Hiring A Realtor To Buy A House
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Garrett Callahan is a freelance writer who writes on the ins-and-outs of buying the perfect home. For over six years, he has written extensively on travel, history, and culture, and he spent the past two years researching the home-buying process as a first-time homeowner. Based in Massachusetts, he is an admirer of historic homes and loves an old house with a good story.
Buying or selling a house will have ramifications that last for years (or decades) to come. Hiring the right real estate agent who brings experience, professionalism, and expertise to the table can make a huge difference. According to our internal data at HomeLight, top agents help to sell your home for 26% more on average.
It's true that anyone can shop for a house, and even get a peek inside, without formally signing on with a real estate agent. But unless you have time to make home shopping a part-time job, an agent might be able to match you with the perfect property much faster.
Say you want a swimming pool. Or don't want a swimming pool. Or maybe you want a fenced-in yard for the dog or a basement playroom for the kids. If you're looking for something specific, a real estate agent is the person whose job it is to know if there's a house out there to fit your needs, and he or she will hold your hand through the deal to boot. Let's look at some of the top benefits of using an agent to buy a home.
While anyone can spend a few minutes online and pull information on sales of comparable houses, real estate agents have the experience to know whether a specific house is overpriced or underpriced. In the best-case scenario, an agent will have such a good idea of what you're looking for that she won't even waste your time touring houses that won't work.
Often, the touchiest part of a real estate purchase involves the delicate dance of requesting repairs. A real estate agent will be able to identify trouble that you may not see, as well as recommend a good independent home inspector who will provide a detailed report on problems with the house.
These reports can be dozens of pages long. Within all those pages, some problems are important and others aren't. If the house is in reasonably good condition, requests for repairs can make or break a deal. The agent will have a good sense of what's reasonable to request and what's excessive.
In many cases, it depends on you as the buyer, too. An agent can read the situation and suggest what would work for you. "Each buyer has a different tolerance for what they need to do," says Elizabeth Mendenhall, the 2011 vice president of committees for the National Association of Realtors. "Some need [a house] to be in a better condition."
Though most homes for sale are widely available for buyers to assess on Web sites, in some cases, sellers don't want the fact that they're selling to be widely publicized. In those cases, only the real estate agents know the houses are for sale.
If you've ever bought a house, you've probably dedicated a full shelf somewhere to the documents that were involved in the transaction. These probably include the written offer, the written and signed counteroffer, the little details (like specific repairs) and what exactly was and was not included in the sale. The paperwork can be tiresome.
In a more general way, an agent will be aware of features that don't show as well on the Internet. If a buyer is looking for a house with a space that could be used as an office, an attached mother-in-law unit or a room that's perfect for showing off a prized grandfather clock, a human agent is more likely to find a match than a real estate Web site.
If you want to buy a charming little house near a business district and turn the front parlor into a candle store, you need to know if the city will allow it. Typically, an experienced real estate agent is familiar enough with local zoning ordinances to make sure you don't buy the wrong house.
By the same token, if you want to build a fence in the backyard or add a bedroom, an agent should be able to make sure you're buying a property where the city allows it. Also, some cities may require expensive upgrades on older properties when they sell. For example, if a house isn't connected to the city's sewer system, and a buyer will be required to spend tens of thousands of dollars to connect the property, the real estate agent will make sure that requirement is disclosed before the deal goes very far.
For example, the title of the house may not be clear -- some long-lost relative might be listed on the title who hasn't signed off on the sale. Or maybe the lender is causing a problem by not meeting the timeline on financing.
The reality is, there are dozens of benefits to using a Realtor. From in-depth market insights, negotiation and bidding expertise to access to pre-list inventory, buyers will often find that hiring a Realtor is the right choice.
You'll have some work to do before you begin the homebuying process, like saving for a down payment and making sure your credit score is in good shape. Once you're ready to go, you can start the actual work of buying a house with these key steps.
Whether you're determining how much house you can afford, estimating your monthly payment with our mortgage calculator or looking to prequalify for a mortgage, we can help you at any part of the home buying process. See our current mortgage rates, low down payment options, and jumbo mortgage loans.
There are some buyers who believe that real estate agents would prefer to only have to show a couple houses to their buyers before they purchase a home. This is true. In most cases, a great buyers agent will only have to show 5-10 houses to their clients.
Why is this A great buyers agent will be able to identify their clients wants, needs, and preferences. Sometimes this is able to be done with a simple face-to-face meeting and sometimes after looking at a couple houses. A real estate agent who shows 25 houses to you without narrowing down and being able to identify what you are looking for is wasting not only their time but also yours.
According to a study by the National Association of Realtors (NAR), 6% of buyers purchased their home without the help of an agent or building company, and 77% of buyers who did use a realtor only interviewed one before moving forward.
If you're ready to buy a new home and want to undergo the process completely online, then visit Credible. The online marketplace can help with your house-hunting by comparing mortgage lenders and rates within minutes.
Pro: You could save money on closing costs. While the prevailing argument is that the seller pays for both realtors, the sellers typically wrap the realtors' fee into the sales price of the home, so the buyer may actually pay for the realtors with their home loan. According to realtor.com, the average agent charges a 6% commission.
While it may not seem like it at first glance, buying a house without a Realtor by your side is a very real option. A real estate agent or a Realtor (a licensed real estate salesperson who belongs to the National Association of Realtors) provides you with a lot of support during the home buying process, but if you want to fly solo, you can.
There are a few select circumstances when you can forgo a realtor. If you plan to buy a house from a family member, friend, or neighbor, you may not need an agent as much as someone does in a normal sale when they're buying from a stranger. You may however want to hire an attorney or a transaction coordinator to make sure everything checks out legally.
Buying a house is one of the biggest investments you'll ever make, so it's important to have a plan in place to ensure a smooth and successful process. If you're considering buying a house without a realtor, here's a checklist to help you get started:
While it is possible for you to manage your home buying process without the support of a real estate agent, the benefits of working with one far outweigh its disadvantages. The real estate buying process in Texas is complex and requires the guidance of a professional. Below are a few reasons why you should work with a realtor on your next home purchase in detail:
In addition, a local realtor understands the real estate market, buying process, and the market value of homes in the neighborhood. This saves you time and prevents you from offering a price far higher than the actual value of the home.
Speaking of price, if you are like any other potential homebuyer out there, your goal is to get the best deal possible for a home. But to be able to achieve this, you must possess excellent negotiation skills. Most realtors handle tons of home purchases weekly and know how to negotiate for the best price.For example, a real estate agent understands how to use the location of the home and home inspection report to negotiate for a better deal/price on your behalf.if(typeof ez_ad_units!='undefined')ez_ad_units.push([[300,250],'homebyfour_com-banner-1','ezslot_6',149,'0','0']);__ez_fad_position('div-gpt-ad-homebyfour_com-banner-1-0');
One of the reasons why many potential homebuyers shy away from hiring a realtor is because of the misconception that not hiring an agent will help them save more money. But in reality, hiring a realtor will most likely save you more money in the long run. Below are some ways a realtor can help you save money on your home purchase in Texas:Agents Can Find the Right DealsIf you are familiar with the Texas real estate market, you may be aware that not every home available for sale ends up on the Multiple Listing Service (MLS). Realtors usually have a wide circle of potential home sellers and access to homes not even listed on the MLS. They can use their connections to find the right property and for the right amount.if(typeof ez_ad_units!='undefined')ez_ad_units.push([[300,250],'homebyfour_com-large-leaderboard-2','ezslot_7',144,'0','0']);__ez_fad_position('div-gpt-ad-homebyfour_com-large-leaderboard-2-0'); 59ce067264