According to the National Association of Realtors, parents gifting money to their children to help purchase a first home is a common experience. Gifting money is a type of down payment assistance that can help them realize their dreams of homeownership.
Can I buy a home without a real estate agent?
Buying a home is no small undertaking—even experienced home buyers find themselves going back to a trusted real estate agent to help them through the process. 87% of buyers purchased their home through a real estate agent or broker in 2020, according to the National Association of Realtors®.
But can you buy a home without a real estate agent?
Yes, but it’s not recommended as a real estate agent will provide you with important resources and knowledge. To find the right agent for you, make sure to check their credential and get references.
Real estate agents are there to advocate for you
One of the first things to know about your real estate agent is that they will represent you in the home buying process. When you have questions or concerns about the process or need help with negotiations, your real estate agent will advocate for you. This is essential in making sure that you aren’t paying more than you need to, as well as finding the best home for you.
Real estate agents will give you valuable market knowledge
Your real estate agent will give you valuable market knowledge such as comparative home prices and neighborhood demographics. This knowledge will help you understand if a neighborhood is the right fit for you and has the services you want, such as shopping, schools, job opportunities, and local amenities.
Real estate agents have connections
Another benefit is when it comes to third-party services such as the inspection, or insurance, your real estate agent has the unique opportunity to direct you to professionals they have worked with in the past. Of course, you will have the option of choosing who you want, but it can get you some ideas.
Real estate agents will help you manage paperwork and other documents
Buying a home is full of paperwork that may get overwhelming. For example, what is a preliminary report? How do you read it? Your real estate agent can advise you on the importance of these documents and the steps needed to move the process forward. After all, they want you to be informed and make the best decision for you.
At SmartMortgage.com, we are committed to providing you with the most up-to-date information regarding the best loan to meet your needs. To find the best loan to fit your situation and get professional advice, consult an experienced loan officer.
*Guild Mortgage offers home financing only.The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.