What are the benefits of working with a buyer’s agent?
Buying a home is probably one of the most complicated processes you’ll ever encounter in all your buying experiences. It’s not like buying coffee or clothing when the only people you would ever encounter are the cashier and the shop assistant, with home buying you will be interacting with many key persons involved in a real estate transaction. True, you can buy a home without the help of a buyer’s agent, but imagine dealing with the lender, the home seller, appraiser, home inspector, and the lawyer by yourself. That spells headache and challenge. Plus add stress to the mix.
There are many reasons why you should get help from a buyer’s agent when buying a home. In this blog, we’ll discuss the benefits of working with a buyer’s agent.
Professional real estate agents are experts in the field of home buying and home selling. It is to your own advantage to use their expertise in representing your interests throughout the purchasing process.
Most homes for sale are available online for you to see, but you don’t have access to all homes for sale that are not publicized, listings such as pocket listings and private listings are often priced competitively and buyer’s agents have access to these.
A buyer’s agent can help save you time and effort in your search for the right home. A buyer’s agent can dig more information if you have questions about a property, he or she can provide facts on the neighborhood, can give you comparable of homes, can tell if the home is overpriced or not. These in turn saves you time searching for and analyzing properties.
Your buyer agent acts as the middle man and can write requests objectively and inform the seller without getting in the trouble of being too emotional. Remember that sellers can outright reject an offer for simply hating your guts. Your agent can help smooth things when the transaction gets tougher.
A buyer’s agent can handle this touchy part of the buying process that sometimes make or break a deal. He or she can be able to identify trouble that you may not see, as well as know if the request for repair is reasonable or not. A buyer’s agent can also recommend you a good home inspector who will provide a detailed report on problems with the house.
The documents involved in the transaction like disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multipage settlement statements can be tough to handle by a non-professional. That’s why your agent is there for you to tackle the paperwork, help you fill out and help you understand the paperwork.
A buyer’s agent under an agency agreement is bound by common law to a fiduciary relationship. These fiduciary duties include: loyalty to you and not serve other interests, keep confidential any information that may affect your bargaining position, disclosure of any relevant information to you, obedience, reasonable care and diligence in pursuing your affairs, and account for all things you entrusted to your buyer’s agent. To sum up in layman’s term, your agent is bound to act in your best interest.
HOME BUYING 101: HOUSE HUNTING