There will come a time when you might consider hiring a realtor to buy a home for you instead of doing it yourself. However, you might hesitate as these agents charge high commissions. Even though the seller is responsible for paying the realtor, the responsibility may be passed on to you indirectly. Keeping this in mind, you might not be sure how you can go about buying your new home. To learn more about it, read on.
To better understand this predicament, you first have to understand what the law has to say about this. You have to keep in mind that each state has its own real estate laws. But in most cases, an agent is not required legally to buy or sell a home. However, you can hire agents to help you with legal tasks, like preparing the contract, and so on. Additionally, not all states allow realtors or buyers to prepare their own contracts or legal documents. In this case, you will require a lawyer to perform a title search, prepare legal documents and then close the deal.
Buying a home is not as easy as it seems. The task is quite complex and a lot of people find it easier to work with an agent to get through the process. There is a lot of paperwork to be taken care of and having someone who is familiar with the process can prove helpful. Plus, there are other things to deal with, such as home inspections and if there are any repairs required, decide who will pay for it. Usually, realtors have contacts with mortgage loan brokers and inspectors, which could speed up the buying process for you.
One of the top reasons for hiring a realtor is because the seller is most likely to use his or her own agent. Instead of letting the agent take over the process, it would be wise to have someone represent you and protect your interests. In case you do not hire an agent, the seller may pressurize you to allow you to let their agent represent you. Even though both parties are being represented by the same agent, it will not benefit you. It’s quite logical to assume an agent’s loyalties lie with the seller which is why you need to have someone in your corner as well.
It is safe to say hiring a realtor may prove to be quite useful if it’s your first time buying a home. You also have to consider the fact the benefits outweigh the costs. However, if you have the knowledge and experience, then there’s no harm in handling the entire process on your own.