Hiring a Buyer's Agent is a no-brainer. First and foremost, hiring a Buyer's Agent costs you NOTHING. The seller is the one who pays the Buyer's Agent fee*. Secondly, purchasing real estate is a MAJOR purchase; don't you want an expert in the business working on your side?
At Nesmith Properties, you will always work with a fully licensed Real Estate Broker. Your agent will be experienced, and will take the time to work with you to find exactly what you are looking for.
Your agent will NOT make decisions for you. Your agent will give you all of the information you need to make informed decisions for yourself. The only dumb questions are the ones you don't ask!
How much will it cost me to hire a Buyer's Agent?
Nothing!* In most transactions, the seller pays for the Buyer's Agent fee.
Why shouldn't I just talk to the agent who is listing the house I want?
The Listing Agent will be more than happy to talk to you about purchasing their listing, but be warned, the Listing Agent works for the seller and the seller only! The Listing agent has a duty to get the best deal for their client. Do you really want to work directly with a professional who MUST get the best deal for their seller??
Do I have to use a certain lender/inspector/etc?
No. You may use any lender, inspector, plumber, contractor, etc that you wish. We at Nesmith Properties keep an active list of who we feel are the best of the best people to work with. But when it comes down to it, we simply provide recommendations. Also note that we do not receive any kick-backs for our referrals, we simply want you to work with the best people because it reflects well on us.
I am under contract. What is "locking my rate" and when should I do it?
Interest rates change every day. Sometimes they change several times each day. You will need to lock in your mortgage rate sometime between when you get a property under contract and the closing day. While it is impossible to predict which way rates will move in any short-term period, we recommend doing an internet search for "rate lock advisory". There are a number of websites to puruse which give recommendations on whether you should lock or float (ie wait), based on how soon your closing is.
What is APR?
When it comes to a mortgage, there are basically two costs which the lender charges you. There is the up-front costs (commonly called origination fees), and there is the interest, which accrues as long as you hold the loan. Annual Percentage Rate (APR) is a term used to refer to the THEORETICAL interest rate you are paying if you consider both the up-front costs and the interest. So the APR is almost always higher than the interest rate you locked in.
Frequently Asked Questions
*When buying a For Sale By Owner house, the seller may not always offer to pay the Buyer's Agent, in which case buyer would be responsible for Buyer's Agent fee