In a tough market, people are looking for any way they can to save a little on real estate transactions. Many are resorting to FSBO (for sale by owner) listings. Others are negotiating down real estate agent commissions. One place I would not scrimp when looking to buy a home is hiring a buyer’s agent, and here are few reasons why I believe hiring a real estate agent is a smart move.
Benefits of Hiring a Buyer’s Agent
Narrow listings based on your needs. Let’s face it, there are a lot of homes for sale around the country, and even in your local community. Who has time to sift through all the listings and identify those within your price range, in the school zone you are interested in, and with the features you are looking for. That’s exactly what a buyer’s agent can offer.
Coordinates showings with seller’s agent or homeowners. Another time-saving advantage of hiring a buyer’s agent is getting their help with coordinating a viewing of a particular house of interest. Often the buyer’s agent scheduled a time with seller’s agent for you to view the home, and if the home is listed with a Realtor, has access to the property via a lockbox.
Buyer’s agents work on your behalf. In my experience, a good buyer’s agents have your best interest at heart when buying a home. They will steer you clear of any potential legal pitfalls, help you compile statistics such as the sales history of the home, it’s tax records, etc. Sharing one agent between two parties is not advisable.
Help negotiate final purchase price and seller concessions. Unless you are great with negotiating skills, and navigating real estate contracts, it is a good idea to hire a buyer’s agent to help you through. Often times two agents working together can help buyers and sellers work through price negotiations and concessions such as closing costs, allowances, etc.
Guide you the legal hurdles. Short of hiring a real estate attorney to represent you at closing (something else I recommend), your best legal advise will likely come from a buyer’s agent. Again, they are particularly good at guiding you through the contract negotiations, establishing insurance, etc.
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