An experienced real estate agent is an invaluable resource in any real estate transaction. For those buying a house in Louisville, an agent is a great advisor along the way and will help navigate a home buyer through the transaction. At Osborne Realty Group in Louisville, our team of experienced and trustworthy realtors are ready to help make the home buying process as easy and efficient as possible. In this post, we’ll be discussing why you shouldn’t go into the home buying process alone, and the benefits that come with having a devoted buyer’s agent at your side. If you’re currently in search of your dream home, contact our office today for your free initial consultation.
Why You Need a Buyer’s Agent
- Cost of a Buyers Agent: FREE!
Hiring a buyer’s agent is basically free representation for the buyer. How do buyer’s agents get paid? The commission typically owed to the buyer’s agent is paid by the Seller. This means you can be represented at no additional cost. Some buyers falsely believe they may get a ‘better price’ if they go through the listing agent. This is a large misconception. The listing agent already has a fiduciary responsibility to the Seller and this can easily create a conflict of interest.
- An Expert on the Local Market
A buyer’s agent will be knowledgeable about the area and the local real estate market in Louisville. They may even know the history of homes and neighborhoods in the area. This is beneficial, as an agent will know what to appropriately offer on the home you’ve chosen, ensuring you’re not spending more than you should.
- Preferred Lenders
A valuable list of professionals is crucial when applying for a home loan. Buyer’s agents normally have a list of preferred lenders that they use and trust. Initially, your real estate agent will also advise you from the beginning to obtain a pre-approval letter. This will help prevent you from going in the wrong direction and looking at homes that are not within the correct price range and outside of your budget. This is a huge mistake and is common among first time home buyers.
- Access to all MLS listings
Your agent has access to all of the listings available on the Louisville MLS and possibly knows about upcoming real estate listings in the area that haven’t even hit the market yet. He or she will also have the ability to schedule showings for you to tour any home you may be interested in.
- Find Comparable Properties
Your real estate agent has access to nearby properties that have sold and what price they sold for. This will help you determine the current market value of a home you’re considering making an offer on. Correctly finding the current market value of a home is very valuable. This will help ensure you are not overpaying for a property.
- Neighborhood Research
Once you’ve found a home you’re interested in, it’s important before moving forward to be aware of any bylaws or restrictions within that neighborhood. Your buyer’s agent will research the neighborhood to discover if there is an active Home Owner’s Association. Your buyer’s agent can inform you how much the annual dues are for the HOA and provide a copy of the restrictions and bylaws for that neighborhood.
- Negotiate Sale Price
Buyer’s agents are experienced in the negotiation of contracts for buyers. They’re familiar with the contract itself and can easily answer all your questions. They know what to ask for and what to include in offers while successfully navigating through the transaction.
8. Gather Appropriate Documents
Following an accepted offer, a buyer’s agent will gather all the remaining documents and disclosures so the property can be placed in escrow and marked ‘pending’ or ‘under contract’ on the local MLS.
- Attend Inspections & Walk-Throughs
Your real estate agent will attend the home inspection and final walk-through. Many home buyers have questions which arise in these situations and it’s imperative to have an expert on hand to answer those inquiries.
- Negotiate Repair Requests
During a home inspection, oftentimes there are deficiencies in the property. Sometimes these are small items, but other times there are repairs needed. It is the buyer’s agent’s duty to write a well-addressed repair request for the seller and negotiate the contract until both the home buyer and seller can agree to the terms.
- Importance of a Survey
Having a survey is always something that a new homeowner will want to consider. What are your plans after moving in? If you plan to install a fence or pool or build a barn or detached garage, having a survey done is something we strongly recommend when buying a property.
- Constant Communication
The home-buying process can be complex and it’s important to have an experienced buyer’s agent to answer any questions which inevitably arise. A client’s expectation should be nothing short of thorough responsiveness and constant communication throughout the entire transaction.
- Meet Contractual Deadlines
Real estate contracts have many significant deadlines. It’s important to adhere to these deadlines or it can cost you the ability to inspect or request repairs, leaving you to have to ask for extensions which may or may not be granted, or even cause delayed possession. A buyer’s agent is familiar with these deadlines and will manage your contractual duties.
- Emotionally Detached Advisor
A real estate agent isn’t emotionally attached to any specific home and shouldn’t be financially dependent on the closing, therefore they’re able to advise to the best interest of their client.
- Request Invoices and Warranties
One duty a buyer’s agent will complete is just before the closing of a home, they will make sure the new homeowner has copies of invoices for any repairs that have been completed from the home inspection and if there are any active warranties that may convey to the new homeowner, those are also provided.
- Communicate with Closing & Title Company
There are many required documents and measures which closing & title companies need. A buyer’s agent communicates with the closing company for you and provides what’s required to them in a timely manner so that the upcoming closing will proceed as scheduled and as soon as possible.
While more and more homebuyers have sought out their own representation when buying a home, this is actually a disservice to the buyer. There’s no actual cost to the buyer in exchange for an invaluable asset, so why not work with a real estate professional? The reasons mentioned above are only a short list of the duties a buyer’s agent is responsible for when serving their clients.
The Osborne Realty Group
At the Osborne Realty Group, we have the experience (over two decades worth), the knowledge of the area, and a strong devotion to your satisfaction. If you’re looking to buy or sell a home in Louisville, just “bug Doug” and contact us today! Our real estate agents are excited to work with you and yours!