After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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In a world of tight budgets and economic uncertainties, the temptation to cut out personalized service providers often wins out. If you forge ahead alone with your home purchase, however, you will not only fail to save a dime, but you may also end up paying more than you would have with an agent by your side. Many people do not realize that a buyer's agent services are actually covered by the seller, so it is definitely within your best interest to secure this professional's services. If you hire a buyer's agent, you may save money on your purchase in the following ways.
Property Previews
Buyer's agents network with other real estate professionals to learn about available properties well before they hit the market. Your agent may show you these properties before other buyers show interest, which allows you to make an offer without competition. The seller may be motivated to take your initial offer without entertaining other bids to avoid going through the entire staging, showing, and selling process.
Bid Negotiations
When you identify a suitable property, you must act fast to place your bid and secure your place in the running. Your buyer's agent can utilize knowledge of the property and real estate market to negotiate with the seller or their representative. Your agent may submit repair or upgrade requests or utilize contract contingencies to protect your finances from common property issues. Your agent will also work hard to whittle down the asking price to fit your given budget.
Contract Reviews
Once your bid is accepted, your buyer's agent must closely examine the purchase contract to identify potential problem areas. Your agent will look for clauses that you do not agree with, such as earnest money requirements, for example. If you end up paying earnest money, and then decide to purchase a different property, the seller will keep those funds indefinitely. Your agent will help make sure you do not unnecessarily lose money throughout the lengthy transaction process.
Working With Your Agent
Once you procure services from a buyer's agent, you can sit back and relax during the search for your perfect home. Your agent will contact you any time an available listing matches your exact specifications. When you find your ideal house, your agent will negotiate on your behalf and ensure all of the contract details work in your favor. With a buyer's agent by your side, you are bound to find a great deal on a home in your target area.
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