2torial #0935:
Learn2 Buy a Home (continued)

Select a realtor

A trustworthy realtor is a must. They serve as guide and advisor throughout the buying process, and their wisdom can save you thousands of dollars down the road, so shop around.

Ask for leads from friends and family who've recently purchased property in your area. Interview various agents before settling on one, and ask for references. Agents won't be insulted. It's a normal part of the process. As with a mortgage broker, make sure they're willing to keep answering your questions until you understand issues fully, from current housing prices to the details of closing a deal.

Though you don't pay realtors (they get their fee from the seller), they serve a number of vital functions, including:

Selecting homes. It's virtually impossible to visit all the homes on the market at a given time. Good realtors will listen carefully to your wants and needs and select the homes that are the best fit for you. This can save you a great deal of time and effort, and ensure a hidden gem doesn't slip through your fingers.

Making a bid. Once you've found a home you want, your realtor will help you negotiate a price. This is when trust in their judgment becomes essential. They base their recommendations on knowledge of the current market, but the more you yourself know about both asking and selling prices for similar houses, the better off you'll be.

Handling paperwork. The process of buying and selling a house involves a huge tangle of paperwork, but a good realtor will make the process go as quickly and smoothly as possible. He or she should also understand and explain all contracts before you sign them. However, you may also want to engage a lawyer to read over the small print to ensure that you're getting what you think you are.