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Do I really need a real estate agent to buy a home?

What if I am interested in buying a new home?

What does it cost me to use a real estate agent?

Can you show me homes listed by other agents?

Do I need an attorney to buy?

What is title insurance?

Should I buy title insurance?

Do I need a survey?

How can I be sure about the condition of the home?

Why choose Linda Mattingly to help me buy?

 

 

Do I really need a real estate agent to buy a home?

The technical answer is no, but the smart decision is absolutely! Buyers working with a real estate agent have a distinct advantage over Buyers going it alone. Furthermore, this advantage almost always comes cost free to the Buyer, since the Seller typically pays all costs associated with marketing the property.

Working exclusively with one chosen real estate agent gives the Buyer access to more listings and offerings, especially in a hot market. Any new listing takes a few days before it will appear in the multiple listing services or in computer databases. By that time, a properly priced home in a hot area is often under contract. Why? Because a good Agent will, immediately upon receiving the listing, contact all prospects they personally know that may have an interest in the area. They will also contact other agents that actively market in the area so those agents can alert their prospects. These "first to know" prospects often wind up making an offer, and signing a contract on the home, before the go it alone buyer is even aware the property was available. Remember, these prospects have often already decided on the area they want, and are ready to move as soon as a home in which they are interested becomes available.

Access to listings is only one benefit of using an Agent. The Agent also provides the Buyer with practical and current knowledge and experience regarding the home buying process and the local real estate market. The Real Estate Agent is a "specialist" in real estate, the same as you are in your chosen occupation or profession. This detailed level of knowledge and experience can only be achieved by focusing on real estate full time, day-in and day-out -- a time commitment most "go it alone" Buyers are unable to afford. But  a Buyer can tap into this specialized knowledge and experience by working with a Real Estate Agent

Finding the right home, obtaining financing, writing the contract, negotiating the price and terms, arranging inspections, preparing for closing, the closing process - all of these take time, knowledge, and information. A Real Estate Agent can’t do all these for you, but they can provide assistance and guidance with each of these that can save you time, money, and stress.

Sellers of listed properties have an Agent to represent their interest and assist them. Shouldn’t you as a Buyer take advantage of the same services?

I would love to be the Agent that represents and assists you in helping you find and buy that "perfect home." Please give me a call at 404-391-3200, or e-mail me at linda@lindamattingly.com

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What if I am interested in buying a new home?

Whether buying an existing home, or a new home, it is my belief that you should always take advantage of the expertise  that a real estate agent can provide to you as Buyer. Many new home developments have an agent on-site. That agent, however, is representing and looking out for the interests of the Seller.

Many potential new home Buyers believe that buying directly through the on-site agent will save them the commission that a Buyer’s agent would otherwise earn. That, however, is not the case. The builder has agreed to pay a certain fee for the successful marketing of the home. If the Buyer retains an agent to represent their interest, that fee is split between the Seller’s agent and the Buyer’s agent, and each agent performs the appropriate duties associated with their side of the transaction. If the Buyer does not use their own agent, the builder still pays the same cost, but the Seller’s agent keeps the entire amount. Of course, the Seller’s agent must now try to attend to some of the details that the Buyer’s agent would have otherwise performed. The Buyer pays the same purchase price either way, and does not save by buying directly through the onsite sales staff. To the contrary, foregoing the use of their own agent often winds up costing the Buyer time, stress, and money.

I have represented numerous purchasers in transactions involving new home sales, and would like the opportunity to represent you as well. Please give me a call at 404-391-3200, or e-mail me at linda@lindamattingly.com

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What does it cost to use a real estate agent?

Typically, in the Atlanta residential market, the use of a Buyer’s agent is "free." Now of course the Agent is not really free, but rather the compensation for their services is paid by the Seller. From the Buyer’s perspective, there is no charge for all the advantages they receive by retaining a Buyer’s Agent to represent them and negotiate on their behalf.

The Seller of the property has previously agreed to pay a certain fee for the successful marketing of their home. The Seller’s Agent splits this fee with a Buyer’s Agent if the Buyer’s Agent is able to assist in the sale of that specific property. The vast majority of agents representing a Buyer accept this split as full compensation for their services. However, you should always specifically ask the Agent how they will be compensated. The Agent should be able to immediately and specifically answer that question to your satisfaction.

If you would like me to represent you as your Buyer’s agent, give me a call at 404-391-3200, or e-mail me at linda@lindamattingly.com.

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Can you show me homes listed by other agents?

Yes. Agents in Atlanta typically belong to the First Multiple Listing or the Metro Listing Service. Some, like myself, belong to both. Agents that are members of the multiple listing service have agreed to cooperate with other members of the multiple listing services. This produces advantages for all parties involved. Potential buyers have access to more listings, Sellers have more exposure for their property. Agents have a better tool to meet their client’s needs.

I have access to any home listed in the Atlanta real estate market, and would be happy to show you the home as your Buyer’s Agent. Give me a call at 404-391-3200, or e-mail me at linda@lindamattingly.com

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Do I need an attorney to buy?

An attorney is not required to represent you in buying a home, but you may nonetheless want to hire an attorney to look over the paperwork involved in the real estate transaction. I would never discourage anyone from doing so. Real Estate Agents can explain the contract and the process, but they are not attorneys, and cannot give legal advice.

As a practical matter, very few Buyers or Sellers in Atlanta hire an attorney in residential real estate transactions. If the home purchase requires a loan, an attorney will do the closing, but that attorney represents the interests of the lender, and not your interests as a Buyer.

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What is title insurance?

There are two basic types of title policies: a Mortgagee Title Policy, and an Owners Title Policy. As their names imply, the Mortgagee Title Policy insures the lender that they will not suffer a loss, whereas the Owners Title Policy insures the owner that they will not suffer a loss. Whenever a loan is involved, the lender will insist that a Mortgagee Title Policy be obtained, and that the borrower pay the cost of that policy.

Title insurance is an indemnity policy that will reimburse you for any loss you may incur because of an undisclosed defect in the title to the property. An example of a worst case scenario would be the purchase of property from a bogus seller that forges the true owner’s name to the deed. Other examples of potential defects are undisclosed mortgages or easements.

Obviously, the process is designed to try and prevent undisclosed defects to begin with, and there are safeguards to help prevent forged deeds. A title search is part of the closing process to ascertain any potential problems with title to the property prior to the closing. If a problem is discovered, the Buyer is not obligated to close unless the problem can be corrected. However, on rare occasions, mistakes are made or fraudulent activities occur, and the title insurance company, by issuance of the title insurance policy,  has agreed to bear these losses. 

Title insurance differs from most types of insurance. Most insurance covers risks that "may" occur in the future. Title insurance, on the other hand, insures that problems have not occurred in the past that would impact on the title to the property. Title insurance also differs in that title insurance carries a one time premium, which is paid at closing. The title insurance remains is effect without any additional cost for as long as you own the property.

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Should I buy title insurance?

The Owners Title Policy is optional, but I always recommend that Buyers purchase the policy. It’s a cheap price to pay for extra peace of mind. The attorney at the closing should offer the purchase of the policy to the Buyer, but if they don’t, the Buyer should not hesitate to inquire on their own.

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Do I need a survey?

Many mortgage lenders no longer require that a survey be obtained. By not insisting on a survey, lenders are able to offer a slightly lower closing cost and be more competitive in a competitive marketplace. Lenders feel comfortable making loans without requiring surveys today because, a few years back, title insurance companies began to issue title insurance policies insuring lenders against problems a survey would have shown, even without a survey actually be done. The title insurance companies offered these policies to lenders to be more competitive in trying to attract the lenders’ business.

The owner, however, does not have this same protection, even if the owner purchases the Owners Title Policy. The Owners Title Policy specifically excepts from coverage these types of losses. Consequently, the Buyer must decide how much risk is involved in closing without a survey.

A purchase of an existing home in an established neighborhood in which there has not been any construction for several years will have a far lower risk of unknown problems that would be shown by a survey than a new development would. If there was a problem, chances are it would have surfaced in prior years. Newer developments, on the other hand, have not yet had the time period for problems to arise.

Foregoing a survey will generally save the Buyer $200 - $400 in closing costs. Personally, given the amount of money involved, I view the survey as a prudent investment. Many Buyers, however, are comfortable with what they see as a low risk and prefer the cost savings. Each Buyer must decide for themselves, but if a survey is desired, this needs to be communicated well prior to closing in order to have the time to arrange and complete the survey.

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How can I be sure about the physical condition of the home?

The physical condition of the property and the maintenance of a property you are considering purchasing is very important. Consequently, in addition to the location, floor-plan, and pricing, the physical condition of the property is one thing that you should closely inspect yourself prior to submitting an offer. If the physical condition is not up to your standards, or you do not believe it can be brought to your standards in a cost effective manner, you need to keep looking.

What if, however, things look fine, but you are not sure? Most of us do not have the expertise to recognize all potential problems.

I highly recommend you hire a home inspector once your offer has been accepted. Their job is to make sure you are informed of possible defects in the property that the Agent or Seller may not have known about. The Buyer almost always pays for inspections, which will typically run between $250 - $500. Obviously, a Buyer does not want to spend this sort of money to inspect a home only to find that they are unable to reach an agreement with the Seller regarding the price or other terms.

Consequently, the contract of sale is typically negotiated first. In order to have protection regarding the physical condition of the home, the contract of sale I use has a contingency clause included giving the Buyer a certain amount of time to have an inspection performed after the contract of sale is signed by all parties. If the inspection reveals major problems that cannot be resolved, the Buyer has the right to terminate the contract and buy elsewhere.

Most people prefer to use a home inspector who has been recommended to them by someone they know. If you do not have the names of any inspectors, I would be happy to provide you with names of home inspectors that past clients have been pleased with. Call me at 404-391-3200 or e-mail me at linda@lindamattingly.com.

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Why choose Linda Mattingly to help me buy?

What do most people shopping for a homes want in a Realtor? They want a Realtor that understands their needs and desires, and that can effectively represent their interests. They want a Realtor that can assure the purchase will go smoothly and quickly. They want a Realtor that can accomplish this with the least amount of inconvenience to their life. And they want a Realtor that keeps them informed. I pride myself on being that type of Realtor, and in a nutshell, that is why you should choose Linda Mattingly!

I have the credentials. So do a lot of other agents. I have the experience. Again, so do a lot of other agents. But, I do have a different philosophy than many agents. Integrity. Service. Results. Those are the words that you find first on this site. And there is a reason for that. I placed those first on the site, because I place those words first in my everyday dealings with clients and customers.

You can read more reasons to choose Linda Mattingly on my About Linda page. And, you can read some comments from a few notes I have received from my clients. The best way to get to know is to let me sit down with you for a few minutes and let me discuss your real estate needs with you. Give me a call. I look forward to meeting you. Linda Mattingly, (770) 451-5755

I hope you consider using me as your Buyer’s Agent when you are ready to purchase your next home. I promise you will find me honest and fair, but never pushy. My job is to help YOU make the best decision possible, and I will use my knowledge and experience to help you find the home that is best for you.

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Linda Mattingly 
Call me at 770-451-5755

HOMETURA LLC
(a Linda Mattingly Company)

 

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