For most people, a home is the most expensive purchase they will ever make. Not surprisingly the purchase of a home is a very stressful experience, for new home buyers in particular. Much of the stress of purchasing a home can be greatly reduced merely by selecting a cooperative and experienced real estate agent. Most new home buyers make the mistake of trying to go it alone and don’t bother to take the time to investigate different real agents.
Many first time home buyers partner with a real estate agent by happenstance. The buyers express interest in a home by responding to an ad in a newspaper or trade magazine and suddenly they are partnered with a real estate agent. The problem with this is that the real estate agent in question may not be very experienced but is simply trying to maximize their commission earnings. The key to finding a great agent who will facilitate the process of buying a home and save you money is to interview several agents and ask them several questions.
Obviously the experience level of the agent is one of the most important qualifications a real estate agent can have. If you have to chose between an agent with one year of experience but extensive training or an agent with fifteen years of experience and very little professional training, you should almost always chose the latter. Therefore, your first question to a real estate agent should be, “how long have you been selling real estate?” For new home buyers, try to locate an agent with at least three years experience.
Knowledge of the area you wish to purchase a home in is also very important. An agent who has spent a great deal of time selling homes in a particular area will most likely know a great deal about that area such as the quality of the schools, crime rate, and specific rules associated with the different communities. Basically you’re looking for an agent who works a very specific area and not a very large geographical area.
A qualified real estate agent will typically carry errors and omissions insurance in order to reduce the risk of contractual errors. An error or omission could be something as simple as the square feet of the home or something as serious as a major defect in the homes foundation. Without errors and omissions insurance, you would be responsible for any errors or omissions. Real estate agents are not required by law to carry errors and omissions insurance so you need to be sure to ask if the agent does indeed carry the insurance. Spend some time interviewing several real estate agents and asking questions and your new home experience should be a good one!
