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Why You Need a Buyer Agent

By Tabitha Jean Naylor

Are you considering buying a house without representation of a real estate agent? You may want to rethink your strategy because you may actually end up paying more in the end. A buyer isn't responsible for paying their agent. The buyer's agent receives a portion of the selling agent's commission. The services a buyer's agent provides can actually end up saving the buyer money as well as many of the hassles that can occur when you attempt to purchase a home without an agent. Here are some of the top reasons to use an agent when you are purchasing a home.

Location Knowledge

Local real estate brokers have a lot of knowledge about the areas where they sell property. You may think you know an area well if you have lived there for several years but an agent can provide a depth of knowledge about various neighborhoods that you are unlikely to know. This is especially useful if you are seeking a specific type of neighborhood or school system. For those who don't live in the area and are moving to a new city, or state this is probably the top reason to engage the services of an agent.

Bidding Strategy

An agent has access to historical price data for home sales as well as a network of agents that provide information on some of the best properties on the market. Your agent can help you determine the right bidding strategy based on comparable sales that have sold for less than the average sales priee for the area you are interested in buying and this can save you significant money.

Professional Contacts

A real estate agent develops a network of professionals like escrow companies, home inspectors, insurance companies and finance companies that can expedite the home buying process. It will save you time and the hassle of trying to find the right professionals to work with. Since agents have worked with these companies before they already have an established relationship and can often make things happen faster with fewer complications.

Contract Negotiation

An agent is experienced in dealing with the fine print and clauses often needed in a real estate contract. This is an especially important reason to use an agent if you are a first-time home buyer. First-time home buyers lack the experience and may not have a strong grasp of all the elements that need to be negotiated. Making sure your contract has escape clauses that protect a buyer are also important and an agent knows precisely how to word the contract to ensure you are protected as a buyer, if for example, the house does not appraise high enough,does not pass an inspection, or you are unable to get financing.

Conclusion

Although at first blush it may appear more lucrative to go it alone, there is little reason not to use an agent if you are buying property, because you are not paying anything additional to your agent. You get all of the expertise, knowledge, experience and professional contacts of the agent and the protections you need without wasting your own time researching rules, regulations, and contacts to move the process forward yourself. The protection an agent provides cannot be overstated. Going it alone can put you in a vulnerable position if you are not well versed in real estate law.

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