First-Time Home Buyers: How to Successfully Navigate Your Journey - continued

Let's talk about why one would need to hire a buyer's agent. Do you know that the listing agent (seller's agent) has fiduciary duties to the home’s seller, and the focus is on the property's marketing and selling at the highest price?

However, a buyer's agent works for you.  Your agent is there to guide you through the home-buying process, ensure you are well-informed, and protect your interests.

 A buyer's agent can provide valuable insights that may escape your attention, particularly in the excitement of purchasing your dream home. Their role is to guide you in finding a safe property with no hidden defects, ensuring your satisfaction with the purchase is paramount, rather than just closing a deal. A proficient agent may also collaborate with experts to assess the property's current condition, which can be instrumental during negotiations.

When making an offer, the buyer's agent will assist by reviewing all transaction documents before drafting any offer. This includes a thorough examination of the disclosure package and, if necessary, coordinating additional access to the property. They will clarify the process of making an offer, including timelines and best practices for preparation. It's also crucial to understand the importance of including contingencies in your offer, as these can protect your interests.

Once you're ready to proceed, your agent will notify the listing agent of your intent to submit an offer. They will assist you with the earnest money deposit and negotiate effectively on your behalf with the seller.

Next comes the home inspections and appraisals. For first-time buyers, a home inspection is a vital step. While having friends and family who offer opinions, suggestions, and recommendations can be helpful, the report from a trained, licensed home inspector should be your primary reference. A professionally conducted home inspection helps uncover any potential issues with the property. Seller disclosures are not always accurate, and the seller may not even be aware of the defects. A home inspection contingency is the best way to protect your earnest money deposit. Properties that require major renovations typically sell for less than “turnkey” homes. Certain property conditions may also warrant additional inspections, and in the end, you might decide not to purchase the property.

Understanding the appraisal process is equally important, as it can significantly affect your purchasing decision. Should any problems arise during the inspection, your agent will guide you on the appropriate course of action.

Finally, we come to the closing process. A good buyer's agent will guide you through this process, ensuring you are familiar with all the key documents required for a successful transaction. With a knowledgeable and dedicated buyer's agent by your side, you can navigate the home-buying journey with confidence and prepare for closing costs effectively. 

There is so much more we can talk about — contingencies and the typical closing costs one should expect.

We could run out of space 😊, but I’m happy to find answers —reach out!

To be continued 😊 

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