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Is a
Real Estate Agent Necessary to Buy a Home?
Buying a home is a big event, especially if it is
your first home. There will probably be many things
you don't know, because you simply haven't been
through the home buying process before. One of the
most common questions of first-time homebuyers is
whether they need to hire a buyer's agent.
There is nothing that requires anyone to hire a
buyer's agent. You can find homes for sale on your
own and work directly with the seller's agent. The
problem with that is that the seller's agent has the
seller's best interests in mind. He will try to get
the highest possible price for the seller, and is in
fact contractually bound to do so. He is also
obligated not to share any confidential information
about his client with you.
Working with a buyer's agent gives you the advantage
of having a knowledgeable and experienced agent
looking out for your best interests. Your agent will
help you find property that meets your needs. He
will then assist you in negotiations to help you get
it at the lowest possible price.
You can work with an agent without signing a buyer's
agency contract. In fact, it's a good idea to do so
for a while until you're sure that you want that
agent to represent you. You need time to determine
whether the agent will listen to your needs, and
whether the two of you will be able to get along.
An agent is not legally bound to keep information,
such as the highest price you would pay for a
property, confidential until you sign a contract
with him. If he is a dual agent that also represents
sellers and you want to buy a home that belongs to
one of his clients, he has to share that information
unless he is legally representing your interests. So
keeping such things to yourself until there is a
written agreement is a good idea.
An agent should not pressure you into signing an
agreement right away. That is a bad sign in and of
itself. If after a while you're still unsure, you
can talk to the agent about signing an agreement
that only lasts for a short time. You could also
consider a non-exclusive agreement, which allows the
agent to represent you but also allows you to work
with other agents.
A buyer's agent is not necessary when you are buying
a home, but having someone with experience on your
side can make your home buying experience a more
pleasant and potentially less expensive one. In many
cases your agent and the seller's agent will split
the commission. That means that you can have your
own agent without having to spend more money.
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