First Time Home Buyers Tips and Advice - Andika Duncan REALTOR Collin County TX. Did you know it doesn't cost to use a REALTOR in Texas when you buy a home?
On most transactions, there is usually a listing agent and a selling agent. The selling agent is sometimes referred to in media as the buyer's agent, because he works on the buyer's behalf and it is easier than explaining each time that the "selling agent" is not the listing agent and is actually the buyer's agent.
See, if a buyer goes directly to the listing agent, they are dealing with an agent that has conflicting responsibilities. Their job is to get a good price for the seller and they may not eagerly represent the interests of the buyer. Those who market themselves as "Buyer's Agents" indicate they are only working for the buyer in a real estate transaction. Some house-hunters may think they are working with a buyer's agent when, in reality, they're actually dealing with a listing agent. Many buyers contact the agent who listed the property or walk into an open house thinking the agent is working in their favor.
Using a Buyer's Agent offers you many benefits. And save clients' time by:
Evaluating the specific needs and wants of the buyer, and locating suitable properties.
Assisting the buyer in determining the amount that they can afford (pre-qualify) and showing properties in that price range and neighborhood the consumer has determined.
Scheduling and accompanying the client to the showings, or previewing properties for them.
Suggesting necessary inspections by qualified licensed service professionals.
Researching the property to identify any problems or issues and verify the value of the property to help the consumer in making an informed decision prior to making an appropriate offer on the property.
Advising the client on structuring an appropriate offer to purchase the selected property.
Presenting the offer to the seller's agent or representative
Negotiating favorable contract terms on behalf of the buyer.
Explaining all legal documents needed for closing.
Recommending and assisting in securing appropriate financing for the selected property.
Referring buyer to qualified vendors, e.g. inspectors, movers, attorneys, carpenters...
Most importantly, the buyer would know that they are fully represented throughout the real estate transaction.
How soon should you start looking before buying?
Pre-approval: 2-3 months before you buy (letter valid for 90 days)
House hunting: 2 months before you buy
Put in offer: 30-45 days before you have to move
Closing should be in a week day (not Friday)
The commission of the Buyer's Agent is paid by the seller. So working with a Buyer's Agent is usually free for the buyer.