First-time buyer?

As newcomers to the real estate game, most first-time buyers do not know how real estate works. Here are a few important points to help:

First, as a buyer you usually do not pay commission. Whether you are a first-timer or not, the realtor^® is free to you. 

Why? Because the seller is technically responsible for paying the commission out of the proceeds of the sale. This is very important when you possibly only have limited funds to make the 5% downpayment required, as well as your various closing costs such as legal fees, home inspections, and so on.

It is a good idea to call a realtor to arrange an interview. If you are not happy with what this person or team can provide to you, call another. You are not obligated to someone just because you meet them once. If you are happy with their service, and feel they are the right person/team for the job, then hire them to work for you.

Secondly, it is important to have a realtor work on your behalf. He or she can advise you on recent sales in the area, and therefore lead you toward the true value of the home you wish to purchase - no sense in overpaying. Realtors have access to the prices of the listings in the area that have sold, and will prepare a current market analysis of the value of the home to ensure you get a great buy on the home that you want.

Once you are a client, professional realtors also negotiate offers on your behalf*. It's important to have an impartial third party doing your negotiating. As professionals, they will work to get you the very best deal, and can ‘read’ the other party to ensure that the offer is negotiated in your best interest*. Again, talk to your realtor to see what they can do for you. Ask them about their negotiating history. It's important to hire a top-notch negotiator when you are making what may be the largest investment of your life.

Another benefit to using a professional realtor: They have all the contacts you need for as stress-free a transaction as possible. For example, he or she will write a binding contract or purchase and sale,  arrange for a home inspection for you once you choose an inspector, arrange for all the necessary documentation to go to your financial institution, recommend lawyers/notaries for conveyancing, and much, much more.

The reality is, a professional realtor saves you time and money. So why not hook up with one today?

*assuming no Limited Dual Agency

For more information, go to www.VernonFirstTimers.com and arrange to hire your realtor today. 

Call the Salt Fowler Team to talk to a buyer specialist today at 250.549.7258 or email [email protected].

 

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.