Whether you are purchasing your first home or your fifth, chances are you have questions. After all, buying a home is among the biggest financial decisions you’ll make. While the home-buying process can be a daunting experience, rife with questions and variables, it can also be one of the most personally and financially rewarding investments. In an effort to help ease your path to homeownership, I asked Andersen Group Realty’s buyer’s agents to share the most-asked questions they field from homebuyers, along with the answers.

Q: How Do We Sell & Buy at the Same Time?
We can structure the purchase and sales agreement so that you can sell your home with a lease-back option. Doing so allows you to remain in your current home after the closing and use the proceeds to purchase the new home. It also enables you to make an offer that is not contingent on the sale of your current home, which is necessary in this competitive market.

Q: How Can I Make My Offer More Competitive, But Still Protect Myself?
It is not always just about the offer price- there are other ways we can make your offer strong and competitive. Structuring the offer and the contingencies so that you feel protected while ensuring the offer package as a whole is attractive is important. Writing a personal letter to the sellers as well is always a nice touch.

Planning on buying a home soon? Explore these other blogs for more advice.

• 5 Things to Consider to Get Your Offer Accepted
• Answering the Most Common Home Buying Questions
• How to Maximize the Value of Your Home Purchase

Q: What Are the 10 Steps in the Home-Buying Process?

1. Find a buyer’s agent you can trust.
2. Get pre-approved for a loan.
3. Place an offer to purchase.
4. Conduct a home inspection.
5. Complete loan process.
6. Appraisal is done.
7. Mortgage loan commitment is granted.
8. Obtain homeowners insurance.
9. Closing attorney does title search.
10. Buyer and seller sign closing documents. Documents are recorded at the Registry of Deeds.

Why Should I Only Work With a Buyer’s Agent?
A buyer’s agent works towards creating the maximum benefit possible for the buyer. Below are some of the benefits of working with a buyer’s agent:

1. Leverages the balance of power at the offer presentation: The seller’s agent acts in the seller’s best interests and the buyer’s agent acts in the buyer’s best interests.
2. Points out all of the negative and positive aspects of a property, so you will be fully informed when making your decision. Offers advice on how these factors may impact future resale.
3. Provides you with a Comparative Pricing Analysis with information on comparable sales and helps you formulate an offer price and negotiating strategy.
4. Focuses on loyally advancing your best interests when drafting offers, counter-offers or engaging in other negotiations.
5. Recommends highly skilled professional service providers, such as lenders, home inspectors, attorneys and other professionals.
6. Attends all inspections.
7. Guarantees that any information you share will be kept confidential.
8. Works to get you the best possible price and terms for a home. Protecting and hopefully increasing your household net worth by conserving and maximizing your equity.

Looking for more advice on buying a home in the North of Boston market? Read these blogs next.

• Why You Should Hire a Real Estate Agent
• 5 Reasons to Buy a Home Instead of Renting
• Understanding the True Costs of Homeownership

Q: Why Should I Sign a Buyer’s Agency Agreement? 

The simple answer to the question as to whether or not you can negotiate a better deal by dealing directly with a listing agent is NO. There are several reasons for this:

• A listing agent has a contract with the seller and therefore, a fiduciary responsibility to the seller of a property. Therefore, a listing agent cannot counsel you regarding the amount you should offer or the negotiating strategy you should employ.
• The fee amount is set at the time the listing agent enters into the listing agreement with the seller. Therefore, there is no discount to a buyer by hiring the listing agent, as the seller has already agreed to the fee. In addition, suggesting to a listing agent that you anticipate a decrease in either the fee or price, by eliminating a buyer’s agent, can set a negative tone. The listing agent will be an integral source of information and a member of the sales process.
• A good listing agent will promptly refuse to assist you and will refer you to a buyer’s agent. If both agents possess high integrity, you will gain the benefit of sound counsel from the assigned buyer’s agent.

Entering into a buyer’s agency agreement provides you with the expertise of a knowledgeable agent during one of the largest financial transactions you will ever make. Having an expert on your side of the table throughout the process provides you with significant advantages.

The best business advice I’ve received is- to always do business with someone you trust. That should be the foundation for your relationship with a good buyer’s agent.

Looking to find the right home for you? Discover Andersen Group Realty’s unparalleled buying and advisory services today. Click here to send us an email or call 781-729-2329 to get started.