Have you noticed how much "Big Data" is out there now? Almost everything you want to know is at your fingertips with a quick internet search. In real estate, you can use multiple websites to start your home search. (Though, I highly recommend my own! :) ) You may even find the perfect home in the comfort of your own family room! Why do you even need a REALTOR®? You can just call the agent on the sign in front of the house and BAM you are moving into your new home! Well, let me ask you a few questions.
1. Did you know the listing agent has a contractual obligation to the seller?
When you hire a lawyer to defend you in a courtroom, you don’t want them to work for the opposing party. You want to know that they have your best interest at heart. It is very similar when hiring a buyer's agent in purchasing your own home. Not only it is the agent’s duty to assist you in finding a home, they also have a fiduciary duty to you (a legal duty to act solely in your interest). They are in your corner working towards your best interest. They negotiate, keep you aware of the process and timelines, and ultimately assist you in avoiding the pitfalls that come along when buying your home.
2. Do you know what the home is worth?
I hear this one a lot. I checked xyz website and the home is worth ________. What a great deal! Or my home is worth _____. We are rich! If you dig further on these websites, you will find disclaimers stating that they can be off by 20% on the value or more! On a $200,000 home that can be a difference of $40,000! A good REALTOR® will pull comps that are comparable to the home you are interested in. They will take into account location, neighborhood, and other qualifying parameters to make sure you are informed when negotiating your offer. Not just a blanket algorithm that will consider homes that may not compare at all.
3. Do you have experience writing a Residential Purchase Contract?
Real Estate agents do this on a daily basis. REALTORS® know that there are pitfalls waiting in the language of the contract that can turn buying your dream home into a nightmare. Knowing how to write a contract is just part of the process.
4. Will you be inspecting the home?
Having an experienced real estate agent in your corner can be a great help when it comes time to coordinate your home inspections. A good agent will have a list of preferred Inspectors that will inspect the quality of the home and make sure you stay within the timelines of the contract.
5. What do you do when the other party isn't doing what they have contracted to do?
This can and does happen. Sometimes it is an oversight by one party or a missed repair by a handyman. What do you do? A REALTOR® who knows the contract can assist in the steps to take prior to any steps to legal action along with protecting your interests in the transaction.
These are just a few ways that REALTORS® work for and fulfill their duties to their clients. Most of the time they will assist a home buyer free of charge and get paid from an agreement with the listing agent for bringing a buyer. However, knowing the home buying process and being able to assist you from the beginning to protect your interests is our duty as REALTORS® and a process I truly enjoy. If you're looking to buy give me a call and let's discuss your next home purchase over a warm cup of coffee.
Sergio Amesquita 602-859-4143
Author:Sergio Amesquita Phone: 602-859-4143 Dated: March 9th 2015 Views: 691 About Sergio: ...
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Mojica & Associates Real Estate has over 55 years of combined real estate experience here in the Valley. Concentrating on evolving trends in a rapidly growing market, we specialize in finding the perfect opportunity for first time buyers, families looking to upgrade their home, 2nd home buyers and investors. Whether you are looking for the perfect place to hang your hat or finding qualified buyers to purchase your current property at top market prices, we can get it done for you.
Mojica & Associates Real Estate professes that the only way to best serve our clients’ needs is to continually educate ourselves and our agents on the most current and future market trends. Whether it is cutting edge technology to showcase or find the perfect home, making sure our staff is the most knowledgeable in the Valley on contracts, current laws governing real estate sales, short sales, or simply updating our listings throughout the day, we deliver.
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If you’re not working with an agent, coming across open houses can b
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