One of the most common mispconceptions for first time home buyers, is that if you contact a Realtor to buy a home you will pay them.
In fact 99% of the time when you are a buyer and use a Realtor you will pay them nothing! $0!!!!!
The way real estate works is that the seller of a property agrees to pay both the seller's Realtor and the buyer's Realtor in order to market their property. This is a formal signed agreement between a seller and the seller’s agent where they set the commission that the seller’s agent and buyer's agent will earn once the property is sold. So when a buyer comes in with their Realtor, that buyer will not pay the commission.
There is a difference between what a buyer's agent and seller's agent do in the process. Marketing a home for a seller is a personalized and complex process. The seller works with their Realtor to decide how to market the home, what improvements they might want to make to the home, what price to put on the property, how long they are willing to carry costs, and what costs they are willing to pay to move on from their property.
Buyers also have a unique set of needs in the process as well. Buyers use a Realtor to find properties, make educated, competitive offers based on market data and negotiate the offer specifics. But buyers essentially get this service for free since the seller has authorized the seller's agent to also pay the buyer's agent to get this transaction finalized.
But the buying agent still represents only you.
So why not hire a Realtor to Buy a House?
If you'd like help buying a home in the Austin area, call me! I love working with first time home buyers!
This is the third in a series of tips and tricks for first time home buyers.
4th in the series for New Home Buyers
Comments (6)Subscribe to CommentsComment