Home Buyer Representation is a service provided to you by an educated professional advocating and negotiating on your behalf. You wouldn't go into a courtroom without a lawyer, so why risk the biggest purchase of your life.
Unless you are buying a property that is a 'for sale by owner', the seller has professional representation on their side. By negotiating directly with the seller's agent you are putting yourself at a serious disadvantage since their agent is LEGALLY bound to share everything about you in order to get the best deal for their client, including motivation and financial details.
It is a Buyer Agent’s responsibility to look after your best interests, and they do so at NO COST to you. So don't go it alone.
Get The Best Price:
The only way to determine the correct price of a home is to analyze the prices at which similar homes recently sold in the same neighbourhood, and sometimes there aren't any really straightforward comparables. While there are a variety of online resources, only a REALTOR® will understand how to evaluate that data. Sold price adjustments can include a variety of factors, more than you might think. These include location, exposure, house size, lot size, renovations, legal or illegal suites, age, view and market conditions. And yes, there are even adjustments for being on a particular street. Stratas can be even more complicated. Do you really want to pay more for a property than what it is actually worth? Your REALTOR® will have intimate knowledge similar homes that have recently sold.
The most common misconception in the real estate industry is that a buyer can get the best deal by negotiating with the seller's agent. As previously mentioned, the seller’s agent is LEGALLY BOUND by fiduciary duties to obtain the best price and terms for their client, the seller. Here are a few scenarios to consider:
- Seller, John Smith, understands that his property is listed 130K above market value but they want to see if they can get a better price for their home. Or a seller actually believes their home is worth more than any other comparable home, even when it’s not. The selling agent chooses to list the property anyways. If you decide to make an offer with the selling agent, he or she CANNOT disclose their opinion of the property’s true value to you. Furthermore they cannot discuss or provide advice on offer price or terms written into a Contract of Purchase and Sale - this will be left blank for you to fill out. You're on your own.
- Buyer, Jane Doe, is preoccupied with a brand new gourmet kitchen. It’s even nicer than it looks online. Your Buyer Agent’s job is to point out the potential downfalls of a property while you’re busy thinking about whether your sofa will fit in the living room. Maybe there are warning signs of structural deficiencies or overall neglect that can easily be overlooked. The seller’s agent is a mediator in the transaction, not your representative. Wouldn’t these issues be nice to know before you paid for a home inspection?
When you have an experienced Buyer Agent working for you, their main focus is to keep you from making a mistake. The knowledge they gain from working with hundreds of clients and having viewed 1000's of properties throughout their career is invaluable when it comes to helping you chose the right home or building, on the right street, in the right community. Your REALTOR® will keep your needs in mind as well as potential resale pitfalls.
Many real estate transactions also involve an extensive negotiating process. This process can happen over days, or it can be over in an hour in multiple offers. Experience also comes into play when negotiating price and terms under current market conditions.
Relationships are about commitment and the one between you and your REALTOR® is no different. New homes for sale hit the real estate market daily. Once commitment is established, your representative will be in regular contact with sellers and other real estate agents to ensure you see all the newest listings right away, whether or not they're made public. Often, buyers can put in offers with little or no competition to help you walk away with an impressive deal on the property of your choice. Your REALTOR® will also save you valuable time by making sure you only see properties that meet your needs and investment preferences.
The home buying process proves to be more challenging than most people expect. As your representative, the stressful process of house hunting will be much easier and more efficient than if you did it all yourself. We can help you obtain financing, guide you to local neighbourhoods, assist in determining your budget, and prioritize a list of essential features needed in your new home. We'll save you valuable time by finding the properties that best suit your requirements, and we will show you only the most promising homes on your buyer tours.
Once you are under contract to purchase a home, your buyer's agent will help you find a great inspector, attend property inspections, negotiate any repairs with the seller, ensure any and all agreed-upon work is carried out, get estimates from trustworthy contractors, handle all related paperwork related to the sale and work directly with your broker and lawyer/notary to provide you with a seamless real estate service package.
If you're ready to start house hunting, you can search real estate listings now. You can also refer to our Buyers Guide for helpful advice. Contact us anytime to learn more about the home buying process.
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