Should First Time Buyers Use A Real Estate Agent?

Should First Time Buyers Use A Real Estate Agent

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If you were to submit a contract unaware for instance, that if you fail to get financing you will forfeit your earnest money, it will be a costly lesson. Below are a few of the many things a real estate agent can assist you with on your first home buying mission.FinancingYour real estate agent has no control over financing; however, they are often the first people to know when a new program is available. For example, recently there was a FHA based program that offered 100% financing for people who fell within the income guidelines. These programs are often time sensitive and dependent upon funding. In other words, the sooner you know about the program and the quicker you submit an application the better your chances for obtaining this type of financing.PricingReal estate agents make a living selling homes, for many this is their primary occupation and as such, they are very well versed in home pricing. When you have a real estate agent working for you, as opposed to simply dealing with the seller's agent, you have a person who will be quick to point out that a property is overpriced in comparison to other recent sales in the area.FormsThere are standard forms for purchasing real estate, but if you are a first time buyer, you are not likely to be familiar with them. A good real estate agent will go over any and all forms you may be asked to sign and will take the time to explain them thoroughly. If you begin working with an agent who does not fulfill this obligation, look for a new agent.Multiple ListingsNearly every home on the market today will be part of a multi-listing. This means that any agent can show you a home, regardless if their office listed the property or not. If you were to go it alone you could quickly find yourself faced with several different listing agents, it is better to have one agent of your own.Listing AgentsA listing agent has one job and that is to sell the property for the best offer possible. In other words, they work for the seller and will put their interests before anyone else. Remember their commission is based on the final sales price of the property and if they can sell to you without another agent's involvement, they make more money. When there are two agents, listing and buyer's agent, the commissions are shared.ConclusionThere are many ways a real estate agent can make your first home buying experience a positive one. They will work tirelessly for you, advising, showing homes and explaining complicated paperwork all with one goal in mind, the successful purchase of a home for you. Take your time and interview potential agents until you find the agent you feel the most comfortable with.

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