Why Buyer Representation is SO Important
When preparing to purchase your next home, there are a number of steps to take and the process can be completely overwhelming for most. You are about to uproot and move all of your personal belongings and family members to a new place. Television programs make it look fun and exciting but they are mostly impractical when applying their theories to real world scenarios.
The most important step to take when beginning to consider a purchase is to contact a local REALTOR to discuss the process with you. When interviewing REALTORS, you are searching for someone who will be your Buyer Representative.
Buyer representation in a real estate purchase is extremely important. You want someone who is representing your side in the process, throughout the negotiation and the follow up to closing. The BEST part of buyer representation is that there is often NO cost to the buyer receiving the representation. Traditionally a seller is responsible for paying broker fees.
If you locate a home on the internet and contact the listing agent, you are contacting the seller’s representative. If you make an offer on that home, the agent can represent both parties, both buyer and seller, in the transaction as a ‘dual agent’. Can you imagine how equal the negotiation would be in this case? It is unlikely that an agent can be in favor of both parties, as it is equal to asking an attorney to represent both sides in a courtroom. This applies to Open Houses, New Construction, Existing homes, etc. You want to have someone representing you before you are looking at homes.
Buyer Agents will review in advance your:
-Financing programs and work with your lender to determine the best type of financing programs and keep you within a comfortable purchase range
-Timeframes of when you want to move ideally and when to start with the process
-Searching for the homes that contain your wants and needs and finding the newest listings as they hit the market
And once you have found your home, just a few items amongst others:
-Prepare, present and negotiate all offers and agreements on your behalf
-Negotiate through the agreement including all inspections, contingencies, use and occupancy compliance, and appraisals
-Verify that your mortgage and terms are accurate and within your contracted timeframes
-Make sure that the agreement is followed through to reach closing
It is always in your best interest to be proactive in the preparation of your home purchase. This will be one of the largest purchases and biggest decisions you will make, and could have a large impact on your future. Don’t miss this important step as it could save you thousands of dollars and much aggravation in the end. And remember the best part – it’s often FREE!