Fort Thomas, KY Mortgage Specialist: May 2010

DO HOME BUYERS NEED A REALTOR is one of the most asked questions I get from a buyer. Not a difficult question to answer.

Buyers usually do not directly pay the Realtor. When you are buying a home not using a Realtor has so many pitfalls. First, if you are looking at a property listed on the Northern Kentucky or Greater Cincinnati Multiple Listing Services, the seller listed the property building in a fee for the buyer's agent.

Buyers often think they have to pay the Realtor from their own funds. Whereas they CAN do this, it is usually not done that way.

Most homes for sale are listed in the MLS. Another reason buyers need a Realtor, most homes are listed for sale in a multiple listing service, when you are looking for a home, that is where you most likely are going to find it. These homes are sold by Realtors, not often by the listing Realtor, but a co operating Realtor.

You can buy a "for sale by owner" home without a Realtor, that is a whole different topic. Many "for sale by owner" home owners are willing to co operate with your Realtor acting as your agent.

Realtors can help with the decision. Not only do I recommend buyers use a Realtor, but they should select a Realtor as early on as they are comfortable doing so. I'm not saying pick the first one you speak to, however, think about it, when you are working with one Realtor and see 10 homes, that Realtor has seen all 10 homes with you. When it is time to make a decision, he/she will be in a position to actually help you with that process.

A Realtor representing a buyer in a transaction can be priceless. Take your time and select the Realtor you think works the best with and for you. Ask friends and business associates for recommendations. I would highly recommend a buyer pick a Realtor before they make that first phone call on a property. Home buying is a multi step process - arrange your financing, then locate a Realtor who will work for you.

Here is a link that discusses  the use of a Realtor as well as some other home buying tips. http://www.dagriffinfinancial.com/hb/understanding.rad

HOW IMPORTANT IS GETTING PRE QUALIFIED OR PRE APPROVED FOR A MORTGAGE LOAN is a question a lot of buyers ask themselves at some point in the home buying process Interesting enough, many people thinking of a home purchase don't always think of this as one of the first things they need to do.

There is a difference in a pre qualification and a  pre approval. A pre qualification would give you a rough idea of what you could afford, a true pre approval is when you not only apply for mortgage loan financing but you also provide the documentation to support your application.

When I speak to potential borrowers here in NORTHERN KENTUCKY I usually tell them by gathering some information I will tell you what you can afford. Once you know what you can afford, then you can decide how much you WANT to spend. Having that knowledge is key to making this a pleasant process.

The best thing a borrower can do for themselves is to talk to a trusted financial advisor before they start looking at homes or calling Realtors. A well experienced Realtor will ask right away if a potential buyer has been pre approved. The biggest reason you want that pre approval or pre qualification first is that once you start shopping, you want to be looking at the right homes. You could be shopping for homes that you cannot afford, or you could be shopping for homes that better suit your needs when you know what you WANT to spend.

There are a number of ways to get pre qualified or pre approved. Some lenders want you to come to their office, some people go online and post their information with little knowledge of who is getting it or where it is going. Even in this computer age we live in, I do wonder why someone would rather put their information out on the net for any lender to grab as opposed to doing some research on their own first.

Personally, I like to start with a phone conversation. I do most of my pre qualifications by phone. It is a time saver for both myself and the borrower. It is the first step in preparing the borrower for the home buying process. Best of all it is FREE for me to take a look at the credit and answer some general questions. All the information you need is on my website www.dagriffinfinancial.com

Dora Ann Griffin

D A Griffin Financial, LLC       Serving Kentucky & Ohio

"Your Lender For Life"

859 442 9700