Home Buyers: Why Use a Real Estate Agent?

At first, you may be able to convince yourself that you don’t need a real estate agent to buy a home. When you find yourself sifting through papers you don’t understand, you may begin to reconsider. There are many reasons to hire a real estate agent when house hunting – here are a few provided by the experts at In-House Realty associated with Quicken Loans.

No Direct Cost to You! – One misconception in real estate is that a home buyer pays commission. Not so! The seller pays the commission, and if two agents are involved in the transaction, that same commission will be split between them. If it ever becomes an issue, keep in mind you have the upper hand in all negotiations in today’s buyer’s market.

Multiple Listing Service – The Multiple Listing Service (or MLS) is a database which allows real estate agents to share information about houses for sale. Your real estate agent, who is licensed with the state, will have access to these listings. After learning of your criteria for your new home, your real estate agent will get to work by whittling down the long list of potential homes. Without a real estate agent, you’ll be limited in your searches, which could make your home search difficult and tedious.

Negotiation – Your initial offer on any given property can significantly help or hurt your chances of acquiring that home. Rather than take on a new full-time job researching home values, an experienced real estate agent will have already done the work and will be able to negotiate the best possible purchase price for you. Real estate agents know when to stop and when to keep adjusting the purchase price in negotiations. The seller has a real estate agent representing them – you should too!

Legal Protection – When making an important financial transaction such as buying a home, it’s important to know that you are legally protected in case things don’t go as planned. When your real estate agent drafts a purchase agreement, they will include certain contingencies that protect you from issues, such as a loss of financing, failed inspection or unfulfilled promises. If the situation warrants, you may be able to recoup your earnest money deposit or void your offer completely.

Paperwork, paperwork, paperwork! – Scaling the mountains of paperwork associated with buying a home is your real estate agent’s job! A real estate agent can prevent you from losing and forgetting paperwork or from signing on the wrong line. Without their help, you could miss things that may delay the process and push back your closing date.