Why Hire a Buyer's Agent?
Some sellers may pay for your agent's comission: A buyer's agent may be paid by the home seller once the home is sold. In some cases, if you like a home and the seller is not willing to pay for your agent's commission, you have to pay for it yourself. As always, it's essential to have good communication with your agent and with the listing agent to find out if the seller will pay for part or the whole buyer's commission. In other words, make sure you find the house and deal that fits your needs and goals.
Going to the Listing Agent Isn't Smart: For some reason, lots of buyers think they'll get a better deal if they go to the seller's agent. This is one of the biggest myths in real estate and could cost you considerable money in the long run. Quite often, buyers think if they go to the seller's agent, they'll give them back some of the commission. While this may be true, the agent works in the best interests of the seller, not you. Getting a Buyer's agent can save you thousands in money at negotiation and an unmeasurable amount of headache you can have otherwise.
Professional Experience: A buyer's agent should have the right kind of professional experience in finding the right home for you. Finding the right property is a time-consuming process, and it's easy to find yourself spending hours viewing properties that are not right for you. Having an agent screening the properties for you can save you lots of time. A buyer's agent will pick up on common problems, such as a damp basement, roofing problems and leaks.
Valuation and Finance: Valuing a property is not easy when you don't have a lot of experience. When you're buying your first or second home, you'll need all of the help that you can get. Nothing beats turning to a professional to help you purchase a property at fair market value, or less. One of the best skills of a buyer's agent is to be able to evaluate the right purchase price for the home. Financing can be a nightmare, as well. Sure, you may have your mortgage preapproval, but when it comes to buying a home and financing it, there's often a mountain of paperwork to work through. A buyer's agent will help you to do so, and make sure the process stays on track. They explain fundamental real estate terms you might not be familiar with.
How Much Time Do You Have for Your Showings? Not having a buyer's agent can mean you end up at a lot of showings or viewings that aren't right for you. When you contract in a buyer's agent at the start of the process, they'll make sure that they schedule everything for you. It's like having your own personal assistant.
The Value of Contracts:Never underestimate the value of contracts when it comes to buying a home. Arrangements are not only about money; timelines are established in the purchase contract, as well. A buyer's agent will make sure you follow through with any necessary responses required under the terms of the contract. This is critical because not doing so could put your escrow funds at risk of loss. Your agent will keep you informed and on track so that you don't lose any of your escrow funds. There's also an abundance of smaller details you need to deal with before you sign on the dotted line. Many of them form part of modern-day contract law. Changing regulations are something else a buyer's agent will help you with.
Professional Contacts: It's not just you and your bank manager. You'll also need the help of other professionals, such as a home inspector. What if the home inspector picks up a problem during the inspection, and you need an estimate for work? A buyer's agent is likely to have the right contacts at their fingertips, and will also be familiar with the process.
A Buyer's Agent: Your Negotiator:Many of us don't like to negotiate, and we're not always that good at it. You may like the seller and don't want to upset them. After all, we're only human. It's hard to say "no," or ask someone you like to drop the price or negotiate a needed repair. Let's go back to that home inspection that picked up a slight problem. Ask yourself if you have the skill, and confidence, to renegotiate the price of the property. It takes both to close a deal. Once again, this is something that your buyer's agent can do for you.
Let's Stay on Schedule:Staying on schedule is an important part of the process of buying a home. You may need to get out of your old house on a specific date, or you may have a starting date for a new job. Trying to pack up your old home and keeping the ball rolling is not easy. Many buyers don't realize that a buyer's agent will keep things going while you focus on moving out of your property or drive across the country to take up that promotion you're getting.
They will have your back:A buyer's agent will have your back at all times. That is perhaps the best way to look at the relationship. They're your fiduciary in the strongest sense of the word. Once it's all over, you'll be glad that you decided to ask for the help of a buyer's agent instead of going through the buying process on your own!
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