Last week we looked at the first five reasons why it’s a smart idea to work with a buyer’s agent when purchasing a home – whether it’s a brand-new build or an existing home. Kyle Hiscock, Re-Max Relator in Rochester, NY, picks up where we left off, with reason # 6:
- A Buyer’s Agent will know how to write real estate contracts. “When you hire a buyer’s agent, you’re hiring a professional who knows the ins and outs of real estate contracts,” Hiscock states. There are real estate contingencies, deadlines and other important pieces of a contract. In addition, a sharp Realtor will know how to write a contract that puts you in the best light, often standing out among other offers.
- A Buyer’s Agent will have access to experienced professionals needed during the transaction. When buying a home, you’ll need to engage a mortgage lender, a home inspector, and sometimes a real estate attorney. An experienced buyer’s agent has a notebook full of such professionals with whom he or she has worked. These vendors will provide quality service and look out for your best interests. In addition, after your purchase you may need home services providers for updates or repairs. Your buyer’s agent has that list too! In fact, at F.C. Tucker, we have an entire department called Home Services, a veritable “Angie’s List” of top-quality service providers highly recommended by clients who have used them. This resource is free to anyone with whom we work.
- A Buyer’s Agent will be your negotiator. Hiscock writes, “One of the most frequently asked questions about buying a home is: ‘How much should I offer?’” While this is always your decision, your Buyer’s Agent can recommend an offer based on a comparable market analysis, how long the home has been on the market, and other factors such as whether it’s on a busy street, needs updates, etc. This is information you may not have. In addition, when your Realtor speaks with the seller’s Realtor, he or she can find out information which may make your offer more attractive, such as a closing date that appeals to the seller.
- A Buyer’s Agent will keep the transaction on schedule. “Delays in real estate transactions happens,” writes Hiscock, “but this doesn’t mean it’s acceptable.” As a buyer, you may need a “back-to-back” closing – meaning that the sale of your house happens at 10 a.m. and the purchase of your new house happens at 11 a.m. This may be the only way you’ll have the money to close on your new house. The last thing you want is any kind of delay. “A buyer’s agent is responsible for making sure that contract commitments, including written mortgage commitment, appraisals or additional inspections are all complete and ready to go by the close date. A conscientious and organized buyer’s agent has systems in place to make sure nothing falls through the cracks that might delay your closing.
- A Buyer’s Agent can be your emotional filter. Hiscock states, “Buying a house is very emotional and can potentially get the best of a buyer. Since a buyer’s agent is not emotionally attached to a specific property you may be interested in, he or she can help the buyer weigh the pros and cons of potential properties while taking the emotion out of the decision.”
In short, there is almost no reason not to hire a Buyer’s Agent. “When you do, you’re hiring a professional to look out for your best interests during one of the largest purchases you’ll ever make.” And that expertise is free. Such a deal!