There are many buyers who assume they can purchase a home without the services of a buyer’s real estate agent. It can be done with buyers dealing solely through the seller’s real estate agent. The problem with this approach is that the real estate agent has to represent the best interests of their client – the seller – not you the buyer. A buyer’s real estate agent, on the other hand, is only interested in one thing – representing the buyer’s best interests.
For buyers, the benefits are sizable. First, and importantly, the services of a buyer’s real estate agent are free. They take a percentage of the fee that a seller’s real estate agent collects (from the seller).
There is a lot of work involved with buying a home and much of it is procedural. Using the right document to make an offer; preparing the right documents for your mortgage provider; and linking with other professionals who will be involved in the closing stages of the sale. These include inspection services and companies involved with title searches.
If you try to go it alone, you will have to spend time sourcing and filtering these services, all with a fairly tight time schedule. Failure to meet these time schedules could mean the sale goes ahead, perhaps at your disadvantage. A good example is the home inspection contingency. This must be completed within a tight time schedule so that the seller has an opportunity to repair, or negotiate, problem areas identified in the inspection process.
What is most important is that a buyer’s real estate agent should know the area that you are buying into. They can advise you of planned constructions or demolitions, the possible closure of schools or medical facilities, or changes to public transport systems – all areas that a seller’s agent may ignore, least they scare you away from the purchase. They will also have information related to state issues such as state taxes – a real estate agent in Virginia is going to be well informed about the requirements for that state whereas a real estate agent in Washington DC may only have scant knowledge of Virginia’s requirements.
Select your buyer’s real estate agent well and they could potentially save you thousands.