Buying power is your financial reserves plus your borrowing capacity. If you give a REALTOR some basic information about your available savings, income and current debt, he or she can refer you to real estate lenders best qualified to help you. Most lenders—banks and mortgage companies—offer limited choices.
Sometimes the property you are seeking is available but not actively advertised in the market. Your REALTOR has resources and connections to find all available properties.
REALTORS provide objective information about each property. Looking for the perfect Denver neighborhood? Agents who are REALTORS have access to a variety of informational resources to give you community information on utilities, zoning, schools, etc.
There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment.
Depending on the location and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR can help you find qualified, responsible professionals who will do most of these investigations and provide you with written reports.
Your REALTOR can help you in understanding different home financing options and in identifying qualified lenders.
Your REALTOR can guide you through the closing process and make sure everything flows together smoothly.
REALTORS have access to the most current housing market trends and data on what is happening in the marketplace and the price, home financing, terms and condition of competing properties.
Your REALTOR is serving as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service like REcolorado or other cooperative marketing networks, open houses for agents, etc. The REALTOR Code of Ethics requires REALTORS to utilize these cooperative relationships when they benefit their clients.
There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts.
Home sellers need to review home offers without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing. Your REALTOR can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
Between the initial sales agreement and closing (or settlement), questions may arise. Your REALTOR is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).