As a buyer, you may be tempted to start the homebuying process on your own. You can save money and have a more straightforward experience. However, a buyer’s agent can protect you from issues that you may not even know exist and help you navigate the process from home search to the closing table. If you’re considering not using an agent, read on for the top mistakes buyers make when not working with an agent.
Mistake No. 1: Thinking there will be a cost savings
The seller’s closing costs often pay a buyer’s agent commission. Sometimes, buyers extend a lower offer so the seller can net out higher on the final sale price. However, this may cost you more in the long run. A buyer’s agent is legally obligated to protect your best interests and will negotiate on your behalf. Using a buyer’s agent usually results in the most cost savings.
Mistake No. 2: Thinking you can view the properties on our own
Once homes surface on real estate apps, most real estate agents have already shown them to their clients, and there may already be offers on the property. Working with a real estate agent means you have access to the MLS and the private listing network. A buyer’s agent can provide insight into off-market properties. They can also assess available properties and eliminate the ones that don’t meet your criteria.
Mistake No. 3: Thinking you can schedule showings
While you can, many logistics go into seeing properties, including communicating back and forth with the seller’s agents, accessing the home and managing the additional logistics that go into seeing multiple properties.
Mistake No. 4: Crafting your own offer
You can work with a real estate attorney to craft an offer as a buyer without representation. However, after you extend an offer on a property, you can expect multiple rounds of negotiations. During these rounds of negotiations, buyer’s agents can help break down any industry jargon, creatively negotiate contingencies and advise you on where to concede and stand firm, always keeping your best interests in mind.
Mistake No. 5: Manage your paperwork
Buying a home requires considerable amounts of paperwork. A buyer’s agent will help you ensure you get everything necessary.
- Mortgage documents and pre-approval letter if you’re financing the home
- Disclosure statement from the seller
- Offer letters
- Purchase and agreement
- Home inspection reports
- Title paperwork
Mistake No. 6: Hiring your own real estate professionals
When you buy a home, many other professionals and your real estate agent are essential parts of the process. You’ll need a trusted home inspector, real estate attorney, moving company and possibly contractors such as a radon remediation service, roofing company, HVAC professionals, electricians, etc. An experienced buyer agent should have a trusted network of these professionals so you can be confident you’re hiring a reputable professional who will protect you during these various parts of the homebuying process.
