First Time Home Buyer Assistance
Exclusive buyer's agents who dedicate themselves to representing buyers only bring a special advantage to the home purchase process for first time home buyers. Buying a home today is a complicated process so the advocacy of an experienced, skilled real estate agent can provide additional help for the first-time home buyer and result in a better outcome.
Many exclusive buyer's agents host web sites that offer first time home buying information and mini-courses on the whole process from qualifying for a mortgage, comparing types of housing, searching for homes, inspection, and negotiating for the best price and terms to tips for having a smooth closing. Some use seminars and workshops to teach home buyers how to be smarter home buyers.
Wouldn't you like to know about the availability of first-time home buyer loans that have lower interest rates on their mortgage products? How about getting a home inspector who understands that he works for the buyer, not the real estate agent? If you are buying a new home you will need to learn about construction standards and lot selection. These are just some of the advantages of working with an exclusive buyer's agent.
Other benefits to using an exclusive buyer's agent include finding out the seller's motivation for selling. If the agent works for the seller, he cannot disclose that information to you yet it could have a major impact on the amount you offer for a house as well as the date for closing. If the agent works for the seller, he cannot tell you about any conversations he has had with the seller that would reveal information that could strengthen your bargaining position. And he cannot point out reasons not to buy the house or that a better ‘for sale by owner' home is available in the neighborhood.
Home buyers who have not made a purchase in over a decade may find that they, too, would benefit from working with an agent who is skilled at educating the novice buyer. Seek out your own special agent, one exclusively representing buyers, to help you. Use an interview process to ask the kind of questions that help you understand the difference between a “standard agent” and an “exclusive buyer's agent”. See the Home Buyers Checklist.
Real estate transactions have grown increasingly complex with the need for greater due diligence and research before an offer is made and a full understanding of the roles and duties of agents involved in a transaction.