The purchase of a home is, in the majority of cases, the single most expensive and complicated transaction a person will ever experience. On top of that, people typically only have the experience one, two, or three times during a lifetime, so they never get accustomed to the process. Also, requirements for a real estate transaction changes over the years. Because of this, there are many benefits of working with a buyer’s agent who can successfully guide, advise, and navigate the path to home ownership.
A buyer’s agent utilizes their knowledge of the real estate market to help their client acquire their home. By using years of first-hand experience in the home buying trenches, the buyer’s agent offers advice on fair market value, how to best negotiate all the terms, and how to complete all of the necessary documentation. This experience is extremely valuable given all the possible variables in real estate. And, as a typical home buyer, this is experience that is impossible to gain in just a couple personal transactions.
There are literally hundreds if not thousands of possible pitfalls in a real estate transaction which must be navigated. An experienced buyer’s agent will be able to walk you through episodes that just might include the following:
- The seller did not make the agreed upon repairs.
- The seller is out of town and cannot be reached and there is a fire hydrant in the middle of the driveway that must be moved.
- There is a heavy rain and there is water in the basement the day before closing.
- The buyer makes a large purchase prior to closing and no longer qualifies for the mortgage.
- There are multiple out-of-town owners on the deed and they must all sign closing paperwork.
- The home is offered as a short sale and it takes six months to be approved.
- The home is a foreclosure and the bank is difficult to reach.
- Termites are found.
- The seller’s agent is not communicating well, causing information to lapse or not be conveyed to the seller.
- The buyer moves in and discovers damage that was not disclosed.
- They buyer’s funding is delayed so the closing and possession dates must be adjusted.
And this is just a short list; it could go on and on. The role of the buyer’s agent is to manage the transaction, providing solutions to each of the problems and minimizing stress for the buyer by keeping their client informed. The benefit of working with a buyer’s agent is to have a professional facilitate the purchase of one’s largest asset.
During a real estate transaction, there are many different service providers a buyer must contend with. You will at least have to deal with the mortgage company, the seller’s agent, one or more title companies, the buyer agent’s broker, the appraiser, the inspection companies, and various repairmen. If any one of these providers drops the ball, the closing may be delayed or even canceled.
A good buyer’s agent will have systems in place to manage and track the progress of each of step of the purchase, all the while keeping their client, you, informed.
Interview several buyer’s agents and choose the one who gives you a concise, well-laid out plan from start to finish. A good buyer’s agent will have your best interests at heart to make your home buying experience a success.