Should I Hire A Buyers Agent When Buying A Home?
Buying a house is a very exciting time and one that buyers should prepare for. Whether it’s preparing to get a mortgage or shopping for houses, making a mistake when buying a house can lead to many future headaches. Here are a few reasons why you should hire a buyers agent.
Top 5 Reasons To Hire A Buyers Agent When Buying A House
Most houses that are being sold will have an agent representing the seller, which is frequently referred to as a listing agent or sellers agent. The listing agents main responsibility is to make sure the sellers best interests are being protected.So, how does a buyer make sure their best interests are being protected? Simple, hire a buyers agent. There are several reasons why it’s extremely important that when you’re buying a house that you hire a buyers agent. Since a buyers agent is protecting a buyers best interest, they’ll help ensure the buyer gets the best deal possible. Below are the top 5 reasons to hire a buyers agent when buying a house. Understanding these 5 reasons should make it clear that you need representation when buying a house.
1.) It’s Free To Hire A Buyers Agent
One of the most obvious reasons to hire a buyers agent when buying a house is that it’s free. There are very few circumstances where it costs money to hire a buyers agent. One circumstance is when purchasing a for sale by owner (FSBO) who is not willing to pay a commission. It’s pretty rare that FSBOs aren’t willing to pay a buyers agent commission, but it can happen. Due to this, it’s important that if you’re considering the purchase of a FSBO that you’re aware of this possibility.
99.9% of the time it’s free to hire a buyers agent. It’s an obvious reason why you should hire a professional to represent your best interests in the purchase of a house. It’s vital, however, that you don’t just hire any buyers agent. There are certain things you should expect from a real estate agent when buying a house.
It’s highly suggested that you keep in mind they’re protecting your best interests during one of the biggest transactions you’ll ever take part in.
2.) A Buyers Agent Knows What To Look For When Viewing Homes
Whether you’re buying your first house or tenth, chances are you don’t physically look at houses on a daily basis. A successful buyers agent is physically looking at dozens of houses each and every week.
Buyers agents know what to look for when viewing houses. There are certain red flags to look for when buying a house, many of which you may not be aware of. An experienced buyers agent who looks at houses day in and day out will be able to identify potential problems within a house relatively easily.
Common things a buyers agent can identify include;
Potential Mold Issues
Age(s) Of Major Components (Furnace, Air Conditioning Unit, Etc…)
3.) A Buyers Agent Understands The Local Real Estate Market
Hire A Buyers Agent When Buying A House For Their Expert Advice!
Each and every real estate market is different. Real estate markets can differ from town to town and even neighborhood to neighborhood. It’s extremely important when buying a house that you understand the local market. Since real estate markets can vary, another great reason to hire a buyers agent is because they understand the intricacies of the local market. A buyers agent who understands the local real estate market can go a long way when the time comes to make an offer on a house.
It’s highly recommended, as you hire a buyers agent, that you make sure they have experience selling houses in the area. Hiring a real estate agent who doesn’t have an understanding of the local real estate market can cost you thousands of dollars. Checking their past experiences and online reviews is a good place to see the agents’ market knowledge.
4.) A Buyers Agent Can Help Evaluate & Secure Financing
The world of real estate financing can be very confusing and complex. One thing to expect when you hire a buyers agent is help with evaluating and securing the best financing for your circumstances. A buyers agent can help you navigate through the various financing options and help you decide which type of mortgage is best. In addition to helping you understand the various options, a buyers agent will be able to help you secure financing through a mortgage broker.
It’s important to keep in mind as you’re securing financing that you strongly consider using a local mortgage company. Local mortgage companies understand what the process is for real estate transactions and also any local rules or regulations.
5.) A Buyers Agent Will Coordinate Showings
One of the most overlooked tasks that a buyers agent performs on a daily basis is the coordination of showings for buyers. Coordinating showings can be tricky and something that gets confusing. A great reason to hire a buyers agent is they’ll be responsible for coordinating viewings of potential properties. Depending on a buyers house search, it’s possible that a buyers agent is coordinating a large number of showings in several different towns at a variety of different times.
If you’re buying a house and have interest in a dozen properties, a buyers agent is responsible for making sure that you have the opportunity to view potential properties if they’re available. This may mean making a dozen phone calls, figuring out the best route for the showings, and making sure they provide you all of the pertinent information about the properties.
There are many reasons to hire a buyers agent when buying a house and the top 5 reasons discussed above should make it clear. There are very few, actually, no good reasons to not hire a buyers agent. When you hire a buyers agent, you’re hiring a professional to look out for your best interests during one of the largest purchases you’ll ever make.