Buying a house is a very exciting time yet can also become overwhelming. 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.
Majority of 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 agent’s main responsibility is look out for the sellers’ best interests.
So how does a buyer ensure their best interests are being protected? Enlist a buyer’s agent services. Having a professional by your side can make the process go more smoothly on one of the biggest purchases of your life.
Since a reputable buyer’s agent is looking out for a buyers best interest, they’ll work to ensure the buyer gets the best deal possible. Below are the top 11 reasons to hire a buyers agent when buying a house.
1.) Access to MLS and inside track
Access to every home that’s on the market via MLS (Multiple Listing Service) and all other sources, including ones that may not be listed publicly (pocket listing). They can have the inside track on deals before they hit the market.
2.) A Buyers Agent Knows What To Look For When Viewing Houses
Even if you purchased homes in the past, chances are you don’t physically look at houses on a daily basis. A good buyers’ agent is physically looking at dozens of houses every week and knows 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 constantly looks at houses and has experience with many settlements will be able to identify potential problems within a house.
Recently while showing a house in Charleston, SC, I noticed there were potential structural issues with the foundation of the house that were not clear to the buyer. As the buyers representative, it was my job to point out the potential issues and suggest that they have it further evaluated by a structural professional. The buyers much appreciated that this was pointed out to them; making them aware of this possible problem that could cost them thousands of dollars and huge stress.
This is only one example of what an experienced buyers agent can identify within a house when viewing them. Other common things a buyers agent can identify include;
- Potential Mold Issues
- Roofing Issues
- Pest/Insect Issues
- Age(s) Of Major Components (Furnace, Air Conditioning Unit, Etc…)
3.) A Buyers Agent Understands the Local Real Estate Market
Each and every real estate market is different. There are many reasons why real estate markets are different: population, demographics, job growth, etc. A realtor familiar with the neighborhoods and area can guide your in looking at homes in areas that share criteria important to you. Their knowledge of the local market and advice can be instrumental when the time comes to make an offer on a house. Hiring a real estate agent who doesn’t have an understanding of the local real estate market can cost you thousands of dollars should you make an offer that isn’t in line with local house values.
4.) Virtual showing
Say you are looking for a home from out of your current area. A good, local buyers agent can visit the property and give you a virtual walk through. Answering any questions or zooming in areas you wish a closer look that might not be evident in the listing photos.
5.) A Buyers Agent Will Coordinate Showings
One of the most overlooked duties that a buyers agent execute regularly 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 when buying a house is they’ll be responsible for coordinating viewings of potential properties. Depending on a buyer’s 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 have interest in multiple properties, a buyers agent is responsible for making sure that you have the opportunity to view available, potential properties. This may mean making a dozen phone calls, assessing the best route for the showings, and insure you get the important facts about the properties.
6.) A Buyers Agent Will Know How to Write Real Estate Contracts
Your realtor knows the ins and outs of real estate contracts, including contingencies, deadlines and other crucial elements.
An added benefit, an experienced buyers agent will know how to write a contract that presents you in the best possible way in the eyes of a seller.
7.) A Buyers Agent Can Help Evaluate & Secure Financing
Real estate financing can be very confusing and complex. (Read “The 4 Most Common Mortgage Mistakes that homebuyers make.) A good buyers agent can help with evaluating and securing the best financing for your circumstances. (3 Ways to get your Credit ready for buying a home.) They can give recommendations on the best mortgage brokers for your situation.
8.) A Buyers Agent Will Have Access to Experienced Professionals Needed During a Transaction and After
During the course of a real estate transaction there are several professionals that are needed.
When you hire a buyers agent when buying a house, they’ll be able to recommended professionals needed to complete the settlement process. They can recommend several mortgage companies, inspection companies, law firms, and other services.
9.) A Buyers Agent Will Be Your Negotiator
One of the most frequently asked questions about buying a house relates to the amount that should be offered for a home. A huge benefit that you’ll receive when you hire a buyers agent is that they’re negotiating on your behalf the terms of the real estate offers and contracts. (If you work with the listing agent, they are working on the seller’s behalf.)
You might need negotiations on concerns that come up during the settlement process like potential issues showing up in the inspection report and how to handle them.
If you don’t hire a buyers agent, you’ll be required to do the negotiations by yourself.
10.) A Buyers Agent Will Keep the Transaction on Schedule
Delays in real estate transactions sometimes happen and is frustrating to all parties involved, especially for a buyer and a seller.
When you hire a buyers agent, you’re greatly improving the chances that your real estate transaction will stay on schedule. There are dozens of reasons why real estate closings are delayed, many of which can be avoided by hiring a top buyers agent.
A buyers agent is responsible for making sure that contract dates, such as a written mortgage commitment, are being met. Other possible delays include delays in appraisals being ordered or being completed or real estate title issues, etc. An organized buyers agent will have a system in place to keep the settlement process on track and on time.
11.) A Buyers Agent Can Be Your Emotional Filter
Buying a home is very emotional and can potentially get the best of a buyer. Another great reason to hire a buyers agent when buying a house is they can act as an emotional filter.
Since a buyers agent isn’t emotionally attached to a specific property you may have interest in, they can give objective advice to keep you from making an emotional and rash decision. Ultimately a buyer is the final decision maker, but a buyers agent can help a buyer weigh the PROs and CONs to potential properties while taking the emotion out of the decision.
There are many reasons to hire a buyers agent when buying a house and the top 11 reasons discussed above should make it clear, hire a buyers agent when buying a home!
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. “Read 9 Questions to Ask When Interviewing a realtor as your Buyer Agent.”
Are you buying a house in Charleston/Mt. Pleasant, SC area? If so, you really should hire a buyers agent for many reasons, 11 of which are discussed above. If you haven’t hired a realtor yet, contact me. I’d love to discuss your individual circumstances.