What You Need to Know about the NAR Verdict

The recent NAR verdict may mean that buyers will now have to pay commission to use their own agent. This decision may have you questioning if you should try to buy a home on your own. Before you forego using a buyer’s agent, let’s take a look at what a buyer’s agent does for you.

Representation and Negotiation
A buyer’s agent has your best interests in mind. The seller’s agent represents the seller only, and will not negotiate in your favor. Good buyer’s agents may even pay for themselves by knowing what the home worth or negotiating closing costs based on necessary repairs.

A contract is one of the most important pieces in buying a home. It covers everything from state and local compliance, to terms, and any contingencies (which can give you an “out” if certain conditions aren’t met with financing or inspections). Unless you are an expert at drafting purchase contracts, a buyer’s agent is a necessity.

Local Knowledge
A good agent knows the local market inside and out. If you are moving to a new area, having this information can save you time and money.

Home Listings
While it’s true that finding homes on your own is much easier with online tools, a buyer’s agent can still provide some advantages. Agents are the first to see coming soon listings and can get the inside scoop on a home directly from the seller’s agent. Finding out why a previous buyer backed out or what a seller’s timeline is, could be key in getting you a better deal.

Getting an Offer Accepted
Many sellers and seller’s agents won’t entertain offers unless they come from a buyer’s agent. Transactions between agents are typically smoother and able to close quicker. The risk of a sale falling through is much higher with self-represented buyers.

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