Getting help when buying a home
Top five reasons to hire a ‘buyer’s agent’
So you’ve decided it’s time to buy a house. This can be an exciting and sometimes overwhelming process. It’s most people’s single biggest purchase in their lifetime. Although it is possible to go it alone when purchasing a home, it only makes sense to have a trained professional in your corner to help guide you through the complicated — and at times — stressful journey.
Here are few things to consider when hiring your own “buyer’s agent” to represent you in the process.
Realtors know the market
This will save you valuable time. After determining what you are looking for in a property and what you can afford, your Realtor will assist you with selecting homes that meet your needs and wants, then schedule appointments for you to view these homes.
Your Realtor can explain the pros and cons of various homes and neighbourhoods to help you decide which one is right for you.
Realtors are skilled negotiators
Once you’ve decided on a property, it’s time to write an offer. Your Realtor can advise you on an appropriate price to offer, depending on the situation.
They can provide information on other current listings in the neighbourhood, recently sold homes and how long they were on the market.
They will help you prepare an offer with terms and conditions that are suitable to you.
They will then present your offer on your behalf to ensure you get the best possible price and terms for the property.
Realtors are educated advisers
They can help resolve any issues that may arise along the way. If a problem was to come from a home inspection, for example, your Realtor can recommend the appropriate actions needed to protect your interest.
If negotiations become heated or complex, their expertise and unbiased perspective can help keep the negotiations on course.
Realtors connect you with trusted professionals
The home-purchasing process requires services from many different professionals.
Realtors work with a network of trusted professionals they can recommend to their clients: mortgage brokers, real estate lawyers, home inspectors, contractors, appraisers and more.
Realtors’ fees are often paid for by the seller
There are many different fee models, however, in most cases, there’s no extra fee for the buyer for the services of their Realtor. The seller pays the commission for both the buyer’s agent and the seller’s agent as part of the commission fee in the listing agreement. It is basically built into the price of the home, and that is the way it’s always been.
So how do you find your own Realtor?
Ask a friend or family member for a recommendation. Visit some open houses in the area you want to live in and talk to agents you meet and see who you connect with. Are you looking for an agent that specializes in new construction, fixer-uppers, condo purchases? Ask questions. You want to feel like you are working with someone who understands your needs and that you are comfortable with.
Once you decide on which Realtor you want to work with, you will sign a Buyer Brokerage Agreement for a specified period of time. This agreement outlines the Realtor’s services to you.
It also states that you will be solely represented by this Realtor in the buying process for the time specified in the contract, and that you will not be represented by any other buyer’s agent.
This agreement ensures your interests are represented to the fullest during the term of the contract.
It allows the Realtor to share their expertise and knowledge with you.
It becomes their duty to answer questions that you may not even have thought to ask.
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Patti Ross is a full-time professional Realtor® and home improvement expert helping people buy, sell and improve their homes in HRM for more than 10 years.