Tips for Home Buyers

If you’re just beginning to think about buying a home, the best first decision you can make is to choose a qualified agent to represent you.  Many first-time buyers mistakenly believe that they’ll improve their chances of finding the house that they want if they work with more than one agent, go it on their own, or simply call the agent on the For Sale sign in front of a house that they’d like to see.   Sadly, this couldn’t be further from the truth.

As a potential home buyer, you need to know that are in the best position when you have established a formal agency relationship with one agent who will represent your best interests throughout the purchase.  Until you have established a “buyer agency” relationship with an agent, you are not fully protected.

Did you know that when you call the agent on the For Sale sign in front of the house or attend an open house that you will likely be talking with the agent who has a “seller agency” relationship with the seller?  That agent is required to act in the seller’s best interest, including telling the seller everything that they’ve gleaned about you.  Never tell an agent who is not representing you personal details that could have a negative impact on a future negotiation, such as your motivation or level of urgency to find a home, or any financial details. You must not assume that an agent is representing you until you have formally selected that agent. (This point is so important that the state of Pennsylvania provides a written consumer notice detailing the difference in agency relationships that you can have with a licensed agent in PA.)

As members of the local multi list service, most agents have the capability to show you every house on the market that fits your criteria, regardless of who the listing agent might be.  As well, agents who are actively tapped into the local real estate market often hear about properties that are about to come on the market, or of homeowners who might consider selling.

Additionally, a good agent can make sure that you know about new properties on the market the minute they get listed.  Yes, consumer listing websites can give you great information, but there is often a lag-time between when a home goes on the market and gets uploaded to a consumer website.  Especially in a hot market, or even if you’re searching for a home that may be widely desirable, it’s important that you know about a new property the day it comes on the market, not several days later.  When the right home comes on the market, you’ll want to be certain that you never miss the opportunity to see it.

The biggest thing that you need to know is that not all real estate agents are the same.  Select a full time agent who has thorough and up-to-date knowledge of the market area in which you’ll be shopping and a degree of experience that enables that agent to negotiate the best deal possible for you; one who is committed to understanding your needs and goals for purchasing and presenting you with the best options to reach those goals.  You’ll also want to be certain to select a Realtor, which means that the agent conducts his or her business within the guidelines of a strict Code of Ethics and Standards of Practice developed by the National Association of Realtors.

Your Realtor should guide you through every step of the process, from helping you to select your new home, placing the initial offer, working through the home inspection process and, ultimately, to settlement.

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