A lot of real estate buyers, especially first time buyers, don’t realize that when buying a home there is no cost to use a buyers agent.
These buyers think they will save money by doing the home searching themselves. In reality, not using a buyers agent will probably cost you money and can make you vulnerable to the numerous pitfalls in the real estate transaction.
For a normal real estate transaction, sellers hire a Realtor , to list and market their property. In the listing agreement, a listing fee is set of which part, usually 2.5-3%, is set aside for the payment of a buyers agent. It is from this commission amount that a buyers agent gets their commission check. This duty of the listing agent is to represent and protect the seller. Their job is to help the seller net as much money possible when they sell their home. They have a responsibility to represent the seller and protect them during the real estate transaction.
With the ease of searching real estate on the internet, and great home search websites can help you find Medford Oregon Homes for Sale, it is true that buyers can get lots of information about real estate, but even the internet can’t replace the importance of an effective buyers agent.
The role of the buyers agent to primarily locate potential properties has changed. The buyer agents main role is to serve as the “key” and provide relevant information about: each particular home veiwed, local real estate knowledge, home value information, and to make sure the buyers real estate protection.
Real estate transactions can be emotional experiences and invove lots of of money. There is lots of stress involved and things very often go wrong. If a seller has an agent to represent them and negotiate on their behalf, a buyer should have an agent too.
A buyers agent looks out for the buyer. They help recommend trusted local mortgage officers, and help them get pre-approved for a good home loan. When the best property is found, buyers agents help the buyers to present good strong offers. Good buyers agents understand the market and can usually predict the range where the lowest acceptable offer will be. They also make sure that all the paperwork is legitimate and complete so their clients, the buyers, are protected.
The buyers agent also sets strong but realistic deadlines for home inspections, due diligence, and mortgage financing. The buyers agent follows up and make sure due diligence is completed as contracted. When issues arise, good buyers agents help renegotiate the deal to take care of any problems, or to save the buyers earnest money if the buyer does decide to cancel the contract. When a deal falls apart, your buyers agent will still be there for you, and will go through the home search, and negotiation over and over until the transaction closes in escrow.