You’re here, which probably means that you’re taking the plunge and purchasing a home – congrats! Buying a house is such an exciting milestone; however, it can also be extremely stressful. Home buying is an elaborate process consisting of several steps that, if poorly executed, can result in serious financial loss and overall dissatisfaction with your purchase. To ease the home buying experience, we suggest looking into hiring a licenced agent. As a matter of fact, according to the National Association of Realtors, only about 10% of home buyers undertake the home buying process on their own. The following five reasons highlight the importance of using an agent to take you through the home buying experience.
Hiring a buying agent is FREE
Yup. As a buyer, you’re already spending what I’m sure is a hefty sum of money, so it must come as a relief that hiring a buying agent is one step of the home buying process that doesn’t cost you any money. Don’t worry; your agent will get paid for their services. The seller is responsible for covering the cost of both the selling and buying agents involved in the transaction. So there really is no reason not to hire an agent to help you through the process of buying your home.
Offer strategy planning
Your agent will help you determine an offer strategy that ensures a smooth transaction. Your agent will work with you to come up with the most reasonable offer. They will familiarize you with the different components that should be included in your offer and the common contingencies that could affect its execution. The agent will help you create an offer that suits your personal needs and conforms to local market trends. Finally, they will also help you come up with a reasonable response to the seller’s counteroffer(s).
Negotiate on your behalf
Since we are already on the topic of counteroffers, let’s discuss how a buying agent can assist you in this part of the process. Your agent is there to have all those uncomfortable conversations. Agents are professionally trained negotiators that can assess the situation and push just far enough in your favour. Agents usually have a number of tricks up their sleeves to make a counteroffer more enticing and less likely to get rejected. The agent is also the one that addresses the issues and improvements that you might have noticed during the walk-through or that might have come up during the inspection. In any case, if you hire an agent, you’ll never have to worry about getting in touch with the seller about ANYTHING.
Paperwork is another big reason to hire a buying agent. Home buying involves an endless amount of paperwork that can become both confusing and overwhelming. House buying involves documents such as
● Preapproval letters
● Disclosure statements
● Offer letters
● Inspection reports
● Purchase agreements
● Bill of sale
● Title paperwork
● Loan application
Agents keep these documents organized and walk you through the completion of each one of these documents. It is important that you understand the documents you complete and that these documents are completed promptly to ensure the success of the transaction.
Your agent is likely familiar with the local house market and can inform you of the average listing prices and closing prices in your area of interest. They’ll show you comparable properties in the area and potential advantages and disadvantages of a specific location. If you wish, they’ll also provide you with information regarding the school district, commuting options, local recreational activities, etc.