The Importance of the Buyer Having Their Own Agent

Many want to do the purchase of the property by themselves. This is all right as long as they do their homework first. They need to know where to look. Aside from that, they also have to know how the process works. They have to understand the steps, what is essential and what they can negotiate. With this, they will be able to successfully purchase a property they want. However, this is easier said than done because purchasing a property is such a complex process.

Anyone who wants to purchase a house without the help of a professional is all right. However, this is not encouraged. Keep in mind that buying a home is one of the most important and expensive investment that you will incur. You have to make sure that the manner in which you acquired it is right. You should also be careful in choosing the property you want to invest in to avoid having regrets. And most importantly, the terms of the mortgage you have should be the right fit for you to avoid foreclosure. This is why it is best to have an agent who will professionally represent the buyer. Below are some of the advantages buyers will enjoy:

• Having an agent will help prevent legal problems. Purchasing a property involves a series of steps. There is a contact between a seller and a listing brokerage. The listing brokerage receives payment as stipulated in the contract. This payment is intended to be shared with the agent who will bring the buyer. However, without the agent, the amount may be shared with the buyer, which is deemed illegal. Additionally, there are recent changes in the Real Estate Purchase contract. Without a knowledgeable agent, the buyer will be left clueless unless he does his research.

• An agent has duty to advice the buyer on what to do if ever problems occur. The buyer cannot depend on the agent of the seller because he only represents the seller and will protect the interests of his client. He is not obliged to advice the other party on what to do when he decides to cancel the transaction.

• In most cases, having an agent will not cost the buyer anything. As mentioned earlier, the listing broker will split the sales commission with the agent of the buyer. The agent will be able to decide if the amount offered to him is acceptable. If not, then he will not show the property to his client. In rare occasions, buyers will have to pay their agents but only when the seller is the property owner who refuses to give the agent his commission.

If you are going to get an agent, make sure to have a formal agreement with him. This is essential to ensure that he will be representing you and your interest. If you meet a listing agent in an open house, it does not mean that he will represent you too. There has to be a formal agreement. The dual agency happens when you have specific agreement with the agent of the seller. With this, he will be representing you too.

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