Buyer’s agents help you with the process of looking for a home, placing the offer, and negotiating a contract. Their first priority is making sure you as the buyer gets the best deal for their home. Here are five benefits of hiring a buyer’s agent:
1. IT’S FREE
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.
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.
5. 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.
6. 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.
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.