As seen in the “Sound Off” section of the Houston Chronicle.
Question: Why do real estate agents sometimes help walk people through financing a home?
Answer: A home loan is one of the most complicated loans most consumers will apply for. For this reason buyers often depend on their real estate agents to walk them through the loan process. The first and most important step an agent can take is to connect buyers with a competent and experienced loan officer before they ever look at a home. Lenders will request information from the buyers such as their employment history, income, credit and assets. Agents will stay in contact with the lender to make sure the loan is moving forward as expected and follow up with the buyers making sure they understand the lenders requirements and are getting the requested information to the lender in an expeditious manner. Following these steps ensures the buyer is performing according to the contract.
The seller has a responsibility as well. If there is a required repair per the appraisal or a lien against the property, an agent has the resources to guide the seller through the process of satisfying those objections as well.
Agents will review the closing statement with the buyer or seller to make sure everything is as agreed to. To sum it up, an agent will use their expertise to guide home buyers through the loan process to a positive conclusion.
Jay Richardson
Register Real Estate Advisors
