As you’re searching for a home to buy, you’ve probably heard it all: Good, structurally-sound homes are hard to find. Setting up house tours is a huge pain. If you’re not the first to put down an offer, you might as well say, “Goodbye.”
Yes, it can be frustrating, but did you know that there’s a certain person that can help mitigate your worries? If you’re looking to make the home search even just a little bit easier, a buyer’s agent may be worth an investment.
Find out if you need one by learning more about buyer’s agent benefits below.
What’s a Buyer’s Agent?
A buyer’s agent is different from a lister’s agent, who represents the seller of the home. Similar to a boxing coach on your corner of the ring, a buyer’s agent represents you and your interests and advises you on strategies to take during the purchase of a property. They want you to win, so they’ll do everything in their power to help you find a home you love, make offers and even talk to the seller to help ensure your purchase.
Benefits of a Buyer’s Agent
As mentioned earlier, a buyer’s agent is on your side. But what does that mean specifically? A buyer’s agent is ultimately a real estate agent, so they may have certain advantages when it comes to your transaction.
Guides You Through the Homebuying Process
The buyer’s agent you choose to work with ideally would have been through this process numerous times. They know what to expect, any possible roadblocks and any strategies that they might want to take to help ensure you’re able to follow through with the transaction.
Finds Homes for Sale
As a real estate agent, they may have access to a multiple listing service (MLS), which is a database of listed properties and their details that are shared with other agents. The MLS is updated on a regular basis, which helps agents get the most up-to-date listings—Even ones you haven’t seen on public listing sites yet. This could help give you an advantage over other buyers as you’d be one of the first to potentially see or make an offer on the property.
Knows Neighborhoods Well
Your buyer’s agent would know the area you want to buy a home in very well. This includes having the inside scoop on neighborhoods, schools, grocery stores, recreation, entertainment and more. They should be able to advise you about the area you want to buy a home in to help you determine whether you’d like to live there.
Sets Up House Tours
Touring a home before you buy it is likely an essential step for you, but actually setting up tours with multiple people and different homes can be time-consuming and get easily disorganized. You can take this daunting task off your plate when you work with a buyer’s agent who can schedule tours based on your availability.
Helps You Make Offers and Negotiate
Once you find a home you want to buy, a buyer’s agent can help you decide on the offer price and anything else that needs to be stated in the contract. They can also help you with negotiations with the seller and let you know about any next steps.
Refers You to Other Services
An experienced buyer’s agent likely has ties to other professionals, including movers or attorneys, who you may want to employ during the real estate transaction.
Spots Any Red Flags
If there’s anything wrong with a property, a buyer’s agent will inform you about it and whether it can be repaired or not. This can include any structural issues, signs of mold and more. This will help you remedy the problem sooner rather than later or make you decide to walk away from the property to find a different one you want to make an offer on.
What You Should Know First
Before you start searching for a buyer’s agent, there are a handful of things to keep in mind.
Consult Your Lender
It’s likely that your lender or loan officer is already partnered with an agent or knows agents that could be a good fit for you. In lieu of starting your search from scratch, talk to your lender first. They could save you some time and energy.
Know About Commission
Buyer’s agents don’t work for free. They have a commission fee for completing your transaction, which is based on the total amount, so it varies from each transaction. Make sure you stay in constant communication with them to ensure you know who’s paying the commission and how much it is at the end of your purchase.
Shop Around
Even if you do have a referral for a buyer’s agent from your lender, make sure you explore all your options and do your own research. It can be worth it to take the time to shop around to see who’s out there and decide if someone else may be a better fit for you and your needs.
Find Someone to Have on Your Side
If you do decide a buyer’s agent is right for you, make sure that whoever you choose to go with is on your team. A good agent will make decisions based on your needs and will do everything possible to help ensure you end up with a home you love.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.
