I have a client who we've become very fond of one another. I sold her home when she was going through a divorce two years ago which was a tough time. Now she is ready to get back in the game and become a homeowner again! My client is very specific about what she is looking for in her next home. As she says, this will be the last home she ever buys...
We've gone out to see several houses, but we have realized buying new construction may be the way to go. During her late night online searches, she came across an independent builder. The builder spoke one on one with my client the next day. Immediately she told the builder she is working with a Realtor and he told her he would give her a better deal if she does NOT use a Realtor.
I know many consumers think they will make out better if they don't use a Realtor but often times they don't. Would you show up in court without a Lawyer if you were facing a 10 year jail sentence? If you have a signed agreement with your Realtor, your Realtor has a fiduciary responsibility to their client and will work to make sure you get the best deal. There are many things your Realtor does for you during your entire home buying process.
- Here are just a few of the things your Realtor should do for you:
- Locate properties listed with a Realtor that fit your criteria in a home.
- Detect defects when previewing houses that the average home buyer may overlook.
- Conduct a market analysis to help you determine the best offer price so you do not pay too much for your new home.
- Write your contract and include all of the state required disclosures/disclaimers necessary to facilitate the transaction.
- Negotiate the maximum closing cost help.
- Negotiate the terms of your contract and explain the process so you will understand what to expect.
- Work and coordinate with all parties involved in the transaction such as the lender, title company, inspection company, appraisal and listing agent.
- Help you review the settlement statement to make sure it is in line with what was negotiated on the contract.
Always be leery when a Seller or Builder tells you to dump your Realtor. You hire a Realtor to work for your best interest and advise you on the best course of action. Also, if you think you will just use the Listing Agent so you can get a better deal, think again. In some situations, you may be able to negotiate a slight advantage, however the Listing Agent is working for the best interest of their client, the Seller. The Listing Agent cannot give you any advice on what to do, they can only write what you tell them to. Any information you give the Listing Agent unknowingly can and will be used to assist their client, the Seller. If you do not have any experience with buying houses, consider using a Realtor who will educate and guide you through the process while looking out for your best interest!