For many, the real estate business is a mystery. Home Improvement shows provide a glamorous glimpse into a very small part of the job, showing homes. This leads us to the question, what does a Real Estate Agent Actually Do? In reality, a majority of an agent’s job comes after you go ‘under contract’ on a home.
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Submit an Offer
An agent’s expertise shines when you’ve found a home you love and want to submit an offer. Although you are the one who ultimately decides how much to offer, an agent is responsible for helping you understand the various aspects of an offer package and help you put together your BEST offer.
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This is especially important in hot, competitive markets.
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In the event the seller wants to negotiate, your agent will communicate with the seller’s agent to make sure it all stays above board.
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Under contract: Inspection
You’ve found a home, submitted an offer that was accepted and now embark on the many ‘under contract’ to-dos. There is a lot to coordinate after you go under contract; earnest money, appraisals, inspections, continued negotiations, paperwork, and much more.
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If you’ve decided to do any inspections on the property (which we highly recommend), your real estate agent will attend them. During the inspection, your agent will likely follow the inspector’s lead but may ask relevant questions and make note of any potential problems with the home.
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Negotiations don’t stop when an offer for a home has been accepted. A second round of negotiations occurs once the inspections are complete. As the buyer, you and your agent will review the inspection report and ask the seller to either make certain repairs or give you a credit towards the repairs at closing.
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Under Contract: Appraisal
Your real estate agent will connect with your lender to ensure that you have all the necessary paperwork in order to meet the underwriting requirements on your loan. They will also follow up about the appraisal and, if needed, handle those negotiations.
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Lastly, your agent will make sure you have a firm loan commitment in place when it’s time to close.
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There is a LOT of paperwork involved in the real estate transaction. On the buying side, it’s mostly focused around the inspection and financing. Your agent will ensure all the necessary paperwork is completed and help you monitor dates and deadlines.
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Under Contract: Final walk-through
Shortly before the home closes you’ll take a ‘final walk-through’ of the home with your agent. This is your opportunity to:
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- Ensure the home is still in the same condition as when you made the offer
- Verify that any negotiated repairs have been completed.
Your agent should take the time to ensure all the home’s systems are working and assist with any last-minute questions you may have. And in the event that something isn’t right, they should step-up to correct the situation.
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Closing table
Wahoo! You’ve made it through the hard part and now you and your agent are sitting at the closing table. Your agent will be there to:
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- Bring all the necessary documents from your side of the translation
- Ensure that the money change hands correctly
- Verify you understand everything you are signing
It is only once you’ve been handed the keys that the commissions checks will be disbursed – and remember, Buyer’s don’t typically pay anything towards the agent’s commission.
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Still, have questions about what a real estate agent actually does for you? Contact us! We’d love to share! Contact us!
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Stil,l have more questions about Home Buying? We’ve answered a ton of your questions!
