While buying a home is one of the most exciting time in a person’s life, it can quickly turn into the most frustrating and disappointing.
There is often a simple reason for this turn of events. The buyer did not secure a buyer agent.
What does this mean?
Let’s imagine that you and your spouse have decided to buy a bigger home in the wake of your growing family. You talk about the area of town you’d like to live in and begin to take Sunday drives in some of the neighborhoods that seem to be calling your name. We have seen an increase in Families looking to upgrade to neighborhoods like Cary, Apex and Morrisville. All three of these areas were ranked in Movoto's, 5 best Raleigh suburbs.
So, you come across three homes that you would really like to take a look at and see if they fit your needs. Two of them have a realtor sign on the lawn and one is for sale by owner. You jot down all three names and phone numbers and start calling and setting up appointments on Monday morning. How exciting! During the week you visit all three homes. You are accompanied by the realtors on the two home visits and you and your husband go alone to see the “for sale by owner” home.
Do you see any problem with is scenario yet?
Who is representing YOU??? Who has your back? Who is asking all the right questions on your behalf?
The answer, is no one. When you call the realtor listed on the sign in front of the home, you are being shown the house by the person who is contracted to do business that is in the best interest of their client....the seller. Any information you share with them regarding your needs, financial situation, etc. will be shared directly with the homeowner giving them the upper hand in negotiations. A big problem for you, the home buyer.
When you deal directly with a homeowner in the situation of a for-sale-by-owner, there is also no one giving you guidance or making sure that the home is not overpriced and over represented. This is also a problem.
You need someone who is very knowledgeable in the home buying process which includes gathering all the information to help you make an informed decision, reducing your risk, and advising you of the current-market trends in Raleigh. Don’t count on the homeowner or their contracted agent to give you that info. Can you imagine them telling you that they would love for you to buy the home which happens to be a resale trap? It’s just not going to happen.
So, what can you do to protect yourself?
Secure a buyer agency. It is your right to have a professional agent represent you and protect your best interest. After all, isn’t that what the seller has? If you aren’t familiar with a buyer agency and what they can do for you, simply get your free Buyers Guide and watch “Home Buying Guide: Video 8- Why Have a Buyer Agent?” That will help answer most, if not all, of your questions and there is zero obligation. If you have any additional questions or concerns, we’d be happy to help!