Buying a house is a very exciting time and one that buyers should prepare for. Whether it’s preparing to get a mortgage or shopping for houses, making a mistake when buying a house can lead to many future headaches. Most houses that are being sold will have an agent representing the seller, which is frequently referred to as a listing agent or seller agent. The listing agent's main responsibility is to make sure the seller's best interests are being protected. So how does a buyer make sure their best interests are being protected? Simple, have a buyers agent. There are several reasons why it’s extremely important that when you’re buying a house that you have a buyers agent. Since a buyers agent is looking out for a buyer's best interest, they’ll help ensure the buyer gets the best deal possible. Below are the top reasons to hire a buyers agent when buying a house. Understanding the reasons below should make it clear that you need representation when buying a house.
1.) It’s Free To Have A Buyers Agent even I am paying towards your closing cost
One of the most obvious reasons to have a buyers agent when buying a house is that it’s free. it’s an obvious reason why you should have a professional to represent your best interests in the purchase of a house. It’s vital, however, that you don’t just have any buyers agent.buyers agent that you keep in mind they’re protecting your best interests during one of the biggest transactions you’ll ever take part in.
2.) A Buyers Agent Knows What To Look For When Viewing Houses
Whether you’re buying your first house or tenth, chances are you don’t physically look at houses on a daily basis. A successful buyers agent is physically looking at dozens of houses each and every week. Another excellent reason to have a buyers agent when buying a house is that they know what to look for when viewing houses. There are certain red flags to look for when buying a house, many of which you may not be aware of. An experienced buyers agent who looks at houses day in and day out will be able to identify potential problems within a house relatively easily. Recently while selling a house there were potential structural issues with the foundation of the house that were not clear to the buyer. As the buyers representative, it was my job to point out the potential issues and suggest that they have it further evaluated by a structural professional. The buyers, needless to say, we're thrilled that this was pointed out and they were made aware of this potential defect. This is only one example of what an experienced buyers agent can identify within a house when viewing them. Other common things a buyers agent can identify include; Pest/Insect Issues Potential Mold Issues Roofing Issues Leaks Age(s) Of Major Components (Furnace, Air Conditioning Unit, Etc…)
3.) A Buyers Agent Understands The Local Real Estate Market
It’s highly recommended as you have a buyers 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 in line with local house values.
4.) A Buyers Agent Can Help Evaluate & Secure Financing
The world of real estate financing can be very confusing and complex. One thing to expect when you have a buyers agent when buying a house is help with evaluating and securing the best financing for your circumstances. A buyers agent can help you navigate through the various financing options and help you decide which type of mortgage is best. In addition to helping you understand the various options, a buyers agent will be able to help you secure financing through a mortgage broker. It’s important to keep in mind as you’re securing financing that you strongly consider using a local mortgage company. Local mortgage companies understand what the process is for real estate transactions and also any local rules or regulations.
5.) Buyers Agent Will Coordinate Showings as the house comes on the market
One of the most overlooked tasks that a buyers agent performs on a daily basis is the coordination of showings for buyers. Coordinating showings can be tricky and something that gets confusing. A great reason to have a buyers agent when buying a house is they’ll be responsible for coordinating viewings of potential properties. Depending on a buyers' house search, it’s possible that a buyers agent is coordinating a large number of showings in several different towns at a variety of different times. If you’re buying a house and have an interest in a dozen properties, a buyers 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.
6.) A Buyers Agent Will Know How To Write Real Estate Contracts
Even if you’re buying your tenth house, it’s unlikely you’re familiar enough to navigate a real estate contract. Buyer agent having 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 buyers 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.
7.) Buyers Agent Will Have Access To Experienced Professionals Needed During A Transaction
Buyer Agents Will Have Access To Experienced Professionals During the course of a real estate transaction, there are several professionals that are needed. When you’re buying a house you’ll potentially need a mortgage originator, a home inspector, a real estate attorney, and a handful of other professionals. When you have a buyers agent when buying a house, you can expect they’ll have a pocketbook full of recommended professionals. An experienced buyer agent will have several mortgage companies, inspection companies, law firms, and other services that they can recommend to you. An experienced buyer agent should be able to provide several recommendations for each respective professional category.
8.) Buyers Agent Will Be 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 have a buyers 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 an overpriced house, your buyer's agent needs to know what it takes to purchase an overpriced house. This may include but isn’t limited to completing a detailed comparative market analysis proving the house is overpriced or structuring the contract dates to appeal to the seller. If you don’t have a buyers agent, you’ll be required to do the negotiations by yourself. In the example of buying an overpriced house, there is a good chance that the majority of buyers don’t know how to make an offer on an overpriced house.
9.) Buyers Agent Will Keep The Transaction On Schedule
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 have a buyers 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 buyers agent. a buyers agent is responsible for making sure that contract dates, such as a written mortgage commitment, are being met. Other culprits of closing delays include delays in appraisals being ordered or delays in an instrument survey being completed. An organized buyers agent will have a system in place that ensures these delays are avoided.
10.) Buyers Agent Can Be Your Emotional Filter
Buying a house is very emotional and can potentially get the best of a buyer. Another great reason to have a buyers agent when buying a house is they can act as an emotional filter. Since a buyers agent isn’t emotionally attached to a specific property you may have an interest in, they can help keep you from making an emotional and rash decision. Ultimately a buyer is the final decision maker, but a buyers agent can help a buyer weigh the PROs and CONs to potential properties while taking the emotion out of the decision.
Final Thoughts There are many reasons to have a buyers agent when buying a house and the reasons discussed above should make it clear, have a buyers agent when buying a house! There are actually, no good reasons to not have a buyers agent. When you have a buyers agent, you’re having a professional to look out for your best interests during one of the largest purchases, you’ll ever make.
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