They don’t teach this in high school, but maybe they should. The difference between a Highlands buyer’s agent and a Highlands seller’s agent can be pivotal, yet first-time home buyers have to figure that out on their own. You can read quotes on the web that say things like, “I looked for a buyer’s agent instead of a real estate agent” (true story!) that illustrate how little knowledge is out there. It wouldn’t take much classroom time to explain that buyer’s and seller’s agents are both real estate agents, after all. And while the subject is being explained to the class, I’d put in these five very good reasons for using a buyer’s agent in Highlands home purchases:
1. There for You
A buyer’s agent is by definition obligated to promote the interests of you, the buyer. When you are being shown a home by a personable real estate agent, it’s tempting to simply go with that agent, who may be quite a nice person. After all, he or she knows the house and knows the seller. But the problem is that the agent is duty-bound to act on behalf of the seller—and in any business negotiation, you want somebody who is unequivocally in your corner. Especially since-
2. It’s Free!
A buyer’s agent is compensated through a commission. In this case, it is paid out of the proceeds from the sale price of the house. You’re reading that right: since it issues from the sellers’ proceeds, you get the service for free! Of course, the size of commission the buyer’s agent receives can impact negotiations if the seller thinks the rate is unreasonable. Remember that you can negotiate most things, including agent compensation.
3. Advice
If you rely on the listing agent, he or she can only answer certain questions that don’t transgress their duty to the seller. Issues like price, tactics, and timing can be crucial in striking a good deal—but it is precisely on those kinds of issues that a listing agent is likely to be unable to advise you. Especially if you like the agent, you might be tempted to assume silence on a point means endorsement; and that could be a costly misunderstanding. Again, a buyer’s agent in Highlands knows the Highlands market from the buyer’s perspective, and can provide a wealth of information that point you in the right direction.
4. Your Personal Traffic Cop
In a typical real estate transaction, you will encounter an array of players, including lawyers, the seller or sellers, the seller’s agent, the financial institution, the home inspection team, and on and on. Buyer’s agents keep things running smoothly. They help organize the process so it makes financial and emotional sense to choose your buyer’s agent carefully.
5. It’s Free!
If ever there were something worth repeating…
The point worth remembering is that buying a house or a condominium is such a major event, securing a professional to watch out for your interests is good common sense. It’s why giving me a call even before beginning any house-hunting venture is a very good idea!
Hello. My husband and I were very interested in a lot in Highlands and were working with the Seller’s Agent this past fall. We backed out after we had some concerns we felt a bit uncomfortable about, but now a few months have passed and it is still available so we wondered if a Buyer’s Agent could give us some peace of mind. Is this something you can help with and direct us? We need someone to tell who to contact and hire that can tell us details like: is this lot buildable? Are there concerns re: septic, water, utilities, etc.?
Before we get back in touch with the seller’s agent ( we do not want to giver her false hope until we have more information) can you tell us who to contact and/or what to do to get serious answers? This lot will be for our tetirement home so we need to know that it will suit our needs.
Thank you so much for your guidance.
Jeanine and Michael Sanders
Jeanine and Michael,
I understand your concerns. Knowing as much information about a property allows you to make a knowledgeable decision as to whether you should buy it. As a buyer’s agent I would assist you in finding out as much information as possible about a property.
That includes furnishing you with Deeds...so that one can determine if there are any deeded restrictions which you would important to know.
If you see an aerial map, it can at least give you some idea if a neighbor is encroaching on a property. The most important thing is to have a current survey done before you purchase so that if there are any line issues, then the seller would need to correct these.
A contour map will help you determine the elevation of the property and how easily it might be to build.
If you are thinking of building rather quickly, it is nice to have a builder walk the property with you to let then give you an idea as to how easy it will be to build on the property. If you have a steep lot, it may be cheaper to purchase, but chances are it will be much more expensive to build when it comes to foundation work. So be sure to take the foundation costs into consideration when you are considering an inexpensive lot.
Information and regulations from the city and county are also important to be aware of. We can help you acquire these as well.
Septic information: If you are purchasing a lot to build on, you should always make sure that the property will perk for the size of home that you wish to build. This should always be done during the due diligence period of the property. These septic permits are only good for five years. So you may wish to check to see if there was an early permit done. Just because a lot perked at one time does not guarantee that the county will approve it again. Chances are if the situation has not changed or regulations have not changed, they may but to be certain; but this can only be determined by applying for a new permit. This new permit is important to get. You should also check to see what water resources there are on the property. There are limitations as to how close one can have a septic to the water source.
Restrictions are important whether they be restrictions that are found in a deed or if a lot is in a particular subdivision. If there is a restriction that will not allow you to use the property for which you wish to purchase, then you need to know that ahead of time. Some Home Owner’s Associations have time restrctions on building so this too is important to know if you are not planning on building for a considerable time.
Having answers to these and other questions will help you decide if the property fits your needs. I look forward to assisting you. I am here when you need me, just ask.
Dorothy@NCMountainLife.com