The Importance Of Using A Buyers Agent (Part 3)
Being a real estate professional I am often subject to many of the same questions when it comes to real estate. My articles will try and answer some of the most common questions buyers have when thinking of purchasing a home. First I would like to talk about buyers agents. We tend to get many questions such as: "How much does it cost to use a buyers agent?", "What does a buyers agent do?", and "How can I use a buyers agent to my advantage."
First some quick terminology:
Listing Agent - The agent that works for the person SELLING a property
Buyers Agent- The agent that works for the person BUYING a property
How Can I Use A Buyers Agent To My Advantage?
- A buyer's agent can be a great tool when buying a home. In the same instances as going to court with an attorney who knows all the "ins and outs" of the law or going at it alone, having a professional there to guide you and knows the "ins and outs" of real estate. A buyer's agent can help you avoid the costly mistakes so many buyers have made such as: paying to much, getting a bad loan, misinterpreting a sales contract, or even buying a foreclosure that will only end up costing them money.
As you have noticed in North Carolina there are many new developments being put up by large corporate track building companies (such as KB Homes, Centex, Pulte, K Hovnanian, PCS etc.) They usually have agents on site in a model or office to talk to potential buyer walk-ins.
One important thing to note: These Agents Work For The Builder! They are there to get the best price for the BUILDER. They do not work as buyers agents. It is always a good idea to bring a buyers agent with you if you choose to look on site, as the on site agent will not be looking out for your best interest.
A lot of time prices are inflated and the on site agent will only show you information to support their price. A buyer's agent can research the neighborhood on all previously sold homes to determine real value. I had an instance a few months ago when my clients were looking onsite at a home, and were going to pay close to the asking price, however after researching the neighborhood I found out that the same floor plan, same neighborhood, and same amount of upgrades had been sold a month ago for $50k less. After presenting the information to the on site agent he lowered the price $50k.
A buyer's agent can also send there clients' homes from the multiple listing services (MLS) which is the same database all realtors use. You can only see these if they are sent to you by a licensed agent. MLS data sheets will give you the most complete information available such as pictures, sq ft, schools, yard size, room dimensions, HOA dues, etc.
In summary a buyer's agent can be a great tool to use when buying a home. Having a trained professional to help navigate the often overwhelming buying process is good way to make for an easy, stress free experience.
Article By
Preston Hensley
Re/Max United
Comments(0)