The real estate market can be, at times, a tumultuous market; especially when it comes to the buying side of the deal. Real estate transactions can become be very complicated. Navigating through the ins and outs of a real estate transaction can be daunting. So why do so many home buyers think that they can sort through buying process without the assistance of a licensed professional?
In order to answer this question we must first understand what a buyer agent does. A buyer agent's responsibilities include:
- Conducting customized searches of the active listings in a particular market
- Acting as an adviser during the entire home buying process
- Educating home buyers on current market conditions
- Researching recent home sales to determine whether a specific home is priced right
- Negotiating the sales price on behalf of the home buyer
- Handling the ins and outs of the negotiation process
- Counseling the home buyer on how to handle any repairs that may need to be made on the property
- Accompanying the home buyers at closing to ensure that all of the buyer’s interests are protected
The #1 reason that I have found why home buyers are hesitant to work with a buyer's agent is: they believe it's going to cost them money. Money that they could be used towards the purchase of the home. Truth is, hiring a buyer's agent costs you NOTHING! Yes, that's right, 100% of the buyer agent's commission is paid by the seller! As a buyer in a real estate transaction you are responsible for NO commission costs. Isn't that great!
By not working with a buyer's agent, all that you are doing is giving yourself a huge disadvantage in a real estate transaction, while putting more commission money into the seller agent's pocket. It's a win win... for the seller's agent. Don't let the seller's agent win. Choose to work with a buyer's agent who will work hard for you. You'll ultimately benefit in the end.
Not hiring a buyer's agent could cost you your dream home. Are you willing to pay that cost?