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Follow These 6 Guidelines When Working with a Realtor on Your Home Purchase

 

Once you have found a Realtor with whom you’re comfortable, it is time to start looking around at properties. It is important that you and your Realtor establish a solid, professional relationship for a smooth home-buying process. Keep reading for some tips to keep in mind when working with a Realtor. Following these guidelines will ensure that you and your Realtor have a mutually beneficial relationship and everyone’s goals are met. 

Keep scheduled appointments 

This might seem obvious, but it is important to keep appointments with your Realtor and that you be on time for them. Realtors work with many clients at a time, so their days are packed with meetings, showings and appointments. If you don’t show up for an appointment or you are late, it greatly impacts the Realtor’s schedule for the rest of the day. An agent will want to work with you more if you are trustworthy and punctual. 

Hire an agent only if you’re serious about buying

Do not seek representation from a buying agent if you’re not serious about buying. It’s okay to look around and see what’s out there, but you should do this by attending open houses and contacting the listing agent to view properties. Since Realtors work on commission, their time is very valuable, so it costs them money when they meet with individuals who aren’t serious buyers. 

Sign a buyer-broker agreement

Once you have settled on a Realtor to see you through your home purchase, you will be asked to sign a buyer-broker agreement. Doing so means that you are hiring this person to represent you. These agreements are important because it establishes the guidelines both parties must follow. That being said, those guidelines can change, depending on the type of buyer-broker agreement you use: non-exclusive not for compensation, non-exclusive right to represent or exclusive right to represent. You will need to do some homework, researching the kind of contract you’re looking for and finding the right Realtor to represent you. 

Be conscientious of the seller’s wishes

Many times, sellers have interests other than money when selling their home. If it’s the home they raised their family in, they might want to be sure they are selling it to someone who will preserve it and love it as much as they did. Your Realtor will keep you abreast of the seller’s wishes, and you should be respectful of these factors. Your Realtor is there to make sure that you are the perfect buyer for the home you’re interested in — that means appealing to all of the seller’s wishes, not just the monetary ones. 

Never converse with the seller without your agent present

Although you are all working toward a common goal — the seller to sell and the buyer to buy — you still want to be careful about what you disclose to the seller and their agent. You’ve hired your Realtor for a reason: to represent you and your interests, so your agent should be present for any conversations you have with the seller. Don’t give the seller any information about your financial situation or motive to buy without discussing it with your Realtor first. 

If the seller counters your offer, don’t lowball 

If the seller gives you a counteroffer, be strategic about your next move. It is not in your best interest to lowball a seller’s counteroffer, because they might get frustrated and you could lose the deal entirely. Your agent is aware of these stakes, so if the seller presents you with a counteroffer, let your Realtor guide you on your next offer. 

If you are ready to start house hunting, do not hesitate to call us today!

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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