basically: why would someone need a realtor to BUY a house?
i understand that to buy a house, you (buyer) give some money to the owner (seller) in the form of a down payment and essentially get a loan from the bank (mortgage), and then pay that loan back to the bank over the course of years (decades).
for selling a house, i get that you’d want someone to put up the listing and pull connections to get the word out to buyers.
but for buying a home, where do the realtors come in and why does everyone say you need to get one to be a serious buyer?
In: Other
As a buyer, an agent is somebody who represents you and your interests in the process. Buying a home is an often overwhelming process most people do only a couple times in their life while an agent does this for a profession.
First, they arrange showings of homes you’re interested in, setting viewings with sellers agent or getting direct access. They can give their opinion on the home, pointing out benefits or negatives you may miss; its features, estimate repairs/renovation of any work needed; and they help negotiate the correct price and present the best offer possible. Again, it’s knowing comps, knowing how market is pricing homes (are sellers typically accepting below asking offers, or are they pricing low to fuel bidding wars, etc.) and offering guidance on contingencies, closing timelines, and other factors that may play into having the winning offer or not.
And then once you’re under contract they’re also a resource for all the next step, from lining up inspectors, perhaps getting work estimates, helping push through everything to get mortgage approved, etc. The amount of work to be done in 30 days is overwhelming so to have a professional who knows all the steps, knows people, etc. is a huge benefit.
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