If you are a first-time homebuyer in Orlando, Florida, you might end up paying more than you should. Without the proper knowledge and guidance, you might lose track of the cost that buying a house entails. Here are tips on how to protect yourself from such situations.
Expert Tips to Protect Yourself as a First-time Homebuyer in Orlando
1. Understand Agent Relationships in Orlando
Knowing the different agent relationships in Orlando is the first thing you must know. The right type of broker will have your best interest in mind as a buyer.
First of all, there are transaction brokers. They are likely to be the most neutral as they are only there to assist in expediting the transaction. This means they do not have a bias against the buyer or seller. The seller’s agent, on the other hand, would obviously protect the seller’s interest to get the highest price tag possible.
The third type is a buyer’s agent who works in the listing office. These agents have a conflicting stake since they would have to protect the interest of both parties in the sale of properties: the buyer and the listing office.
And lastly, there is the exclusive buyer’s agent which is your best option when purchasing a home in Orlando for the first time.
2. Get help from a real estate professional
Neither is doing the house selection on your own a good idea. You can be met with certain problems such as finding out that there may be hidden repair costs when the deal is already done. Professionals also know the latest market trends. For that reason, it is best to get help from a professional who has the experience and the know-hows in real estate transactions.
It is always the best choice to have a real estate professional who can protect you from surprises especially when it comes to hidden costs. In addition, having your own buyer’s agent will help you learn how to negotiate. An exclusive buyer’s agent will guide you in every step of the way. This includes what kind of questions to ask the seller and to negotiate on your behalf so that you can get your money’s worth.
A buyer’s agent will be able to handle the negotiations better by asking questions regarding real estate market trends, repair costs and possible histories of violation. These issues certainly will bring financial problems in the future when not addressed during the negotiation proceedings.
Buying a home for the first time can be exciting. The process though is also meticulous and requires the best guidance to get the best value. As such, protect yourself by getting a buyer’s agent with your best interest in mind. Know more about protecting your best interest in a real estate transaction with this free webinar.