Lee Ginsburg on choosing a home loan

Lee Ginsburg on choosing a home loan

Do I Need An Agent?

I was at a recent home buying workshop and someone asked if she needs an agent.

In the Bay Area the buyer does not pay for the agent to help them find a home, help them negotiate; walk them through the process, etc. The buyer also does not pay the agent for helping them digest the comparable properties, or get inside information concerning the home or the comparables, educate them on the neighborhood, and more. The buyer never pays the agent anything. The seller’s agent pays the buyer’s agent for assisting them in selling the home, but the agent has a fiduciary duty and obligation to their client, the buyer.

So why wouldn’t you want someone to do all the dirty work, to bounce ideas off of, and to pick their brains with no cost to you.
Every transaction is different. The buyer’s agent does all of the above and more depending on each individual situation.

The most important task the buyer’s agent performs but hardly mentioned, is helping the buyer maintain their emotions. I have seen buyer’s get so excited about a home that they would pay anything for it. Well maybe not anything but more than necessary. A good agent will protect the buyer by making them see reality. On the other hand they might be offended by the seller’s response and might react by cancelling the transaction or respond negatively and blow the deal. An agent is the buffer.

An agent will help the buyer see through the seller’s messy home to see the bones and layout of the home. An agent will keep the buyer focused on the purpose of buying a home, facing reality and prevent them from getting sidetracked. I remember helping a newly married couple with a baby purchase their first home. They liked the well decorated home in a not so good area. They were not familiar with the area. They were prepared to write an offer and I did not want to discourage their enthusiasm. I suggested on the way home we drive by again. We did and they calmed their emotions and changed their thoughts on their own.

Even in this age of the web, Real Estate is still a relationship business. An experienced agent has contacts and often can find out about the seller’s bottom line, other offers, and the true selling price of the comparable homes (not necessarily the sold price in public records). An offer from an experienced agent with a good reputation will be reviewed more seriously than a part time agent or an out of area agent. An experienced agent in the area is familiar with the customs of the area. They are familiar with the area. I know of an instance that a buyer got very excited about a home with an empty lot next door. The buyer was excited until their experienced agent told them previous to the empty lot a home very similar to the one they are looking at sat there. An experienced agent with a good reputation among other agents and familiar with the area and has a lot more to offer than the internet or a part time realtor friend. Hope you don’t mind another quick story of a buyer working their part time realtor friend. The agent not understanding the loan the buyers were getting requested a $15,000 credit from the seller. Due to the way the contract was worded the buyer’s lender would only allow a $5000 credit and the seller received the $10,000 difference.

I ask the buyer or seller for that matter thinking of representing themselves or using a friend: Would you ask a first year med student to operate on you. You know what they say about attorneys: It is a fool whom represents themselves.

Please remember a good experienced professional agent is on your side, can save you a lot of money and will only “survive” by selling you a home. They will make a good living by selling you, your friends and family a home. They are here not for a one time deal but to transform you the buyer into a raving fan whom will recommend them to others.

To learn more about me and the home buying or selling process please go to: www.leesellsmore.com

Happy Thanksgiving!!!

Do I Need An Agent?