How to Save Money and Hours When Buying a House

from daveramsey.com on 30 Sep 2008
 

With house prices being the lowest in years, right now is the time to buy a house. (Not so fast! That's not encouragement for you to go get one just because you have "house fever." Make sure you're in the position to make this investment.)

Even though it's a buyer's market, you still need to give yourself every advantage to make sure you don't get ripped off. For instance, with all the media outlets offering advice on how to buy a home, you might think you can handle it yourself without help of a real estate agent—huge mistake!

Here are three good reasons why you need a buyer's agent:

Typically, a buyer's agent won't cost you a penny!

In most cases, the home seller pays the commission for your agent. That means you pay nothing to get expert help. You'd be crazy to not take advantage of that!

You can save thousands on your home.

A good buyer's agent will make sure you never pay more than you should for a home and will represent you in price negotiations. During this process, it's not uncommon for a buyer's agent to save you thousands in the deal. You can almost guarantee the seller will have an agent on his side to make sure you pay as much as you can for your home; if you're smart, you'll have an agent on your side to ensure you don't pay more than you should.

You'll save countless hours filing paperwork.

If you try to buy a home on your own, you'll have to know all the regulations and laws specific to your city and neighborhood and fill out the appropriate paperwork. The offer to purchase, inspection report, homeowner disclosure, counter offer, loan documentation, and a host of other state-specific documents must be filed. An agent will do all of this for you.

Finally, make sure you get what's known as an exclusive buyer's agent, one who is exclusively loyal to you, the buyer. If you already have an agent whom you have a good relationship with, awesome! If you don't, click here to get an agent Dave recommends.

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