There are many complex issues and pitfalls when buying a house without a realtor. Real estate transactions can be complex, but do you need a buyer's agent when purchasing a home? 

While real estate law does not require you to work with a real estate agent or buyer's agent, they can make a big difference in the home-buying process. The real estate industry is complicated, and a real estate agent can provide the support you need when purchasing your dream home.

The Role of a Buyer’s Agent

A buyer's agent is a real estate agent who guides the buyer through the house-hunting process. A good buyer's agent can guide you through all the paperwork necessary for a home purchase and can help you conduct research, including hiring home inspectors to ensure the house is in good condition and worth the purchase price.

Unlike a listing agent, a buyer’s agent stands up for the person buying a house and can guide them through the closing documents necessary for a home sale.

Reasons to Consider a Buyer’s Agent

While potential home buyers can use tools like a multiple listing service without a realtor, their real estate journey may be easier with either a buyer's agent or real estate attorney. Buyer’s agents online and in person can act as real estate professionals for home buyers who need guidance through the buying process. 

Assistance with negotiations and obtaining the best price

When buying a home, your personal finances are on the line, and ensuring you are getting a good home sale price is important. Your buyer's agent can work closely with the selling agent to negotiate certain details, such as whether the seller pays for a home inspection. 

Buyer's agents may also be less expensive than a real estate agent's commission. This can be especially cheap for those who have dual agency, or who work as the agent for the buyer and seller. The buyer’s agent is often the other party’s responsibility. 

Guidance in searching for properties that meet the buyer's needs

Before you draw up an offer and purchase contract for the property, you will need to do research. That includes looking at the local market, considering the interest rate on your mortgage loan, and ensuring that the property meets your needs financially and personally. 

One of your first concerns may be closing costs, the asking price, and what you can expect for monthly payments to the mortgage lenders. Your buyer's agent can help with these concerns, and complete your online search for a home 

Paperwork, deadlines, and the closing process

Throughout the buying process, from your first online search to your closing disclosure, you need help dealing with deadlines, the closing table, and more. Most agents can guide you through this process, from your first house search to the title search for your new home. That even includes identifying local regulations you may need to know about.

Expertise in dealing with legal aspects of real estate transactions

Unfortunately, real estate transactions may have complex legal concerns. They may even require a lawyer to review them before you buy a house without key features. Your buyer's agent's commission goes toward this type of experience, which can give you guidance through the legal concerns that may arise as you move through the legal process.

Do You Need a Buyer’s Agent?

When buying a home, you may be looking for options to save on the many costs of your real estate transaction. While some buyer's agents exclusively work for the buyer, some may also act as seller's agents. This is called dual agency, and it can be useful for the buyer and home seller. 

While a buyer's agent is not required in many cases, especially those who are already familiar with real estate purchases, these third parties can be a huge help. Whether you seek an exclusive buyer’s agent or one who can act as a seller's agent, they can be vital to your transaction. 

Cost of a Buyer’s Agent and Real Estate Agent

Many people consider using real estate agents to save money, rather than seek a real estate attorney. However, finding a high-quality buyer's agent does not always save money. 

Fortunately, you may not have to worry about their commission. Buyer's agents are compensated by the home seller.

How to Find the Right Buyer’s Agent, Seller’s Agent, or Real Estate Agent

Ask for Recommendations 

Friends, family members, and local business owners may already have experience buying and selling property through a buyer's agent. Their recommendations, coupled with online reviews and organizations like the National Association of Realtors, can help you determine which buyer's agent is right for you.

Interview Potential Agents 

When you are seeking a buyer's agent, you may get clear answers by speaking with them directly. Arranging an interview can give you more clarity than online reviews.

Observe Them in Action

In some cases, simply watching how they handle certain situations can be useful. For example, witnessing them navigating title companies can give you an idea of how they will handle your case. If you are satisfied with their work, that buyer's agent may be right for you.

Benefits and Examples

Hiring a buyer's agent can have various benefits for you. For example, your buyer's agent can arrange a home inspection. During that home inspection, the inspector may have found termites. Knowing this now, rather than later, can save you money and help you avoid serious issues.

Need Help? Reach Out for Help From a Buyer’s Agent 

If you are planning to purchase a home, you may have a complex, draining situation ahead. The home-buying process can be exciting for new homeowners, but it can also be stressful, expensive, and complex. 

Fortunately, the attorneys at Very Law are here to help. If you are planning to buy a home and are unsure where to start, reach out to learn more about a buyer's agent by calling us or completing our online contact form.