Most people would agree that having a real estate agent on-hand while buying an older property is a good idea. This is because older properties could have hidden flaws that a buyer might not notice, the asking price might be higher than the property is actually worth, and negotiating the purchase offer requires some expertise. Most sellers have professional representation, so it's important that the buyer does too.
What about if you're looking to buy new construction? Why would a person hire a real estate agent when he or she can simply buy direct from the builder? After all, the house is brand new or still in the construction process, so there shouldn't be any flaws or major repairs needed. Also, many builders are offering flashy incentives to buyers who will sign with their lender. It seems like there's no real need for a realtor to be present during a new home sale.
Unfortunately, mistakes do happen during the construction process, and builders aren't looking out for your best interest. Just like when you're negotiating a deal with a private seller, you need to be on your toes when buying new construction.
The builder makes money only when you buy from him, so he's going to make the property sound like the best deal ever. He will likely either make commission on his sales, or he'll earn a salary with bonuses and incentives on top. This means that the builder's livelihood depends on your buying a property from him. You can't always trust a builder's motives, so it's imperative that you have someone looking out for you and your rights.
Because builders get paid only if you buy, they aren't likely to point out any flaws with the property. They'll gloss things over and make sure that you walk away with the most positive impression possible. A realtor on the other hand, has no vested interest in you buying that particular home, and is also bound by a professional code of ethics to provide you with all pertinent information. She will tell you about the upsides of the development, as well as any concerns she may have about the construction quality or future property values. She will also be able to tell you if the area is set to be a hot new neighborhood or not.
Upgrades are often not included in the flashy sales price you see advertised. A realtor will be able to advise you on which upgrades are worth going for, and which ones to skip.
Many builders will pressure buyers to go through their lending company. They will do this by offering incentives or by using high-pressure sales tactics. If you use their lender, there's a good chance that you'll end up paying thousands of dollars more over the course of the mortgage than if you shopped around. A realtor will be able to recommend lenders who can help you get the best terms and interest rate.
By having a buyer's agent at your side, the builder won't be able to bully you into an agreement. Because it's vital to their survival to have a good reputation in the industry, a builder will likely be on his or her best behavior when dealing with a real estate agent.
Having representation is also very important when it comes to contract negotiations. While it's also a good idea to consult with a real estate lawyer, an agent can help make sense of some of the common legal jargon. He will also make sure that the contingencies in place are fair, and that the builder doesn't try to take advantage of you.
Best of all, the services of a buyer's agent are generally free for buyers.
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