Purchasing a home is a very exciting time and one that a buyer should prepare for. Whether it’s preparing to get a mortgage or beginning to search for homes online, making an error when purchasing a house can lead to undue stress, money out of the window, and wasted time. Most homes on the market have a broker representing the seller. The listing agent’s main responsibility is to make sure the sellers best interests are being protected. So how does a buyer make sure their best interests are being protected? There are several reasons why it’s extremely important that when you’re purchasing a house that you hire a buyer’s agent. Since a buyer’s agent is looking out for a buyer’s best interest, they’ll help ensure the buyer gets the best deal possible while greatly reducing any stress that can occur during the home buying process. Below are the top 10 reasons to hire a buyer’s agent when purchasing a home. Understanding these 10 reasons should make it clear that you need representation when buying a home.
- A Buyer’s Agent is No Cost to the Buyer:
A buyer’s agent is free to buyers is one of the most obvious reasons to hire a buyer’s agent. There are very few situations where it costs the buyer to hire a realtor to represent them. It’s highly suggested as you think about hiring a buyer’s agent that you keep in mind they’re protecting your best interests during one of the biggest transactions you’ll ever take part in.
- A Buyers Agent Knows What To Look For When Viewing Homes.
Whether you’re buying your first home or you have purchased several times already, chances are you don’t physically look at houses on a daily basis. A successful buyer’s agent is physically looking at dozens of houses each and every week. An excellent reason to hire a buyer’s agent when buying a house is because they know what to look for when viewing homes. There are certain red flags to look for when buying a home, many of which buyers may not be aware of. An experienced agent will be able to identify potential problems within a home relatively easily. As the buyer’s agent, it is important to point out the potential issues and make suggestions for any items that need to be evaluated by a professional.
- A Buyer’s Agent Understands the Local Real Estate Market:
Each and every real estate market is different. Real estate markets vary greatly in each city and even neighborhood. It’s extremely important when buying a home that you understand the local market. Since there are many reasons why real estate markets are different, another great reason to hire a buyer’s agent when buying a house is because they understand the intricacies of the local market. A buyer’s agent who understands the local real estate market can go a long way when the time comes to make an offer on a house. It’s highly recommended as you hire a buyer’s agent that you make sure they have experience selling houses in the area. Hiring a real estate agent who doesn’t have an understanding of the local real estate market can cost you thousands of dollars should you make an offer that isn’t inline with local house values.
- Valuating and Securing Financing:
The world of real estate financing can be very confusing and complex. One thing to expect when you hire a buyer’s agent when buying a house is help with evaluating and securing the best financing for your circumstances. A buyer’s agent can help you navigate through the various financing options and secure financing through a reputable mortgage broker.
- To Coordinate Showings:
This is one of the most overlooked tasks that a buyer’s agent performs on a daily basis is the coordination of showings for buyers. Coordinating showings can be complex and confusing when working with multiple different agents. A great reason to hire a buyer’s agent when buying a house is they’ll be responsible for coordinating viewings of potential properties. Depending on a buyer’s home search, it’s possible that a buyer’s agent is coordinating a large number of showings in several different neighborhoods at a variety of different times. If you’re buying a house and have interest in a dozen properties, a buyer’s agent is responsible for making sure that you have the opportunity to view potential properties if they’re available. This may mean making a dozen phone calls, figuring out the best route for the showings, and making sure they provide you all of the pertinent information about the properties.
- Writing the Real Estate Contract:
Even if you’re buying your tenth house, it’s unlikely you’re familiar enough to navigate a real estate contract. When you hire a buyer’s agent when buying a house, you’re hiring a professional who knows the ins and outs of real estate contracts. There are many parts to a real estate contract and having an experienced professional to guide you through the contract is vital. There are several real estate contingencies to consider including in a purchase offer, several deadlines that need to be set in a contract, and other important parts to within a real estate contract. In addition to the important aspects within a real estate contract, an experienced buyer’s agent will know how to write a contract that presents you in the best possible way in the eyes of a seller. A real estate contract that is poorly written or a contract with missing or blank areas is a common reason why a purchase offer is rejected when buying a house.
- Access To Experienced Professionals Needed During A Transaction:
During the course of a real estate transaction there are several professionals that are needed. When you’re buying a new house you’ll potentially need a mortgage originator, a home inspector, a real estate attorney, and a handful of other professionals. When you hire a buyer’s agent when buying a house, you can expect they’ll have a pocketbook full of recommended professionals. An experienced buyer’s agent will have several mortgage companies, inspection companies, law firms, and other services that they can recommend to you. It’s likely that the professionals a buyer’s agent recommends provide quality service and would also be looking out for your best interest during the purchase of a house. One of the best questions to ask when interviewing a buyer’s agent is whether they have a list of recommended service providers. An experienced buyers agent should be able to provide several recommendations for each respective professional category.
- Your Negotiator:
One of the most frequently asked questions about buying a house relates to the amount that should be offered for a home. A huge benefit that you’ll receive when you hire a buyer’s agent is that they’re negotiating on your behalf. Depending on the house you’re attempting to purchase and the current state of your local real estate market, having a top notch real estate negotiator can be critical. For example, if you’re attempting to purchase a home in a seller’s market, it is likely that there will be multiple offers on the property. It is important to know all points of negotiation in order to get your offer accepted.
- Transaction Coordination:
Delays in real estate transactions happen, but this doesn’t mean that it’s acceptable. A delay in a real estate transaction is frustrating to all parties involved, especially for a buyer and a seller.When you hire a buyer’s agent, you’re greatly improving the chances that your real estate transaction will stay on schedule. There are dozens of reasons why real estate closings are delayed, many of which can be avoided by hiring a top buyer’s agent. A buyer’s agent is responsible for making sure that contract dates, such as a written mortgage commitment, are being met. An organized buyer’s agent will have a system in place that ensures these delays are avoided.
- Your Emotional Filter:
Buying a house is very emotional and can potentially get the best of a buyer. Another great reason to hire a buyer’s agent when buying a house is they can act as an emotional filter.Since a buyer’s agent isn’t emotionally attached to a specific property you may have interest in, they can help keep you from making an emotional and rash decision. Ultimately a buyer is the final decision maker, but a buyer’s agent can help a buyer weigh the PROs and CONs to potential properties while taking the emotion out of the decision.