.

 How will you help me determine my needs and priorities? 

The agent's first task is to help you identify your list of "musts" and "wants" -- the home features that you need, versus the features that you'd like to have but can live without.

Is your real estate license in good standing? 

You can also check with your state's Real Estate Commission to confirm the agent has no disciplinary actions.

How will you stay in touch with me? 

Your agent's communication style should align with yours. If you prefer to be contacted via text when new listings crop up, make sure your agent is able to do that.

What neighborhoods do you specialize in? 

You want an agent who's intimately familiar with the neighborhood(s) you're interested in. 

Another way of framing this question is to ask, "How many homes have you sold in this neighborhood in the last year?" What price range do you typically work in? In addition to being a neighborhood expert, your agent should do a large portion of their business with home buyers in your price range. It's important because challenges and negotiation strategies can vary based on what type of home you're buying. How many other clients are you working with? You want someone who can give you quality,  start_tip 72 one-on-one customer service end_tip  when you buy your first home. If the agent seems spread thin, it's probably because they are.

How are you a good agent for first-time buyers? 

First-time home buyers face specific challenges. Every buyer has a unique transaction. Good agents can explain what you should expect and how they're going to help you navigate your special circumstances.

How will you find homes that match my criteria? 

Seasoned real estate agents don't just use the local Multiple Listing Service (MLS) -- a regional database of registered property listings -- to help home buyers find homes. They also keep track of listings through colleagues, door-knocking, and canvassing neighborhoods to find the right properties for their buyers. They'll also work their industry connections.

Have you ever recommended that a buyer not buy a property? Why? An agent should work in your best interest, which means being honest with you about when to pass on a house that will not meet your needs -- even if you're starry-eyed about it. It's your choice, obvs, but they should empower you to make a sound decision.

Do you have a list of recommended vendors who can help me get a mortgage, inspect a home, and so on? 

To buy a home, you're going to need other important players on your team -- specifically a mortgage lender, home inspector, settlement/title company, and attorney. An experienced agent has already developed relationships with reputable pros, and should provide you with several references for each; though it's ultimately your decision to choose who you want to work with.

Can you provide contact information for your three most recent buyers? 

Past clients can offer valuable insight into an agent's skills. Don't just ask an agent for references, or you'll get three pre-vetted clients who are guaranteed to sing their praises. Instead, ask for phone numbers and email addresses of the agent's three most recent buyers. Contact those people directly to learn about their experiences.

 Whew, you made it through the interviews. (Are you thirsty? We could use a glass of water.)

 By now, there's likely one agent left standing. Someone you can trust. Someone who listens. Someone who knows more about real estate than you, but who also really cares about finding your house.

 Now that you've got a partner in buying a home, it won't be long before you own it.

Representing You

Representing Home Buyers

Representing home buyers in real estate transactions. Serving in Chicago North Suburbs.

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Affordable flood insurance through Sept. 30 2017

Feds promise you access to affordable flood insurance.

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Copyright 2017 NATIONAL ASSOCIATION OF REALTORS®

How to evaluate your house?

How to evaluate your house?

Smart Strategies for Remodeling

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  Evaluate Your House for an Attic Bedroom Renovation

  An attic bedroom remodel is an easy way to increase living space and avoid many of the zoning restrictions attached to adding on. Read

Visit houselogic.com for more articles like this.

Copyright 2017 NATIONAL ASSOCIATION OF REALTORS®

Before You Buy A Home

How Much Mortgage You Can Afford

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Copyright 2017 NATIONAL ASSOCIATION OF REALTORS®