Why a Buyer's Agent is So ImportantTopic: Home buying
Buying a home can be a stressful time especially for a first time home buyer. There are so many details and legal jargon that can leave some buyers dazed and confused. Many home buyers will simply walk into an open house they like and sit down with the first agent willing to write up the offer but this is where buyers need to put on the breaks and step back for a moment. Who is that agent working for? You? Or the seller of the home? Whose best interest do you think they have at heart?
Not Yours. What you need is a buyers agent or buyer's representative. This is an agent working solely for you not the seller. They want what you want; to find the right home at the right price. They work to keep your information confidential, your negotiation tactics on your side and your best interest as theirs as well. Not having an agent representing you can literally cost you thousands.
For Example: Let's say couple A sees a for sale sign and calls the agent on the sign about the house. That agent is more than thrilled to show the home to the couple as that agent would receive all the commission from the sale of the home and wouldn't have to split it with another agent (the buyer's agent). But if couple A didn't know that, they would be willing to divulge all their financial information to that agent and they in turn can use that to help the sellers make the deal go through. Let's say the house they love is worth $300,000 and they were preapproved for $325,000 so this home is well within their price range. But the home has been on the market a while so they choose to offer $275,000. Their agent, who is also the seller's agent, would present this to the sellers but would have inside information knowing that they really can afford more. Plus this agent would also know how well couple A loved the home and if they actually would pay more if they had to. The seller's in turn counter offer for full price now knowing that couple A would pay for it.
Now let's see this scenario if couple A had a buyer's agent: They would divulge their financial information to the buyer's agent and that agent would then speak to their lender about writing up a pre-approval letter for just how much they are offering. Then when presenting this to the sellers, the buyer's agent also mentions that couple A has seen many more homes in this price range that they like but if the seller is willing to fix a few things, they would consider placing an offer. The seller's agent then tells this to the sellers not knowing any of the private information of couple A. The seller's can then counter offer with the risk of loosing this potential buyer or they can accept the offer as is. If they counter offered for more, couple A would have the choice of agreeing or walking away but if the seller's accepted the offer, it has just saved couple A $25,000!
Plus, using a buyer's agent cost buyer NOTHING! The buyer's agent gets paid from half the commission on whatever home the buyer chooses so they really are working only for you and not any particular seller. It really does PAY to use a buyers agent. For more information on buyers agent and obtaining any information on Kentucky home loans or Cadiz KY homes.
by Tim Emineth
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Really great article with very interesting information. You might want to follow up to this topic!?! 2012
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