5 Ways a Buyer's Agent Can Help You

As you begin your search for a home, you might consider seeking the help of a real estate agent or Realtor. The term "Buyer's Agent" refers to the real estate agent that represents the buyer in a real estate transaction. They can certainly help you find a home. But a buyer's agent (the Realtor representing the buyer) can do much more, and provide assistance in areas you might not have considered.

Perhaps the best thing about a buyer's agent is that their services, all the work they do on your behalf...is free. As a Sonoma County Realtor, I work with home buyers every day and not one of them has to pay for my services. You see, the buyer's agent gets paid a portion of the commission, which is generated from the house that you buy. The seller of the house is the party providing the commission that pays both his agent and yours. So it costs you nothing to utilize the services below which are provided by a Buyer's Agent.

Here are the 5 ways a buyer's agent can help you:

1) Determining How Much House You Can Afford

How much house you can afford actually depends on many factors. These include your income, current interest rates, and how much you have saved for a down payment, and your credit history. Most buyers can afford about three times their annual income. A buyer's agent can help you determine if you have enough income and down payment to qualify for a mortgage on the house you want. Your buyer's agent can also direct you to sources of down payment assistance, such as government programs for first time buyers.

2) Locate a Property to Suit Your Taste and Budget

This is what a buyer's agent does best. They sift through the data of all the homes on the market and narrow it down the homes that match your description and have the features you want. This will save you a lot of time driving around and looking at homes that down have the features you want.

Most homes can be viewed on the internet, but the buyer's agent will already have seen many of them in person and will be able to quickly help you determine the ones that are right for you. Your agent will then be able to set up a schedule so that you can tour the ones that sound good, and can attend the showings with you. If you have questions about the home during your tour, your agent can get the answers for you.

3) Help Find Financing

Your agent will direct you to several lenders or recommend a mortgage consultant who can quickly pre-qualify you for a maximum mortgage amount. These are people your agent has worked with in the past. They have proven to be reliable and your agent knows they are reputable and can get the job done. By getting pre-qualified for a loan, it speeds up the buying process.

4) Envision Changes

The buyer's agent is close to the market, they work with home buyers daily. They regularly tour homes that have been updated and remodeled, and can recommend changes that would help a home fit your needs. They can also provide names of vendors and contractors that are qualified to do the work.

5) Negotiating Your Best Deal

Buyer's Agent can be most helpful here. They have been through many of these offer-counter-offer negotiations. Armed with information on comparable sales in the area, your Realtor can help you navigate the world of offers, contingencies, multiple offers, and contract deadlines. Your Realtor will know creative ways to get the most for your money, and how you can give your offer more appeal without costing you more money.

A Buyer's Agent will help write the actual offer, too. This includes structuring the sale to meet your time frame, and structuring any contingencies that must be met before the final sale, such as selling your existing home, having inspections done, or getting a mortgage in place.

There are more great reasons to use a Buyer's Agent when looking for a home, but the above 5 are the best. When you decide to have a real estate agent help you, make sure the person is a Realtor. A Realtor is a member of the National Association of Realtors, is fully licensed, and is bound by a strict code of ethics. So find a Buyer's Agent today and let them help you in your home search.

Erick Larson is a Realtor serving clients that buy and sell Sonoma County Homes and Real Estate. He is also an owner of Home & Value Advisors which provides complete real estate finance, design and renovation services to clients in Sonoma and Marin Counties, California. For information about real estate in another area of Northern California, please visit Davis Real Estate.