Like most first-time homebuyers, we had a tight budget. And we found that it was easy to get emotionally invested in a house without considering the condition or affordability.
Buyer Agent Bill spent hours touring homes with us. We fell in love with a newly remodeled tri-level home. But Bill wouldn’t let us put an offer on it. He pointed out that it needed a new roof (big expense), and it was in an extremely high property tax area that would nearly double our monthly mortgage payments. Ultimately, we couldn’t afford to live in that house! (I still think about those pink granite countertops and the gray slate floors, though.)
Bill was looking out for us – not just during the house-hunting process, but in terms of potential obstacles we might face as homeowners.
With Bill’s help, we put an offer on a cute Cape Cod home in a lovely neighborhood. But he wouldn’t let us overbid the asking price. “It’s not worth it,” he said. We didn’t win that bid, anyway. (But we did get to practice the stressful Offer to Purchase process!)
Ultimately, we found the perfect house for us at the right price. Bill reviewed the prices of recently sold properties in the neighborhood so that he/we could be sure the home was worth it.
As you can see, Bill was working specifically for us. He negotiated lower prices on our behalf. His firm (an exclusive buyer agency) provided a real estate attorney, building inspector, a title company, and a location for the closing (the house we bought was For Sale by Owner).