Should you use a Real Estate Agent when purchasing property in Edmonton?
In 8 years of brokering I have arranged financing for many homes where a realtor was not involved. I can tell you that these deals are always more complicated, more time consuming, more intense and more frustrating for the buyers than when a realtor is involved.
I know it sounds simple, you want to buy a house, you write an offer and bam; it's yours! But, it really isn't quite that easy. There are so many factors involved in buying a piece of real estate. It is complicated. And every deal is slightly different. I can name on more than two hands, the deals that would have gone much smoother had a professional real estate agent facilitated the transaction. I know that the perception is that they make a lot of money. The truth is, a great real estate agent works hard for every penny and deals with a lot of demands on their time. They work when most of us are off, enjoying our personal time. And, even when they aren't with clients they are constantly working because their phone never leaves their side. Real estate is a seven-day-a-week business. Regardless of what they make, if you are the buyer, you are not paying the real estate commissions (unless you are purchasing a home privately or through a discount brokerage), the seller is! So why not have someone represent your interests in what's likely the largest transaction you'll have to deal with in your lifetime?
Realtors know a lot about buying real estate. They know:
- What terms need to go into your purchase contract, and how to word them.
- How long the property has been on the market, and how much the house up the street sold for.
- Who is listed on title, because they pull the necessary title searches and ensure that those signing the contract are the rightful owners of the property and that there aren't any outstanding liens or judgments on title that might affect the sale.
- What's going on with the house because the sellers must disclose certain defects to their real estate agent when they list the house. The listing real estate agent is obligated to disclose these defects to the buyer's agent who will notify you!
- How much you should offer per square foot, for the area.
- How you should present your offer, what the timelines are, what conditions should be placed in your offer and the realistic timeframe you should ask for, to complete them.
- What needs to go to the lawyer, and when.
- If a Real Property Report is necessary, or if you need title insurance instead.
- A good home inspector, a good lawyer, a fantastic Mortgage Broker.
My point is; buying a home is complicated. There is a lot of information to consider and a professional, experienced real estate agent knows things that you and I, and your family member that sells a house every five years, doesn't! They do this, day in, day out. They are in the trenches; battling it out with buyers and sellers EVERY DAY.
If you want to purchase a home privately, I'll gladly help you to arrange a mortgage on that home. But, if you ask me if you need a Realtor, I will say "yes" all day long. If you would like a referral to a knowledgeable, professional, caring and dependable real estate professional please drop me a line and I can refer you to someone great!