The home buying process can be very fun, but it can also be complicated. As one of the most expensive purchases you’ll ever make, buying a house should be a fully informed decision. After all, the home you choose can significantly affect your quality of life. If you’ve been thinking about buying a house, you might be wondering if you need representation. In this blog, we’re discussing the pros and cons of using a buyer’s agent and whether it’s worth navigating the real estate market without one.
What Is A Buyer’s Agent?
Buyer’s agents are legally licensed professionals who help buyers facilitate real estate transactions. Put simply; they represent the party purchasing the property. A buyer’s agent has a duty to protect the purchasers best interests and help them avoid any unnecessary stress during the sale. “Single” agents work for one party as a dedicated agent. This means that they have a fiduciary responsibility to represent the buyer in good faith and trust.
Although it’s possible for the seller’s agent to also represent the buyer as a dual agent in some states, it’s not common. In this instance, the agent representing both parties should remain neutral. This is because they have no fiduciary duty to either side.
What Does A Buyer’s Agent Do?
Buyer’s agents help potential home buyers with the process of buying a home. This typically includes helping them find a home that meets their needs, scheduling showings, and giving access to potential homes. When the buyer has found a property they want, their agent can write an offer on their behalf. Similarly, they can also help with negotiations and inspections. Essentially, the buyer’s agent acts as a go-to resource for all things buying property-related.
3 Benefits of Using a Buyer’s Agent
The home buying process can be challenging and convoluted. Hiring an experienced buyer’s agent can save you a lot of stress in the long run. Here are five benefits of using a buyer’s agent.
They’ll coordinate showings.
Buyer’s agents work with listing agents to provide access to homes for showings. It may be difficult in a tough seller’s market to get access to listings without a buyer’s agent. Plus, buyers agents often hear about new listings coming up before they come to market. This can be a big advantage for buyers in a hot market.
Whether it’s the final sales price, home repairs, or seller’s concessions, negotiating can be a challenge. A buyer’s agent can help to smooth over any potential conflict. For example, if the home inspection uncovers an expensive issue, a buyer’s agent can negotiate with the seller’s to have it repaired. Alternatively, they could negotiate for the buyer to receive a credit at closing. As skilled negotiators, listing agents can be tough to negotiate with without representation.
They help to close the deal
It’s the buyer’s agent’s job to protect the buyer throughout the transaction. If any issues were to arise throughout the transaction, a buyer’s agent could give you peace of mind that they will get resolved. Real estate agents can also be an excellent resource for lenders, inspectors, and contractors. As they frequently build relationships with people in the real estate industry, agents can often provide solid recommendations. This can be a lifesaver if you need a contractor at short notice.
In addition, buyer’s agents can help you navigate the closing process by relaying and explaining instructions from the title company or real estate attorney who’s closing the deal. If you have any questions throughout the real estate process, a buyer’s agent can answer them for you and help you gain clarity.