In part II of this series I explored the issues and information that a buyer should gather before buying a house. In part III, I will discuss the use of a realtor for a buyer.
A good realtor should be a resource of information for the buyer. Most of the information that a buyer needs to obtain as set forth in Part II, a realtor should be able to provide a buyer, in that respect the realtor will save the buyer time researching information relating to communities the buyer is interested in living.
When choosing a realtor as a buyer you want to ask certain questions of the realtor.
- Is the realtor familiar with the areas you are looking to buy a house? A realtor who works in the community will be able to provide insight that a realtor from another area may not have. This insight can be as simple as what day the garbage pick up is, or about local activities for adults or children. Local knowledge will set a realtor apart in a lot of different ways.
- How experienced is the realtor?
- How many other clients is the realtor serving currently, or in other words how much time do they have to devote to your needs?
What are some of the things you can expect a realtor to do for you as a buyer?
- Help with information on the communities of interest.
- Help with the information on the market for a particular community.
- Help with identifying properties that are for sale that meet your criteria for your home.
- Setting up viewings and providing information on open houses for properties that meet your criteria.
- Help with understanding sellers disclosures regarding conditions of property.
- Help with narrowing down the choices of properties to make the best decision.
- Communicating with sellers realtor or sellers regarding information on a particular property.
- Help with making an offer to purchase a particular property.
- Help with negotiating a final sales contract.
- Help with scheduling and obtaining inspections under the sales contract.
- Help with scheduling and providing information in preparation for closing.
- Scheduling of the closing on the property.
- Arrange for keys to the property after the closing.
The even better part of this is that the Buyer’s realtor commissions are generally paid for by the seller, so in a way these services are provided without cost to the buyer.
What are the draw backs of hiring a realtor for a buyer?
I should state I would recommend a buyers realtor for anyone that is a real estate novice. There are a lot of pit falls in buying real estate without a professional. That being said here are some of the downsides.
- A buyers realtor has control over the properties you see. So they are in charge of the information provided.
- The realtor may ask you to enter into a duel agency situation. I do not recommend a duel agency, as it limits the realtors ability to negotiate the price, which is a very important factor.
- The realtor has a vested interest in closing on the deal, otherwise they do not get paid. This sometimes can lead to over selling the positives of a property and under estimating the negatives.
- Realtors can not provide legal advice, even though they may assist you in the process of entering into a legally binding obligation.
Given the list of upsides a realtor provides a buyer, I recommend most buyers hire a buyer’s realtor.