process and will also want to know what kind of loan you were pre-approved for, the terms of the loan, the down payment requirements, and how much the lender used for taxes and possibly association dues (especially if you are shopping for a condo or townhome - but some single-family homes may also have an association fee). You should have the pre-approval letter with you when you meet the agent. The agent should also spend adequate time to discover exactly what you are looking for in your next home. They should listen as much as they talk and ask questions. Watch to see if the agent takes detailed notes as they will need them when performing searches to find you the perfect home. If the agent doesn’t broach the topic, ask for an explanation of his understanding of agency relationships and obligations to you. The law requires agents to explain whether they’ll be working for the buyer or the seller whenever they have substantive contact with a customer or prospective client. The agent should present to you a “Buyer’s Agency” or “Exclusive Buyer’s Agency” agreement which indicates in writing that they would be representing your interests only. If the agent can’t explain agency concepts to you, move on to another agent. A good buyer’s agent will provide home-buying education. While a listing agent will point out all the features and beautiful updates to a home; a good buyer’s agent will point to the faults — or advise when they can be overlooked. Competent buyer agents help their buyers to think clearly as the homebuying process unfolds. For example, if a house is a good buy, a buyer’s agent might suggest looking past the dated bathroom and kitchen and looking at the space above the garage that will make the perfect studio you desire. Likewise, a cute house with all the amenities, but with old "knob and tube" wiring or a 40-year-old roof might not be worth the asking price.
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