Realtors or Real Estate Agents are licensed professionals work on behalf of the homebuyers and to help guide them through one of life’s largest financial transactions.
However, with advancement of technology and internet - people have started to believe that the internet can be the ultimate tool in buying or selling real estate replacing realtors.
But as per experts if you are thorough and confident about the home buying process, then better to have a realtor on your side as it can get overwhelming and confusing.
If you’re wondering whether you need a Realtor to buy a house, the answer is no.
Who is a Realtor?
A dedicated real estate professional licensed and monitored by Real Estate Council of Alberta (RECA), Alberta Real Estate Association (AREA) and Canadian Real Estate Association (CREA)
Here’s what you’ll have to do yourself if you buy a house without a Realtor:
Finding the best match as per your need and budget
Although everyone has access to the listing sites or the MLS listings, but an experienced Realtors know how to search the database to find the best homes within the buyer's price range.
Your Real Estate Agent has many resources to assist you in your home search. Perhaps the property you are seeking is available but not actively advertised in the market, and it may take some investigation by your agent to find available properties.
Property search sites give you a sampling of what’s available, but you’ll have to research whether asking prices are justified based on comparable home sales in the area.
Let your agent know how you want them to communicate with you
Set realistic goals and a time frame to find your home.
Don't be afraid to speak up, communicate clearly
They’ll dive through online databases and other sites to fill binders or neat-looking folders with printouts of
· prospective homes
· current update local real estate market info
· neighborhood
· comparison of price
· school district
· property taxes
· required repairs(if any)
They’ll do all the home work and then walk you through the info.
Agents may be able to give you access to more listings and help you zero in the ones that match your criteria.
Neighborhood & Local real estate market
Dig up facts on a neighborhood, including ones that a seller might not disclose that could be important to you.
Most local real estate agents with at least a few years under their belt should know a fair amount about the neighborhoods you’re looking at. They’ll be able to tell you all about the school districts, zoning codes and where to find everything from the hottest coffee to the coldest ice cream.
Due Deligence
Your Real Estate Agent can assist you in the selection process by providing objective information about each property such as historic information. Agents have access to a variety of exclusive informational sources. They can provide information on the community, on utilities, zoning, schools, etc.
Your Real Estate Agent provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for carpenter ants, dry rot, asbestos, faulty or unsafe structure, roof truss movement, UFFI, septic tank and well tests, to name a few. Your Agent can assist you in finding responsible professionals to do many of these inspections. You will want to see a preliminary report on the title of the property. Clear title indicates ownership of property that can be easily transferred to the purchaser. Title can be clouded in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your Agent can help you resolve issues that might cause problems at a later date.
Offer & Purchase contract
Negotiate an offer, including the price and other clauses and contingencies in the purchase agreement.
Thanks to their vast knowledge of market conditions and comp sales, and their supernatural savvy, they’ll be able to help you drum up a competitive offer at the best possible price. They’ll also help you look at current home conditions to find any issues that could be leveraged during negotiations.
Negotiations & paper work
Your Real Estate Agent can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a time period for you to complete appropriate inspections and time for investigation of the property before you are committed to purchase. Your agent can advise you as to which investigation and inspections are recommended or required.Helping with all the paperwork involved. Because really, who loves doing paperwork?
They’ve been through all the paperwork before and actually know what it means. Questions? Concerns? Confused? They can clarify all the clauses, contingencies and jargon-filled fine print as well as find hidden fees and conditions that you may have skimmed over.
They can guide you through the closing process and make sure everything flows together smoothly.
Tips for Working with a Buyer’s Real Estate Agent
Before you begin working with your agent, there will likely be a contract - It’s a good idea to read the contract carefully and negotiate the terms if necessary and Get a complete understanding prior to signing the agreement.
- Make sure to ask questions and it's their job to explain you everything.
- Find An Agent You Can Trust
- Meet with several real estate agents before you decide on one
- An expert in local real estate market
- A strong connection and chemistry matters the most
- Avoid signing on anything titled "Consent to Represent More Than One Buyer."
- For anything related to real estate law its always better to consult with a lawyer.
Using a Realtor can save you time and stress in the home buying process. But if you decide to buy a house without a Realtor - consider hiring a real estate attorney to help you understand or review the offer / purchase agreement.
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