Navigating the complicated real estate market can be a difficult job when it comes to purchasing a home. A buyer’s representative can help with this. A qualified real estate representative who serves the interests of the buyer in a real estate transaction is known as a buyer’s agent. They can be incredibly helpful in guiding you through the home-buying procedure and helping you locate your ideal residence. Here are 4 methods a Tenafly buyer’s agent can facilitate your property hunt.
Help With Financing and Closing Cost Preparation
Getting pre-approved for a mortgage is an essential first step in the home buying process. This involves having your income, credit, and employment verified by a lender so that you know exactly how much you can afford and what your monthly payments will be. While online calculators can provide a general idea of affordability, they are not always accurate as lenders take various factors into account. Most seller’s agents will require buyers to be pre-approved before making an offer to ensure they have the financial means to purchase the property. A good real estate agent can recommend mortgage brokers who can assist with the pre-approval process. The pre-approval process can also help determine if there are funds available to cover closing costs, such as inspection cost, property transfer tax, property tax adjustments, fees, appraisal costs, and lawyers. By estimating the initial closing cost, buyers can plan accordingly.
Inform You of Any Exemptions For Which You May Qualify
Your real estate agent should be aware of your unique situation and provide recommendations on any possible exemptions or government programs available to you. For instance, if you are a first-time homebuyer purchasing a property below $500,000, you could be eligible for the property transfer tax exemption, which could save you up to $8,000. However, if you were not aware of this exemption and purchased a property just above $500,000, you would have to pay the tax. A good agent can also inform you about additional exemptions for GST and government programs, such as the First Time Home Buyer Incentive, Home Buyer’s Plan (RRSP), and more. Your agent can offer their expertise to determine whether these programs are right for you and guide you through the application process.
Provide You With Information About The Neighborhood
One of the most enjoyable aspects of the home buying process is searching for a new neighborhood. Your buyer’s agent can ensure that the neighborhood you choose is suitable for you and your family by providing you with vital information on the features that are most important to you. By communicating your needs and preferences, the agent can assist you in assessing important factors such as the local school rankings, transportation options, nearby entertainment, and demographics. Additionally, your agent can provide you with an understanding of the prices that similar homes are selling for in the neighborhood.
Prepare a Legally Binding Contract and Negotiate The Price and Terms of an Offer
When buying a property, it is crucial to have a legally binding contract that includes all the necessary terms and warrants to ensure your safety. The buyer’s agent is responsible for preparing the contract and presenting it to the seller’s agent or the seller. They will provide a comparative market analysis to help you understand the market value and negotiate the best price and terms for the property. A great buyer’s agent will analyze sales data, understand market trends, and advise you on an offer strategy and an original offering price. They will also negotiate the completion, possession, adjustment dates, subjects, and warrants in the contract. The role of the buyer’s agent is to keep you safe and ensure a smooth process from a firm deal to completion.
