Buyers and sellers are on separate sides of the fence when it comes to home sales. What one is wanting to achieve is often diametrically opposed to what the other wants to see happen-the first usually want to steal the property as the other wants top dollar. And yet, they share the same ultimate goal. They need a sale.
Both sides can benefit significantly from finding a Spring Hill TN Realtors to aid them, but their reasons can vary.
It’s All About the Money…
Consider this if you’re contemplating going “FSBO”-for sale by owner-when listing your home. Obviously, you need to get as much for their home as possible, and you might feel that means not parting with extra commissions. But a 2017 study indicated that FSBOs fetched about 30% less for his or her owners than agent-listed properties.
And you’re probably going to have to pay a commission anyway if your buyer is represented by an agent. The buyer’s agent’s fee is usually factored in to the deal-although you’ll still save on the commission you’ll otherwise have paid your own agent.
And why not use an agent if you are the purchaser? After all, the seller is paying the commission, not you. Of course, almost always there is a slim opportunity that the seller will refuse to do so, but you can probably move on and look at other properties if it appears that this will be the case, though it can rely upon whether you’re shopping in a buyers’ or sellers’ market and who has the upper hand.
…And Attention to Detail
You might be far out of your aspect as it pertains to reviewing and understanding the multiple documents involved in a genuine estate deal, and you really should have a thorough understanding of what you are getting into irrespective of whether you’re buying or selling. Purchase agreements alone can top ten 10 pages in 2019, not forgetting federal, state, and local document requirements.
Luckily, your agent will be far more familiar with all of this paperwork than you are. Consider this if you’re still thinking about saving money: Some mistakes or omissions in these documents will set you back approximately that commission you were trying to avoid paying-or even a lot more.
Here’s an example: Maybe a buyer makes an offer on a home, but it’s contingent on obtaining a mortgage. There’s no probability that the customer could buy the property without first securing financing-but there’s no such contingency or escape hatch included in the purchase agreement to let the buyer out of the deal if financing fails. The buyer is obligated to go through with the sale or be sued if as it happens that a home loan isn’t happening.
Consider hiring a broker for an inferior one-time charge to simply review your contracts before signing if you’re still dead set against hiring an agent to take care of all this.
Privacy, Confidentiality and Fiduciary Duty
Your real estate agent has your back whether you’re a buyer or a seller. Agents have what’s known as a “fiduciary” responsibility with their clients. They are legally obligated to place their clients’ needs first.
This duty imparts a very high standard for confidentiality. Being a buyer, do you really, really want to start your most intimate financial details to a FSBO seller who’s under no legal obligation to keep carefully the information confidential? The same goes for turning any and all information over to the seller’s agent, who has no fiduciary responsibility for you but just to the seller. Your own agent would know whether any information the other agent is requesting from you is reasonable.
You do have recourse if you’re the customer and the seller’s agent has lied for you, misled you, or disclosed confidential information. You may report it to the agent’s professional association, including the National Association of Realtors. But again, this assumes that owner comes with an agent. You will far fewer options if the house is FSBO.
Agents Know What to Look For
Buyers usually have a pretty firm idea at heart of what they want in a property, from number of bedrooms to an attached garage to a variety of other must-have and must-not-have factors. You’ll probably feel pretty comfortable looking at homes start list tucked organizationly in the rear of your mind.
But your agent will be alert for issues that may not cross your thoughts, such as furnace issues, leaks, roofing problems, and mold and insect issues. A realtor will recognize the telltale signs of these problems and have a clue how far better to approach them. Again, this experience and knowledge can conclude helping you save thousands down the road.
You know exactly how much you want for your home if you’re the seller, but is the price you’ve arrived at reasonable? You may only know definitely if you’re able to identify comparable sales that concur that you’re in the right range-or not. Agents can do comparative market analyses in their sleep.
An agent can hand over researched, current, and reputable data regarding a neighborhood’s demographics, crime rates, schools, and other important factors. That’s a lot of time-consuming research to do by yourself, specially if you don’t know where to start.
Agents Have Superior Negotiating Skills
You might not be a negotiation shark if you don’t are really an attorney, mediator, union rep…or an agent. Keep in mind that fiduciary responsibility your agent has to you. It’s your agent’s job to get you the greatest price for your home, or to see to it that you get the best possible deal on the property you want to buy.
Agents are trained to negotiate well, if only from experience. They know very well what normally works and exactly what does not. Most have tried-and-true techniques almost all their own. And, most importantly, they have no emotional stake in the results that can cloud their thinking.
You, on the other hand, might be willing to come up with $10,000 more to get that to-die-for home, never realizing that it’s really not necessary because you own certain bargaining chips. It’s just additional money saved if you own an agent who prevents you from taking an unnecessary financial plunge.
The Bottom Line
Henry Ford once said that it proves that you’re smarter than they can be when you hire people who are smarter than you. The trick is to recognize when you need help and also to find the correct person.