Why The Biggest Mistake A First Time Home Buyer Makes Is Not Using An Experienced Realtor
A fundamental mistake we often see first time home buyers make, is not hiring their own real estate professional to represent them with their purchase.
This usually happens in 3 ways:
- They rely on the resources available on the Internet to help them with their purchase, as there are a number of on-line self-help resources.
- They go to a real estate developer’s office and buy direct.
- They go to an open house and buy directly from the seller’s agent.
The problem here is that there is no professional representation for the buyer, which could be helpful in negotiation and problem solving.
A homebuyer who wants to avoid paying an agent’s commission will end up paying one way or another. Granted that the commission comes out of the seller’s sale proceeds, but the home is invariably priced to account for this.
So what can go wrong with the transaction that can cost a first time homebuyer dearly without professional representation?
- Delay in closing due to missing documents, errors on documents etc. These can be preventable as a real estate professional has the knowledge and training to ensure that all the necessary paperwork has been filled out correctly.
- Lot of valuable time can be spent on the transaction. The internet can educate, to a large extent, on how to buy a property. But why would one want to spend all that time learning when there are experienced professionals who can do this?
- Hidden flaws and expenses may linger. Walking through a home, one may not notice flaws or discrepancies that would be apparent to the trained eye of an experienced realtor. This also applies to various closing costs that a buyer may not be aware of, and have not factored into his/her budget.
- The buyer may be overpaying for the home. Chances are slim that the buyer is familiar with the current and historical price of properties in the area. A professional realtor has a number of resources at his/her disposal, and has training in negotiation, which can work in the buyer’s favor.
Buying a home is one of the largest financial transactions you will ever make in your life. So why wouldn’t you trust a professional to do it for you? After all , the seller pays the commission.
When you decide to do so, contact us and one of our experienced real estate professionals will help you find your dream home.