Tuesday, March 11, 2014

10 Reasons To Hire a Buyer's Agent

1. Knowledge of real estate contract writing
Entering into a real estate contract is legally binding and not to be taken lightly. A buyer’s agent has written and reviewed purchase agreements before. She will make sure that it includes contingencies in the right places to allow you to walk away from the contract to purchase if you are not satisfied.

2. Market knowledge
A buyer’s agent will know how much the homes you are looking for should cost. They will have experiencing putting together a CMA, or comparative market analysis, so you can also know how the market is behaving.

3. Know what to look for in homes
Because a buyer’s agent regularly helps buyers find homes, she will have an experienced eye when attending walkthroughs. Tell-tale signs of damage or modifications will stand out to buyer’s agent and she will pass that information to you. Armed with what the buyer’s agent’s trained eye has noticed, you’ll be able to make an informed choice.

4. Local listing agent contacts
The best way to get the best deal on a house is to know about it before it hits the market. Buyer’s agents use their network of listing agents to locate homes that match your needs. Some will also be able to draw from their company’s research tools. Keller Williams Agents have team meetings where they announce upcoming listings and an internal posting forum where we can share listings before they are listed in the multiple listing service (MLS) and often days before they are available on public websites.

5. Industry Contacts
Unless you are involved in the real estate industry yourself, you probably don't have a rolodex of mortgage brokers, title closers, real estate attorneys, inspectors, movers, contractors, etc.  Your agent can connect you to these professionals.

6. Emotional filter
Buying a home is an understandably emotional time. Having an agent who is not emotionally attached to the purchase will ensure you have a voice of reason when you fall in love with a home’s layout and don’t notice a decaying roof. Your buyer’s agent will also help you make sure you find the home you need instead of getting side tracked by wants.

7. Help you understand financing options
Finding the best mortgage for your situation is the key to being a successful homeowner. It could mean the difference between being able to afford your mortgage payments and finding yourself underwater or foreclosed. Your buyer’s agent will be able to not only explain each financing option to you but also help you find a great lender.

8. Professional negotiation
Regardless of your price point, negotiation is going to factor into buying a home. Since most homes are listed with a listing agent experienced in negotiating, you want to make sure your financial interests are equally represented in the negotiations. Aside from straightforward negotiations, buyer’s agents employ certain tricks like offering or receiving concessions to make sure you come out ahead or happy, depending on the current market’s behavior.

9. It costs you next to nothing
As the buyer, you will not have to pay your agent’s commission. It is the seller’s responsibility to pay both the listing agent and buyer’s agent a commission. Basically, you have the opportunity for free representation. Take advantage of it.

10. The seller is represented, you should be too
Why would you go up against a seller and their agent on your own?  After all, two heads are better than one, right?

Protecting yourself against any unseen problems with your future home and to make sure you get the best deal on the best house is top priority for the buyer’s agent you hire. Don’t make the mistake of entering into a contract without a professional to guide you through the nuances.

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