If you are considering purchasing a home, you probably wonder if you need the services of an agent or not. You may have heard all kinds of negative things regarding real estate agents and developed an attitude towards them. Using an agent may not be mandatory according to the law, but you face numerous risks if you don’t work with one.
Though some agents are not credible, you can still find good agents that have your interest at heart from realty biz. Buying a home without any form of representation is compared to financial suicide. A buyer’s agent is expected to give their undivided attention, confidentiality, and loyalty to you. They put your interest first and work hard to help you fulfill your needs. If you don’t work with an agent, you lose all these.
The most significant risk comes from purchasing a ‘for sale by owner’ without the help of an agent. In this case, you are dealing straight with the seller who may also not have enough experience in selling real estate properties. The lack of involving any professional in this situation can make you overpay for the house. Since the seller sets the price of the home without any proper guidance, they may not understand the actual value of the property.
You may also encounter disclosure issues from buying a house without an agent. The seller doesn’t need to disclose all the information regarding the house. You may, therefore, end up getting surprises about the property after closing the deal. This does not happen when you work with a real estate agent. The professional should inform you of problems in the property that can affect your willingness to continue with the purchase. Working with an agent, therefore, minimizes any disclosure issues.
Any average person may not be able to decipher a home inspection report in the same capacity as an agent. Though you may ask for an inspection before buying a home, there is no guarantee that you will understand everything on the report after the inspection. An excellent real estate agent goes through such reports frequently and can identify any significant issues that they can raise during negotiations. If you don’t work with an agent, you may not know the various types of inspections for the area. You may even have problems with choosing the right inspector for the job.
Working with a real estate agent is advisable since they know the neighborhood in which you intend to buy property well. If you go down this road alone, you may end up picking the wrong neighborhood and regret in the long run. This can have a negative impact when you want to sell the house. The lack of knowing the neighborhood can make your stay uncomfortable since you may have to deal with issues, such as insecurity.
The paperwork can also be complicated for buyers. Legal mistakes in your paperwork can lead to additional expenses. Avoid all these by choosing a real estate agent who has experience in real estate transactions.