THE BENEFITS OF HIRING A BUYER'S AGENT TO PURCHASE A CONDO
Purchasing a condominium in the Boston area can be a long and confusing process. Everyone wants to make sure that they get the best deal possible, just like in any other situation. Ensuring that all properties have been viewed, the purchase price is fair and in budget, the property meets all expectations, as well as several other things are all a part of choosing the right condominium. However, without inside knowledge of real estate, it's not likely that all of these things can be accomplished. The good news, though, is that there are people who do exactly that – make sure that the individual looking to purchase a real estate property gets exactly what they're seeking, for a price they can afford. This (along with many, many others), is a benefit of hiring a buyer's agent when looking to purchase a condo.
When someone decides to sell their house, condominium, etc., they hire a real estate agent. This person, the seller's agent, has one person's interests in mind, the person 'signing their check' – the seller. When a real estate agent is hired to help sell a property, they're hired solely on the seller's behalf, and therefore want to get the best deal they can for their client. Of course they get a commission once the house is sold, but the more they sell the house for, the more money they make. For this reason, depending on the information or advice from the seller's agent doesn't guarantee that all of the information will be presented, nor accurate. To receive the most (and best) information available, a buyer's agent should be hired. This agent works on behalf of the individual looking to purchase a property, and therefore wants to do their best to find the perfect condo, at a fair price. The best part – the agent doesn't cost the buyers anything. A commission price is included in each property, which the agent gets when the house is purchased. If two agents are involved (the seller's and the buyer's), the two agents split the commission. The seller has a professional representing them and their interests – the buyer should as well.
There are several benefits of hiring a buyer's agent. Some of these benefits include:
1) Before the search even begins, a buyer's agent can help by going over facts and figures, and deciding how much can actually be spent on the property. They can recommend banks/lenders, speak with them about possible loans, and perhaps even help in the prequalification process. By reviewing income, bills, necessities, etc., the buyer's agent will already have an amount in mind that can be worked into a monthly budget. People often 'get in too deep' by agreeing to pay more than they can really afford. Hiring a real estate agent can help prevent this.
2) Real estate agents have access to more listings than just the ones publicly posted. While people may be able to view condos through open house postings, online listings, etc., agents have several other ways of finding properties for sale. Hiring a buyer's agent ensures that no property is overlooked in the search for the perfect home.
3) Agents also tend to have additional information on properties that isn't otherwise available or known. This may include things such as: work that needs done or has been done, the history of the building, any possible problems with the neighborhood, etc. – all valuable things to know about a place that will be called home.
4) When discussing expectations and/or desirable features, an agent can help eliminate properties that are not a good fit. There's no reason to look at every single condo if the buyer must have 2+ bedrooms (for example) – so the agent will save time and effort by only showing properties that fit the buyer's wants/needs.
5) Buyer's agents can offer advice and/or information about several other things. Information about the neighborhood, the schools nearby, public transportation, etc. The inside facts and tips they can provide can make or break a deal. They can help ensure that as much information as possible is known before a deal is made.
6) Once a desirable property is found, an agent can help refer an qualified inspector, and have them inspect the property before a deal is made. Though a property may look appealing, an inspection will reveal everything that needs to be known about the building. 7) When it comes time to actually make an offer, negotiate an offer, etc., the buyer's agent will take care of all of this on their client's behalf. Knowing what the condo is worth, as well as what the buyer can afford, the agent will discuss prices with the seller or the seller's agent. By having knowledge and experience in negotiating, the agent has a far better chance of getting a better deal than a buyer (without an agent) would. They're also unlikely to be influenced by any of what the seller's agent has to say about the price – whereas the buyer alone, might. In addition to just the price, the agent may also negotiate things such as: whether or not appliances are included, what percentage of closing costs both parties will pay, and several other things.
8) During the closing process, the real estate agent helps take care of everything necessary. The agent makes sure that the buyer secures the loan, has the inspection done properly, has any and all information they want/need, etc. The agent also ensures that any paperwork and/or documents are properly, completely, and legally filled out.
In addition, a buyer's agent also has several other duties. They work diligently, to be sure that their client gets specifically what they want and need in a home. And while some people don't believe they need a real estate agent when looking to purchase a home – it's never recommended to pursue a deal without one. Using no agent (or the seller's agent, especially) will very likely lead to problems in the future. Therefore, in addition to numerous others, these are all benefits of hiring a buyer's agent to purchase a condo in Boston.