Few things in life are as exciting as buying a new home. Especially when it's a new construction build! Think about it, you'll be the first family to make memories in each room. Plus, not only will you enjoy new appliances, windows and structural features; you also won't have to worry about upgrades for years.
While we understand the allure to a new construction home, we also want to stress the importance of having your own real estate agent with you from the beginning of the search process. In the industry this is known as "Buyer Representation". It's SO IMPORTANT that you, as the buyer, make it known to the builder that you have someone representing your side of the deal.
If you don't do this from the get-go, (while signing in to look at new builds) the builder WILL NOT give you another opportunity during the process to have someone represent you on your behalf. That means you'll lose negotiating power as well as someone looking out for YOUR best interest.
What is the difference between "Buyer Representation" & "Builder's Agent"?
Simply put, a real estate agent representing you is known as "Buyer Representation". Best of all it's FREE! They will keep your best interest in mind against the seller who wants to maximize their net profit on the sale. Your real estate agent will bring market analysis, knowledge & expertise in terms of the new home construction builds. They will clarify details on the construction process, appraisal, contingencies, builders warranty, potential issues in the construction, inspections, down payment & financing.
Most importantly the cost of your 'Buyer's Representation" will be covered by the builder! Your agent will point out potential issues concerning the purchase of a new home construction and act as your advocate during the sale. If they're savvy like Patricia Paral from Richard Real Estate
, they'll help you navigate the complexities in contracts on new construction homes.
When you buy a new construction, the home's builder is considered the seller, and the agent representing the builder is called the "Builder's Agent". Obviously, the "Builder's Agent" will have the interest of the Builder at heart. Their job is to get you to pay the highest price for the home the builder is selling. If you don't have anyone representing you in the new construction process, chances are you'll be missing out on the opportunity to negotiate and comprehension of key contractual clauses.
By using a qualified realtor to represent you from the beginning, the buying process turns from stressful and complicated to stress-free and clear. We hope this article helps you understand why taking a real estate agent with you on new build home tours is beneficial.
Contact Patti from Richard Real Estate Sales, LLC for more information on "Buyer Representation" in Arizona: 623-386-8762