Working with Seller’s and Buyer’s Agents
As a home buyer, your real estate agent is considered the buyer’s agent. Some buyers will forego hiring an agent at first when looking for a home to save money on commission costs, but they usually end up hiring an agent to:
* Handle negotiations with sellers
* Do paperwork
* Survey neighborhoods
It’s in your best interest to hire an agent to make buying a home a much easier, and faster process.
Negotiations with Sellers
Most people who sell their homes are also working with an agent. This agent is known as the seller’s agent. If you choose not to hire an agent when buying a home, you will be dealing with a seller’s agent who is looking out for the homeowner’s interests, not your interests.
Sometimes, though, the seller’s agent and the buyer’s agent can be the same agent. This means that your agent is looking after the interests of everyone involved. This is a rare occurrence, and it is best to hire a real estate agent that can negotiate with other agents to get you the best deal on a home.
Negotiating with agents can take a week or more depending on how much the buyers are willing to pay and how much the sellers are willing to accept. Negotiations can be further complicated following a home inspection. After an initial home inspection, a buyer may request repairs be made or the price be lowered by an amount equal to the cost of making the necessary repairs. You will have to negotiate with the current owners to settle on a fair price. Without an agent, you will have to do all of this work yourself.
Paperwork
When buying a home, there is a lot of paperwork that must be completed before the closing. This paperwork can include:
* Offers
* Counteroffers
* Home inspection reports
* Home appraisal reports
* Fixture lists (Items that come with the home and items you would like removed)
Filing the paperwork is not difficult, but it can take some time. Working with an agent will save you time and money when creating and sending out various paperwork.
Survey Neighborhoods
Another advantage to hiring an agent is that you will not have to do as much legwork in the beginning. You may have a few neighborhoods in mind, but you will be able to leave it to your agent to find homes for sale and set up appointments to see them.