Why Hire a Realtor?
Why Hire a Realtor?
Why Hire a Realtor?
One of the most complex, high-risk, and expensive transactions most people will ever go through is the purchase of a home. The astounding research performed in studies done separately by the National Association or REALTORS and the National Association of Exclusive Buyer´s Agents, shows that approximately 40-50 percent of homebuyers go to the closing table without any representation on their side. It shows that many buyers do not understand the significance of having representation. Without someone representing their interest, how will these buyers ever know if they found the right home for the right price?
- Realtors Are Real Estate Specialists.
Realtor is regularly used as a generic word for real estate broker or agent, but only a member of the National Association of Realtors can be called a Realtor. Through the organization Realtors are provided advanced educational opportunities to its members, making it possible for them to offer accredited sub-specialties such as buyer´s representation (ABR), residential real estate expertise (CRS), graduate of the real estate institute (GRI) or Internet professionalism (e-PRO) to the public. Many excellent Realtors do not have extra certifications and designations, but if you should notice letters next to an agent´s name, be sure to inquire about its meaning.
- Realtors Lower Your Risk.
When represented by a Realtor, you share some of the risk of home buying. Otherwise, it´s buyer beware. The agent receives a commission (at closing) to assist you, advise you, and help you pilot the transaction legally and safely. Your agent will make sure you take appropriate steps to protect yourself. However, there are some states that do not protect a buyer in every aspect of the real estate transaction. A few more than 20 states actually require that a home inspector be certified. Additionally, these and other professionals are liable in civil suits for the amount of their fees, not for any costs incurred by the buyer for problems or repairs that were undetected before the closing. Your agent may suggest that you get a structural inspection; you should do so for your own protection. In the state of Louisiana you have 10 days after the acceptance of a Purchase Agreement to have any and all inspections completed. Your agent will know how an inspection should be preformed and will usually attend the inspection alongside you.
- Realtors Work For You At Their Own Risk.
Did you know that most Realtors work on a contingency basis? It is difficult to name any other profession who does this. Even attorneys charge by the hour except for some high-risk lawsuits. With an agent, you typically don´t pay for any services up front. All the costs of doing business on your behalf your agent incurs until you find and close a home. Therefore, it´s in your agent´s best interest to work promptly, carefully, and use all his or her resources to help you meet your objective.
- Realtors Understand The Current Market.
Real estate professionals have house-by-house, street-by-street, and market-by-market experience. The experience of your agent is priceless and can´t be learned overnight. Realtors who have experienced the shift between a buyers market and sellers market know that the real estate market can turn unexpectedly. Interest rates also affect the number of existing homes for sale and their prices within weeks or days. All it takes is one major company to be relocated to or out of our market to affect thousands of homes in our market. Your agent can assist you in home buying strategies and suggestions that will get the price and terms you want.
- Realtors Have Inventory.
If you want to find a home quickly, you will with a Realtor by your side. According to The National Association of Realtors, over 4/5 of existing homes in the United States are represented by real estate brokers. So are 70 percent of new homebuilders and their products, according to www.NewHomeNetwork.com. Realtors cooperate with each other through an organization called the Multiple Listing Service (MLS). The MLS has the current broker-represented properties for sale in its database. Your agent can also show you homes outside of the MLS inventory, including for-sale-by-owner homes, new builder homes, and institution-operated homes. Without a representation agreement and an assurance of being paid at closing a Realtor cannot be expected to show you this additional inventory.
- Realtors Have Up-to-the-minute Information.
Normally an MLS data entry can take from one to 3 days, depending on the listing agent, his or her broker, and the MLS. A home could actually be sold before it is posted on the Internet. Most agents network with one another to find a home for their buyer. Within this network your agent will tell other agents about you and your wish list to receive information about upcoming homes for sale. Because of this, many homes are bought and sold in a hot seller´s market, without a sign ever going into the yard. You should hire an agent if you want to be the buyer situated to make first and best offers on these homes.
- Realtors Understand The Complexity Of The Transaction.
Not so long ago, a home could be purchased with a two-page contract. Now due to consumer-mandated seller´s disclosures, environmental and structural reports, and other legal responsibilities have turned buying a home into a rather complicated matter. Since Realtors work with contracts daily they are able to fully understand which points are detrimental and helpful to you. An agent can interpret information for you, help you make a reasonable offer, and provide for the detection and disclosure of material facts. If you found out the neighbor next door to the house you are buying just built a new fence. You think great, I won´t have to replace the fence on that side for a long time. Your agent, on the other hand, knows this means something else. She may advise you to get a survey ordered to make sure that the new fence doesn´t encroach on your new property.
8. Realtors Work For You3;And The Transaction.
Not only does your agent represent your interest but also works on behalf of the transaction. This may seem as a conflict of interest, but it isn´t. Buyers and sellers are expected opponents. You as the buyer want to buy for the least price, and the seller wants the best price. Agents work as skilled negotiators to keep many parts of the agreement from turning into possible deal-breakers. Always remember that as the buyer, you are the one in control. An agent can be instructed on how far to go in negotiations on your behalf. One day, you´ll be delighted your agent talked you out of walking away because the seller wouldn´t leave the refrigerator.
- Realtors Are Homeowner Advocates.
Without a doubt you probably like the idea of deducting your mortgage interest from your income tax or paying no capital gains when you sell your home up to $250,000 if you are single and $500,000 if you are married. You can thank the only group in the nation that campaigns for the interest of homeowners-The National Association of Realtors. Every year, the Realtor campaigns against legislators who try to overturn these generous governent-sposored homeowner benefits. The results are worth it! These proposals keep housing more affordable, enabling more buyers than ever before to move into a home of their own. More than 67 percent of the population thanks in part to Realtors get the pleasure and benefits from owning their own home.
There are certain lenders who are eager to finance agent commissions for buyers in the mortgage loan. This alone should tell you how important it is that you get proper representation. Many lenders agree you may get a better price for your home and better terms by having representation. Put a Realtor to work for you today.
In next to no time you´ll be in the home of your dreams!