If you are looking at purchasing your first ever fixer upper, then there are a few things that you need to be aware of. This can require you to either spend a lot of time doing research, not only on each individual property that you would like to look at, but also the market in general and that can take you some time. You could end up getting frustrated with the whole thing and decide against all of it as well.
This is where a buyer’s agent can come in handy. These agents usually have good contacts with banks and finance companies and can get you the best mortgage rates around. They will also have an up to date list of foreclosed homes available to them, sometimes even before they become public knowledge.
This is great if you are new and have no idea where you could even look to find some of these properties. If you choose to go with the buyer’s agent, then make sure you know what you are getting yourself into ahead of time.
On the other hand, you will more than likely have to pay the agent out of your own pocket as they usually do not make money from the sell. You also won’t be able to negotiate with the seller, either, and this can mean you lose out on a decent purchase price.
There are also some agents out there that try to pressure you into signing a contract with them, but if they are getting paid upfront there is no reason for you to sign any contract with THEM. Instead, they should be signing one FOR you since they already have the money you paid them.
Whether you decide to go with a buyer’s agent or not, you can get the best options as they have listings, but you can find these listings as well if you take the time to learn and do some research. Either way, make sure you look into the agent as much as possible before deciding to go with them.
You never know what you might be getting yourself into. Being careful and educating yourself can save you a lot of time, money, and stress.