Why Use a Buyer’s Agent?
Posted by Brian Sims on Monday, December 21st, 2009 at 4:25pm.As a buyer’s agent, one of the first questions I get from new clients is, “How much do you cost?” The answer is, “Nothing, my services are free to you!”
So the next question is, “Why would I buy a house without a buyer’s agent?” The simple answer is, “You shouldn’t!” It costs you nothing to use a buyer’s agent and in the long run could cost you thousands to buy a house without one.
Here are a few reasons why. First, when a seller decides to sell their home they sign an agreement to pay the listing agent a commission, based on the final sales price. The listing agent then lists the property for sale and agrees to pay the buyer’s agent a percentage of their own commission. So the idea that a buyer will get a better deal alone, because the sellers will reduce the sales price by the amount of the commission, is false. The listing agent just gets paid double, if you buy without a buyer’s agent.
Agents also have access to a wealth of information not readily available to the public. We can research everything from the square footage of a home, to recent comparable sales and even how much of a mortgage the sellers took out on their home. This information gives tremendous negotiating power to buyers. For instance, if you are buying a $400-500,000 home in Smyrna but know the sellers only have a $200,000 mortgage, you know they have a lot of room to come down on the price if they want to sell.
There are numerous other reasons why agents are incredibly valuable, but perhaps the most significant reason is to have a real estate professional coordinate the countless details involved in buying a house. Once you find the perfect home you need someone to draft a contract, prepare contingencies and exhibits, order an inspection, as well as organize mortgage brokers, appraisals and closing attorneys. Buying a home is the largest investment most people will ever make and it’s vitally important that you have a professional on your side, walking you through the process step-by-step, making sure that every detail is considered.
We do this every day for our clients and would love to talk with you about your real estate needs. Remember our services are always free to buyers! Please feel free to contact us.
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