What Should You Expect from a Buyer’s Agent?
It is now common that most homebuyers hire real estate brokers or agents to help them find homes. Without a buyer’s agent, it will take you a lot of time to find the right home to purchase. That is because you will have to learn a lot of things about home buying and acquire some set of skills property professionals have. From finding a home and matching you with the right financing, negotiating contracts, and closing deals, your buyer’s agent has a lot of responsibilities and duties to perform. Also, you can expect the agent to assist and guide you throughout the home buying process. In fact, the agent can help you avoid pitfalls.
What Agents Do
You should note that a buyer’s agent has a vast working knowledge of the real estate market that includes price trends, amenities, and neighborhood conditions. Other things about the buyer’s agent include real estate law, financing, zoning issues, taxes, and insurance. During the initial meetings, the agents help you determine the viability of your needs and wants in both a home and a neighborhood. In fact, the agent can help you know how much you afford and even get suitable financing. The right agent will devise a strategy based on your needs, budget, and prevailing market conditions.
As you look for a home, you will meet with your agent on a routine basis to discuss myriad details and available properties. Some of the things you will discuss are the home’s pertinent selling points, crime rate, floor plans, shopping centers, work centers, cultural activities, and proximity to schools. Also, your agent will be tasked with obtaining disclosures, ensuring home repairs and inspections are done, and coordinate other activities such as meeting the lender, attorney, and other professionals involved.
How Agents Are Paid
After finding the right home and closing the deal, your agent will be paid a commission. In most cases, it is the seller that pays the commission. In most cases, the agent will get 5% of the sales price. However, there are some exceptions. For instance, if you hire a buyer’s agent, the contract you sign may require a service fee plus the commission. Usually, your buyer’s agent splits the commission with the seller’s agent. Remember that the contract you have with the buyer’s agent stipulates that the agent only works for you. Therefore, he or she should have your best interests at heart.…
