Buying a Home: The Process

Choose a Real Estate Agent

Traditionally all real estate agents represented the Seller. However, in many states including Arkansas, consumer awareness has grown so that Buyers can also be represented by an agent loyal to them, the Buyer's Agent. Seller's agents can help a Buyer purchase a home, show them houses, write contracts, etc., but their loyalty is ultimately with the Seller and their job is to sell the homes they have listed at the highest price possible. Your home purchase will be one of the biggest and most important financial decisions you'll ever make. You deserve representation by a Buyer's Agent to help you purchase your home at a fair price, to be informed at every stage of the process, and to be represented by a professional should problems arise. This service is generally free to you, since the company which has the home listed generally shares the seller's commission with the buyer agent.

Get pre-qualified

Visit a mortgage lender to get pre-qualified. The price level set by the bank is determined by your income and debts and will help your agent show you houses that you can afford. Your agent can also recommend lenders who can meet any special needs you may have, especially if you are purchasing commercial property or land. Being pre-qualified not only determined how much house you can afford, it also allows you to move quickly when you find the right house, especially when you aren't the only interested buyer.

Find the Right Home

This is the fun part, looking at houses to find your dream home. Once you and your agent have determined what you are looking for and you have been pre-qualified, it's time to find the right home. Your Buyer Agent will check first in the Multiple Listing Service (MLS) and inform you of all the homes that meet your needs in the areas where you want to live. Sometimes, your dream home may not be listed by a real estate agent. A Buyer Agent will also arrange with 'For Sale By Owners' for you to see their homes if you haven't found what you want in the MLS. In addition, if you wish to build a home, your agent will show you new construction by various builders, including those who may not be represented by a listing agent. And if you decide a new home is for you, your Buyer Agent will act as your advocate to assure that your new home turns out the way you want it to.