If you are looking to buy a home, you’re probably also in the market for a home buyer’s agent. But in your search, you will quickly learn that there is a lot of information flying around. You’ll get conflicting ideas about how to do it, who to do it with, etc. That can leave you overwhelmed and confused.
Understandably, there are many misconceptions about what services a home buyer’s agent can offer. It’s not unusual for there to be misinformation in the market. But an investment like this is too important to make without doing your homework. So, let’s take a look at some of the most common misconceptions about working with a home buyer’s agent.
A Buyer’s Agent Will Find The Perfect House
If you’re looking for a house, you should definitely hire a buyer’s agent. But don’t expect that this person will find the perfect home for you. In fact, it’s more likely that they’ll find a suitable home and then help you negotiate the best price possible.
A lot of disappointment can be avoided if you keep your expectations realistic The buyer’s agent will be there to help you along the way and make sure you get the best deal. They’ll also be able to tell whether or not a particular property is worth pursuing or not.
You’ll Be Forced To Use a Mortgage Broker
A buyer’s agent does not force buyers into using a particular mortgage broker for their transaction. The buyer’s agent can recommend several lenders.
These lenders specialize in helping first-time homebuyers and borrowers with less-than-perfect credit scores find low rates and affordable monthly payments. The buyer then has the option of choosing which lender they would like to use for their mortgage needs.
All Home Buyer’s Agents Are The Same
The fact is, when it comes to services, buyer’s agents can be very different from each other. Some agents will not provide any assistance in finding a home at all. They simply list homes for sale and hope that one of their listings will be the perfect match for you. Other agents will only help you with the paperwork involved in buying a home and negotiate on your behalf.
A Home Buyer’s Agent Is The Same As A Real Estate Agent
A real estate agent sells homes, but they don’t represent you as a buyer. Their interest lies with the seller and their commission. A buyer’s agent is someone who has entered into an exclusive contract with you to represent you as a buyer. They have no interest in being paid by other parties involved in your purchase.
Buyer’s Agents Just Get In The Way
The best way to find a home is through a buyer’s agent. They can negotiate the best price and terms for you, saving you time and money. But it can seem strange when your new agent suddenly starts telling you what to do with your offer.
They may even tell you not to make certain requests or ask too much from the seller. This can feel like they are interfering with your house hunt, but in fact, they’re just doing their job.
They Prioritize Buyers Willing To Pay More
This is not true. The agent’s role is to represent the seller. But, the agent is also a professional who will work for you. Some agents may prioritize buyers who are willing to pay more than others, but others won’t.
The best way to have an agent represent you is by being honest about your financial situation and needs. Make sure you are upfront with them about what you can afford and then trust them to do their job.
In Closing
Hopefully, this has dispelled some common misconceptions about dealing with a home buyer’s agent. This piece should help you understand the process and make sure that everything goes smoothly.
