What a buyer agent should be doing for you…
I recently made an offer on a house with some clients for 20% less than the asking price of the house, and the offer was accepted. In addition, it took over a year for the client to find a home they really wanted. Why did the seller accept such a low offer and why did it take so long?
A buyer agent should be doing many things for their clients. There are all the usual things such as having regular contact to let a buyer know about new listings, and scheduling showings, but buyer agents have so much more to offer than those basic needs.
Good buyer agents will help their clients to be better homeowners and understand the ownership process, not just help to sell you a house. This means thinking about the basic bills associated with the house, planning for repairs, and thinking about the costs associated with moving. Without some guidance, a buyer client is much more susceptible to head into foreclosure because they failed to anticipate the costs associated with home ownership.
Good buyer agents will help their clients to prioritize what they want the most and stay focused on those things. It is easy to get frustrated in the purchase of a home, when you don’t find exactly what you want right away. Don’t settle. Sticking with the search is part of the process.
Why did my clients get a house for 20% less than asking? Good buyer agents will run a CMA (Competitive Market Analysis) for their buyer clients in the same way that we do to help a seller list a house. What this tells you as a buyer, is if the house is listed at current market price, or wishful thinking on the part of the seller. Many buyers are not aware that their agent should be giving them a market analysis prior to writing an offer. Writing an offer without a CMA, can almost guarantee that you will overpay for a house.
If you want to find a good agent, here are some questions to ask before you get started.
How to pick a really good agent
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