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Some home buyers, especially first-time home buyers are wary of real estate agents. They think that real estate agents care only about closing the deal and not about them. There may be a small percentage of real estate agents like that but a large percentage care deeply about providing quality service and treating clients honestly and ethically.
If you choose to buy a home without an agent here are a few things to know:
1. You'll have to do your own negotiation
Negotiating an offer is very different and tricky because the risks in buying a home exceed the price considerations.
2. You won't have a neighbourhood specialist on whom to rely
Agents who sell in certain areas know facts about that neighbourhood that a seller might not disclose.
3. You might not receive the entire seller disclosures to which you are legally entitled
Sellers may not purposely withhold a disclosure, but you will likely not know what to request.
4. You might pay more for closing costs than is customary in your area
Sellers might make you pay for everything, and you won't know the difference.
5.You'll be left to decipher piles of paperwork filled with contract language
An agent can explain the difference between a disclosure and an agreement, and help you to understand what you sign.
6.You may find your own mortgage
You won't know if your lender has a reputation for closing on time or whether you're getting the best rate and terms.
7.You'll be on your own to determine the types of inspections you should perform
Most buyers don't know how to spot potential problems such as dry rot or wet basements or know how to determine if a sewer inspection is necessary.
Here are some benefits when working with a realtor you should consider:
They are experts in the industry. Most real estate agents have a wealth of knowledge and expertise that can help you navigate the home buying process. If you’re a first-time home buyer, a realtor can offer helpful tips to make the process as simple as possible.
They can save you a lot of time and energy. If you also have a house to sell then with all of your daily responsibilities, it may be challenging to juggle the sale or purchase of a home. Having a realtor by your side can add a level of convenience when making one of the biggest purchases of your life. Real estate agents can also save you time by gathering marketing materials, holding open houses and searching for homes that fit your criteria.
They can calm your nerves. If you choose to buy a home without a realtor, you will need to handle all the communication. Delayed responses to potential buyers can deter their interest in your property. Another important component of buying or selling a home is the paperwork involved. If you miss something, it will delay the process. Realtors can help you manage all listing communication and paperwork. This may limit your stress and give you peace of mind.
They act as middlemen and help with negotiations. You might have questions and concerns about a home before you put in an offer. A real estate agent can express your concerns to sellers, without insulting them, by acting as a neutral party in the buying process. Your agent can convey these concerns appropriately and negotiate the best price for you.
Buying a new home comes with risks, but you will be in the best position to avoid them by taking steps to protect yourself at every step of the process.
If you decide on buying from a builder here are some tips to protect yourself:
- Hire a buyer's agent to represent you
- Don't Automatically Use the Builder's Lender, Consider alternate sources to find a lender
- Obtain Legal Advice Before Buying a Brand New Home
- Verify Options and Upgrade Prices
- Check Out the Builder's Reputation
These are some of the things to consider when you are buying a home. I hope you found this useful.
If you need help in purchasing a home, I can help you. Call me at 647-834-9928 or email at [email protected] or visit one of our latest pre-construction projects on our webpage.