Myth #1: I want to buy a home and I can’t afford a real estate agent*, what should I do?
While technically true that you are not required to hire a buyer’s broker, there are several things inherently wrong with the above assumption. Here’s what you need to know if you are thinking about buying a home in Colorado. Buyers do not typically pay the commission, sellers do. Sellers decide how much commission to pay and how much goes to each agent, and it comes out of the seller’s proceeds at closing. Some people will claim that this cost is just being passed on to the buyer, but even if you embrace that interpretation, it is not an immediate out-of-pocket cost to you. Trying to negotiate with the homeowner to pass that savings on to you may not be feasible, depending on the agreement they have signed with their agent. If you don’t use a real estate broker, you are running many risks that could very likely cost you more in the long run.
In conclusion, if you try to buy a property without an agent, you are needlessly putting yourself at risk and will likely pay more in the long run. You asked, “What should I do?” My answer is “Hire a Buyer’s Agent.” call me for a free consultation to learn more about the benefits of using my services. *I use the terms broker and agent interchangeably in this article for sentence variety. In Colorado, all agents are brokers. Both real estate agents and brokers are licensed to help you in your home purchase.
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AuthorSharon Mann, Realtor(R) and Licensed Real Estate Broker in the state of Colorado. My brokerage is Keller Williams Integrity Real Estate, 50 S. Steele St., #700, Denver, CO. ArchivesCategories |