A house is a significant investment for almost everyone. Most people only buy a home once or twice in their lifetimes. Since buying a house is such a significant commitment, you want to ensure that you get it right.
Many people consider buying property without hiring a real estate agent. This may look like an attractive proposition at first since you do not have to pay a hefty commission that goes along with it. Real estate agents tend to charge around five percent of the sale value of the property. This is not an insignificant sum.
However, you would be well-advised to hire a real estate agent who you trust for several reasons.
Real Estate Agents have an Ethical Code
Most real estate agents in the business are part of the National Association for Realtors (NAR). Every real estate agent who becomes a member of this organization has to pledge to abide by a code of ethics. This code of ethics requires these real estate agents to be honest in all their dealings with their clients.
Having a real estate agent who tells you the truth can save you from a lot of grief. Under this code, real estate agents need to put your interests before their interests. This means that they will honestly tell you relevant details about a property, even if it can cost them a sale.
Furthermore, real estate agents are required to tell you about any problems concerning the property. They also need to be truthful in their advertising.
This code of ethics is not just for talking either. There are penal provisions that are part of this code. If a real estate agent is found to have violated this code, they can be charged a sum of $5000. They can also be suspended from the organization for a period of up to three years.
They Know the Correct Price
An excellent real estate agent is always able to estimate the market price of a house. They can tell which homes are being overpriced or underpriced.
An experienced real estate agent will have seen several transactions in the neighborhood where you are looking for a house. For example, an SD real estate agent will have a lot of relevant data about SD prices.
They can find you a bargain, which would more than makeup for their commission. They will also lead you away from bad deals if the seller of a house charges more than a fair price.
A real estate agent will also have a lot of relevant data concerning other sales in that area. This means that they can usually negotiate a good deal for you. They can also save you a lot of time because they know what you are looking for better than you.
They will ask you specific key questions and quickly get a sense of the kind of property you would find interesting.
Requesting for Repairs
Almost none of the houses that you find will be in near-perfect condition. Homes tend to need a lot of maintenance and repairs, even over a relatively short period.
Unless you are looking at a brand new property, you will want someone in your corner who can negotiate for repairs. This is valid not only in SD but also across other cities such as while looking for luxury homes SF.
Real estate agents will refer you to a home inspector who will check the condition of the property and provide a report. This report is usually several pages long and can get quite technical. You will not know which parts of the report are essential and which sections can be ignored; however, a real estate agent will.
Apart from helping you identify the repairs that the property needs, a real estate agent will also be able to tell you which kind of repairs it is reasonable to ask.
They can also get a sense of the kind of condition you need the property to be. They will steer you clear of properties that may be too old or in too much disrepair for you.
Finding Good Properties
A real estate agent will have access to properties that are otherwise under the radar. Many sellers prefer not to let the fact that they are in the market to be widely known. This can be for a variety of personal reasons.
People who are selling their house for financial reasons, divorce, etc., prefer not to tell their friends or neighbors about it. At least until after all formalities are done.
Having a real estate agent will get you access to all these properties that you might otherwise miss. You might think that all you need are the properties that are already listed online. However, this approach can narrow your options considerably.
Furthermore, online lists of properties are not always up to date. A lot of properties that may still be listed may now be off the market.
An excellent real estate agent will also be able to get a good sense of the kind of property that you are looking for. They can narrow down your search considerably by only showing you properties that you have a good chance of buying.
Assisting with Paperwork
Do you know all the different kinds of paperwork you need to get done to legally and effectively own a property?
A real estate transaction can generate a lot of paperwork, and all the paperwork is essential for a variety of legal reasons. Hence, you need someone in your corner who knows their way around the paperwork. They will help ensure that everything is in place and accounted for.
You do not want to wake up five years later and find out that some of the signatures in your sale agreement are missing. Something like that can cause a lot of unforeseen headaches.
A real estate agent will tell you what needs to be done and also take you through it as well. This means that you can be sure that the necessary paperwork is in order.
Having a trusted real estate agent can make or break a deal. Due to the large sums involved in a real estate transaction and for the reasons listed above, it is always best to get expert advice. A trusted real estate agent can save you more money than they are charging.