June 10, 2010
Why you need a Buyer Agent
In the late 1980’s some state licensing officials and other interested parties took a look at how the real estate industry treated buyers. As a result, the Buyers Agent was created. A lot of people think the Buyers Agent is only there to help them find a house and with the information available in the internet they don’t need one. As important as this is, it is only part of the job. There is a lot more to being a Buyers Agent and here are some of the reasons why:
1. A Buyers Agent is the best person to help you negotiate the price and recommend deposit amounts, mortgage and closings dates. Your purchase offer is an important legal document and should be filled out by a professional with your best interests in mind.
2. We are a good resource for selecting qualified and experienced professionals (lawyers, inspectors, mortgage providers, etc.) you will need. We can provide you with a list of recommended professionals.
3. Sometimes an agent will know of houses before they are listed on the internet and houses that are available that aren’t listed.
4. Through a Competitive Market Analysis (CMA) a Buyers Agent will help you understand what the house is worth, what the towns appraisal is, what the owners paid for the house. You don’t want to have the purchase of your house fall apart because the mortgage provider says the house is not worth what you are willing to pay for it.
5. When you go to an open house or look at a house with the Listing Agent they are representing the seller. They will not lie to you or hide things from you, but they are not obligated to tell you things they know about the house. Having the seller’s agent act as your agent splits their loyalties. A Buyers Agent is loyal to only you. They can help you ask the right questions, research the house and make objective recommendations.
6. The agents company may have special company benefits for buyers and sellers. For example, one of the things my company offers is a Home Insurance Report. This is a “Car Fax” report for houses.
7. You should have an agent when buying a house from a builder or having one built. A buyer should have a CMA done before purchasing or contracting, to make sure that you can get a mortgage and what your potential re-sale value will be. Your “Dream House” might be hard to sell when the time comes, if it is over priced or has an unusual floor plan.
8. The last and best reason for having a Buyers Agent helping you find and buy your next home, IT IS FREE! A Buyers Agent is paid by a commission split paid for by the seller, it will cost you nothing.