Offrs.com Reveals 3 Essential Responsibilities Of A Residential Real Estate Agent To Help First-Time Home Buyers

2024-11-02 09:18:09 News & Society

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The home buying process can oftentimes be long, complicated, and tedious. There are certain requirements and tasks that homebuyers should accomplish before they can finally have the keys to their dream home. They should also be educated about a lot of things regarding residential real estate to make the right decisions from start to finish.
To help first-time homebuyers, real estate agents can help guide them through the things that need to be done, including the 3 following things:

Reviewing the homebuyer?s financial status

Real estate agents can enlighten homebuyers about the importance of being in good financial standing while shopping for their dream homes. They can give advice on what will work best with a client?s financial situation. They can use their knowledge on real estate listing lead generation and direct attention to a property in their real estate leads list that is within a number that a client can afford. They can advise on the importance of taking a look at a client?s savings account, considering their debts (student loans, credit card or medical bills, etc.), and factoring in their monthly expenses. They can provide detailed explanations on common real estate elements, such as the down payment, mortgage, maintenance and upkeep costs, and other unexpected costs, to guide a buyer to the home that is right for them.

Identifying the homebuyer?s needs

Real estate agents know the importance of listening to a homebuyer?s needs. They want to get answers to questions ?Are you okay with living in a small home that you can easily clean and maintain?? and ?Does your big family need a spacious backyard for your kids and pets to run around?? They want to know about a client?s vision of how their house should look, such as the preference on the number of bedrooms and bathrooms, the size and layout of the living room, dining room, and kitchen, the availability of a basement, attic, or garage, and so on. After gathering these pieces of information and using their real estate listing lead generation skills, they can offer options from their real estate leads list that are suitable to a client?s needs, whether it is a condo, single-family home, townhouse, duplex, or other residential property types.
Educating the homebuyer about their loan options

Real estate agents can present to homebuyers that hire them the different loan and mortgage options available for residential property buyers. They can talk about what a residential hard money loan or short-term hard money loan is or which of the different types of loans is most suitable for specific situations. They should have no problem answering all real estate questions until the best loan option for a first-time homebuyer that hires them is determined. Below are examples of common loan and mortgage options that they may talk about:

Conventional mortgage ? This type of mortgage is offered by banks and mortgage entities. In general, it has lower borrowing costs and higher interest rates than other mortgage types.

Residential hard money loan ? This is offered by an individual or private lender and not banks. Also sometimes called short-term hard money loan, it usually only lasts 1 to 3 years.

Fixed-rate mortgage ? This is a type of residential loan that has a fixed rate for the whole loan term, whether 10, 15, 20, or 30 years.