Real Estate Roundup: Why smart buyers use a buyer’s agent
Real Estate Roundup
A new home is one of the most important and expensive purchases you will ever make.
The first thing to consider is that the agent listed on the sign in front of the home you are interested in actually works for the home owner as a seller’s agent. By law, the seller’s agent must negotiate on behalf of the seller. This means that anything that is not in the best interest of the seller will not be shared with you, unless required by law. So you must be careful not to disclose information that could be used against you in negotiation to a seller’s agent.
What if you find a home that you love and would like to make an offer? Smart home buyers can receive confidential representation by choosing an agent that represents their best interests. In addition, the buyer’s agent is legally bound to use care – careful consideration of your needs; confidentiality – your personal information will remain confidential; full disclosure – if there is a problem that the agent is aware of, this must be shared with the prospective buyer; accounting – all of the paperwork required for the transaction must be complete and correct.
What this means for the buyer is that you have someone on your side that will point out features of the prospective purchase. You may not have information such as the reason a home is selling, what the current home owner paid for the home when they purchased it, how long the home has been on the market, strengths and weaknesses of the property when considering resale, and all of the ways that home purchases can be negotiated, including structuring other terms of your offer. Your agent can give you advice to make sure you buy smart. You can save thousands of dollars by being the most knowledgeable buyer you can be.
Think about your time. Is it possible to become an expert on the local real estate market and familiarize yourself with the contracts involved in a transaction? The answer is yes. How much time will that take? Isn’t it hard enough to carve out the time to make an appointment to have your buyer’s agent take you to all of the homes in the price range that you are considering?
Your buyer’s agent will provide valuable insight about the current real estate market and home values. You will need to be pre-approved so you can place a solid offer. Once you have a price range, your agent can provide you with the information about new and existing listings in that price range. Timing is very important. Great buys will not linger on the market. Your agent will deliver your offer and follow up.
The real estate market is constantly changing, so hiring a buyer’s agent will help you make the most important decision of your life much less stressful.
Good luck and happy house hunting!
Barb Adams is a broker associate at Real Estate Out West in Rifle and Grand Junction.
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