As a home buyer, you typically do not have to pay a real estate agent fee. This is traditionally paid for by the sellers in the transaction. While their services may not cost you a dime, skilled and hardworking agents can save their clients money in a number of ways. With the selection of the right real estate agent, you may expect your agent to work for you in these ways.
Negotiating the Sales Price
One of the most significant ways a real estate agent Toronto may save you money is through contract negotiations, and the sales price is one of the top factors that is negotiated. Your agent can review market data to determine what a fair and reasonable price for the property is, and he or she may create an initial offer based on market data. In addition, negotiations related to the sales price may also include seller-paid closing costs. Through these negotiations, a skilled agent may save you potentially thousands of dollars or more.
Ordering Reports Only When Ready
Third party reports, such as the appraisal, property inspection, survey and wood destroying insect report, can cost a small fortune. Your agent will advise you of the appropriate order in which these reports should be ordered to avoid wasting money. For example, the property inspection is the first report that is typically ordered, and it is often ordered during the option period. If the property inspection report is too clouded with repair items, some buyers may want to back out of the offer before ordering the other reports.
Negotiating Property Repairs
Through the property inspection, you can learn more about the condition of the property, and you may want the seller to make some repairs before you take ownership. Your real estate agent can negotiate on your behalf to have some or all of the repair work completed before the closing date. This can save your hundreds or thousands of dollars in repair work after closing.
Recommending a Reputable Lender
Some established agents have worked with enough lenders in the past to know who to steer their current clients to. These may be lenders that charge fair fees, that are easy to work with and that can close in a timely manner. The right lender may be far more affordable to work with, so consider asking your real estate agent for a recommendation.
From the down payment to the third party reports and other closing fees, buying a house can be a truly expensive endeavor. Your is working on your behalf to make this process as easy and simplified as possible for you, and he or she can also save you money in each of these ways. With this in mind, carefully review the options so that you choose an experienced, skilled agent to assist you.