How Much Do My Services Cost?
If you have never worked with a buyer’s agent you may wonder how much it costs to have me help you with your real estate transaction. While there is a small transaction fee ($295) that is charged by RE/MAX Alliance Group, I am compensated by the seller’s broker for bringing you (an able, ready, and willing buyer) to the closing table for the home they are contracted to sell (whether it is NEW or EXISTING construction). The seller entered a legal contractual agreement with the selling broker to sell the home at a specific price and for a specific cost. Even if a buyer works directly with the seller’s agent, the seller is contractually bound to pay the same cost for that agreed upon service. Keep this in mind as well: The seller’s agent is ethically and legally bound to protect the interest of the seller and cannot offer you the services a buyer’s agent can. That is not all you should be concerned with though.
How Much Can I Save You?
Another question you should be asking yourself is: How much can a buyer’s agent save me? When it comes to buying a home a good buyer’s agent will protect your interests and try to save you as much money as possible. The initial job of the buyer’s agent is to assist you in finding a suitable home (the easy part). A good buyer’s agent will perform a comparable market analysis (the selling agent is not legally/ethically permitted to perform this service for you) to determine how much the home is worth and make sure you are not offering more than the home may appraise for if the purchase is contingent on a mortgage (in a cash deal it is still a good idea to have an appraisal done to confirm that analysis before closing). Offering more than the market value may cost you hundreds or thousands of dollars more. Typically the buyer will pay ($300-$500) to have inspections performed within the first 10-15 days of the executed contract (the inspection period). If the bank’s appraisal (typically completed after the inspection period) comes back lower than your offer price you will either have to bring more money to the closing table (potentially thousands more than expected) to cover the difference or the seller will have to lower the selling price (seller’s typically don’t like doing this). If you don’t have the cash to cover the difference and if the seller is not willing to reduce the sale price the contract will have to be canceled and you will be out the cost of those inspections (ouch!). A good buyer’s agent can save you money by checking to see if there are any pending liens or open permits on the home you have interest in (if any exist the buyer’s agent can add contingencies to the purchase contract that those items are rectified by the seller prior to closing). A good buyer’s agent will negotiate repair costs on your behalf (if any are found during the inspection period). In cash deals a good buyer’s agent can negotiate the sale price if there are title issues found that affect the property (some issues that can arise that affect the title to the property are encroachments on setbacks or property lines, fence issues, zoning infractions, an encumbrance, and many more ). Other ways a good buyer’s agent can save you money is recommending reputable lenders, inspectors, attorney services, contractors, etc. The list goes on regarding money saving opportunities and a good buyer’s agent could potentially save you thousands of dollars by the time you close on the home. You really want to work with a buyer’s agent. Let me know how I can help you today!
“Buying or selling a home without a licensed real estate professional is like going to school without a teacher. Let me guide you through the process.” – Alex Morel
Published on 2021-09-20 21:22:00
