Buying a home is a big event, especially if it is your first home. There will probably be many things you don’t know, because you simply haven’t been through the home buying process before. One of the most common questions of first-time homebuyers is whether they need to enlist a buyer’s agent.
There is nothing that requires anyone to use a buyer’s agent. You can find homes for sale on your own and work directly with the seller’s agent. The problem with that is that the seller’s agent has the seller’s best interests in mind. He will try to get the highest possible price for the seller, and is in fact contractually bound to do so. He is also obligated not to share any confidential information about his client with you.
Working with a buyer’s agent gives you the advantage of having a knowledgeable and experienced agent looking out for your best interests. Your agent will help you find property that meets your needs. He will then assist you in negotiations to help you get it at the lowest possible price, offer advice and bid at the auction on your behalf, if you prefer. He helps arrange due diligence such as obtaining a LIM report, building inspection and view the documents for any issues.
You can work with an agent without signing a buyer’s agency contract. In fact, it’s a good idea to do so for a while until you’re sure that you want that agent to represent you. You need time to determine whether the agent will listen to your needs, and whether the two of you will be able to get along.
A buyer’s agent is not necessary when you are buying a home, but having someone with experience on your side can make your home buying experience a more pleasant and potentially less expensive one. In many cases your agent and the seller’s agent will split the commission. That means that you can have your own agent without having to spend money. Isn’t that the best news for today!
If you are house hunting and would like some advice, drop me an email or give me a call, I would be happy to help.