SECRET WEAPON FOR SAVY BUYERS
Secret Weapon for Savvy Buyers
Buying a house or other real estate is one of the most significant undertakings you'll make in your entire life. It's not simply about finding the right home or property for you and your family; more than anything, buying real estate is about making the right financial investment on a long-term basis.
Before you even put down your earnest money deposit, an exceptional buyer's agent will have been doing several things for you, including searching for the right property and identifying red flags and things you should become aware of.
There are a number of reasons you should turn to a buyer's agent when you start the real estate buying process.
1.The Risks of Going Directly to the Listing Agent
For some reason, lots of buyers think they'll get a better deal if they go to the seller's agent. This is one of the biggest myths in real estate and could cost you considerable money in the long run. Quite often, buyers think if they go to the seller's agent, they'll give them back some of the commission, which is not legal in Alaska . The agent may be working in the best interests of the seller, not you!
A good buyer's agent should be pulling market data and reviewing that information with you to help determine if you are paying a fair price for the home. Could it be possible you might overpay by thousands by not fully understanding the current market conditions?
2. Experience Saves You Time
A buyer's agent should have the right kind of professional experience in finding the right property for you. Finding the right property is a time-consuming process, and it's easy to find yourself spending hours viewing properties that are not right for you or missing out on opportunities because you are not aware of them.
It's crucial to have a bit of help, especially if you're a first-time buyer or a very busy person. Having an agent screening the properties for you can save you lots of time.
A knowledgeable buyer's agent will pick up on common problems, such as a damp basement, crawlspace mold, earthquake damage, encroachments, high water tables, roofing problems and leaks.
3. How Well Do You Know the Area?
Having a buyer's agent on board when you move to a new town or part of the country is especially vital. After all, you may not know the area that well. An exceptional agent that services primarily buyers will know their way around the local area well. They'll know the popular neighborhoods, schools and lifestyle interests that are appealing to most buyers.
4. How Much Time Do You Have for Your Showings?
Not having a buyer's agent can mean you end up at a lot of showings or viewings that aren't right for you. When you contract in a buyer's agent at the start of the process, they'll make sure that they schedule everything for you. It's like having your own personal assistant. Tell them when you're free, and they'll do most of the work for you.
5. The Value of understanding Contracts and Dead Lines
Never underestimate the value of contracts when it comes to buying real estate. Arrangements are not only about money; timelines are established in the purchase contract, as well. A buyer's agent will make sure you follow through with any necessary responses required under the terms of the contract. This is critical because not doing so could put your escrow funds at risk of loss.
An excellent agent representing YOUR interest will keep you informed and on track so that you don't lose any of your escrow funds. There's also an abundance of smaller details you need to deal with before you sign on the dotted line.
6. Professional Contacts
Once you've bought your first property, you'll appreciate how many people form part of the buying process. It's not just you and your lender. You'll also need the help of other professionals, such as a home inspector, engineer, escrow officer, heating contractor and many others depending on the home you buy.
What if the home inspector picks up a problem during the inspection, you may need an estimate for work or more investigation? A buyer's agent is likely to have the right contacts at their fingertips, and will also be familiar with the process.
7. A Buyer's Agent: Your Negotiator
Many of us don't like to negotiate, and we're not always that good at it. You may like the seller and don't want to upset them. After all, we're only human. It's hard to say "no," or ask someone you like to drop the price or negotiate a needed repair.
Let's go back to that home inspection that picked up a slight problem. Ask yourself if you have the skill, and confidence, to renegotiate the price of the property or come up with a totally different solution that works for both parties. It takes both to close a deal. Once again, this is something that a skilled buyer's agent can do for you.
An excellent buyer's agent will have "your back" at all times. That is perhaps the best way to look at the relationship. They're your fiduciary in the strongest sense of the word.