Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Buyer's Agent?
My husband and I are looking into buying a house, we have talked to a couple of banks and know what we can afford and have been very actively looking on Zillow, Trulia, and even on Homepath somewhat. We have a showing on Sunday for a house we like that we found on our own and contacted the agent.
What I am wondering is if it is necessary to get a buyer's agent? I feel like we are doing some of the steps ourselves and I feel like there must be something that I am missing as to what they do and why I need one... can someone please help me understand?
Re: Buyer's Agent?
Ours just made it so much easier to see houses because he contacted all the REAs and set it up. When you say you have a showing, are you going to an open house or did you contact the seller's agent for a private showing?
Besides ease of showings, he drew up all the paperwork for us when we put in the offer (how would you go about that without an REA? I'm not sure; perhaps someone else knows) and he negotiated the offer for us with the other agent. It was nice to have someone with the know-how when we went through this process.
Now before we were very seriously looking, we did go to some open houses on our own just to see what was out there in our price range. But as soon as we got serious about it, we used an agent. FWIW, we did not pay him a cent (and I've never heard of the buyers having to pay the buyer's agent either).
YOU do NOT pay for a buyer agent's fee - the seller does. The buyer agent protects YOUR interests. They can help in a good number of ways. Get one.
Also - do not go by what a lender says you can afford (the amount they will lend). YOU need to look at your financial situation, how much you have for a downpayment, in savings afterward for all of the additional costs etc. Rule of thumb housing costs should be kept to 25-28% of your takehome pay for mortgage+PMI+taxes+insurance+utilities.
Have a good emergency fund in place - owning a home is MUCH more than the mortgage payment.
The point of a buyers agent is 2 fold. 1. they can get you into see houses that don't have open houses. They also know what is on the market, just coming onto the market, has sat for a long time, price reductions etc, that you have no way of knowing unless the buyer lists it in the listing.
Thier other purpose to represent you and make sure you are getting what you want out of the deal. Yeah you can talk to the selling agent..but you have to remember the selling agents only goal is to get you to buy the house, it's not to show you whats wrong with it or why it might not be the best for your lifestyle...a buyers agent's job is to make sure you the buyer are happy when its all said and done as they rely a LOT on referrals even more so then sales. Its like going to court..those who self represent simply don't have the same education or experience as lawers who recognize potentional downfalls in the story the other side is spewing.
We had an awesome agent who really listened to us and only showed us houses that he thought were realistic options for us based on what our feedback was when we saw a house and our price/ideals. He also pushed for things we wanted from the sellers that I wouldn't have even known to ask for. You don't pay him, his commission comes from the seller anyways, so why not have someone representing you who knows the market and can do the legal stuff for you?
My Blog:Through My Eyes
Working with a really helpful buyer's agent can be valuable both in terms of time spent and dollars spent. Purchasing a home affects your daily life in every way, why not find a superb advocate to help you along?
I'd be happy to help any buyers looking in metrowest Boston or north shore communities. Smart, first time buyers are some of my favorite clients!
My role is providing you with solid information about communities, the current market, and the buying process. I don't pressure clients to purchase and respect working at different speeds--breakneck fast or more deliberate. You are the decision makers and I respect that.
Beyond getting you into properties right as they come on the market, I will help you create a team of professionals that support you fully through the purchase process. Having a trustworthy lawyer, inspector, and lender that are competent AND actually there for you at a moment's notice can save you many dollars and lots of heartache.
There is never a fee for my services as a buyer's agent. I am a full-time agent and absolutely love my job. Please let me know what I can do for you! www.anncohenrealestate.com
Warm regards,
Ann