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What You Need to Know About a Buyer's Agent
If you're in the market for a new home—or a first home!—you've probably spent a lot of time searching for homes online in the neighborhoods you're most interested in. Once you've narrowed down your choices and are ready to see some listings in person, however, it's time to find a professional buyer's agent to guide you through the journey.
For those who haven't bought a home before, you may be confused about what a buyer's agent actually does. First and foremost, a buyer's agent is your advocate. They have a fiduciary responsibility to you and you alone, not the sellers of the homes you're interested in. A buyer's agent will handle a plethora of tasks for you, from the time you sign a contract all the way through to the closing. Here are just some of the ways your agent will help you:
- A buyer's agent will help you work within your budget, ensuring that you consider homes that are within your price range and that won't put you in a financially precarious position. There are many expenses involved in buying a home and your buyer's agent will make sure you understand all of them.
- When searching for a home, most buyers have quite a long wish list. A buyer's agent will help you determine your "musts" from your "nice to haves" so that you can find the ideal home within your predetermined budget.
- Unless you're an all-cash buyer, you'll most likely need a financial professional who can help you get pre-qualified for a mortgage. Your buyer's agent may already have a relationship with a mortgage lender, but if not, they will be able to refer you to a trusted lending partner.
- While the size and attributes of the homes you're interested in certainly matter a lot, usually where the home is located is even more important. If you're looking at a neighborhood you haven't lived in before, your buyer's agent will be able to provide details about the area above and beyond what you can find online, including school ratings and information on nearby venues that could affect the home's value.
- One of the most important things your buyer's agent will do is help you arrive at the right bid for a home, and help you negotiate the best possible price. Before making an offer, an agent will prepare and present you with a comparative market analysis to help you understand the value and sales prices of similar homes in the neighborhood.
The above represents just a small sampling of the many ways a buyer's agent will work with you during the home-buying process. Before contracting with an agent, ask them to explain the details of the process and outline the essential tasks they will handle on your behalf.
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