June 20, 2024
There are many types of homes, home loans, and house hunters. There’s no one-size-fits-all solution for FHA loans. Knowing the right options for the right transaction is essential.
Whether or not to use a real estate agent is another area where there is no single ideal answer to the question, Is it worth it to use an agent? Some will definitely need one, while others may be able to get the work done independently.
Some House Hunters Don’t Need An Agent
The borrower who buys a home in their hometown may have a good grasp of their housing market. If you have lived in an area long enough to spot an overpriced house, you might not be as keen on getting the help of an agent.
But if you are a newcomer or don’t know the area well, could you face a disadvantage? Could a local agent with expert knowledge of the area help? In typical cases, yes.
What’s the overpriced neighborhood in town you might want to avoid? Where are homes close to essential services like shopping and daycare?
Our headline above omits the other half of the equation. Some buyers of homes with FHA mortgages don’t need an agent, but there are plenty who do.
Using An Agent Can Save You Time
Need someone who can weed out the inappropriate options and steer you toward houses in your price range and size expectations? A real estate agent can help. They will ask about your budget, including what a mid-price home is and what your upper limit is to buy.
The agent can help you avoid wasting time looking at homes that aren’t the right size or price or found in a less-than-ideal location.
These decisions are typically based on your needs, income, and goals for the property as you discuss them with the agent.
And for those who live elsewhere, the agent can save more time by conducting virtual meetings rather than in-person discussions about your house-hunting options.
The agent’s duties also include ensuring that the required documents and forms are filled out and submitted where appropriate, taking the burden off the borrower to remember all the fine details where applicable.
Negotiating With The Seller
The borrower who has no problem haggling with a seller may decide they do not need an agent. But for buyers who aren’t ready to try their hand at doing so (even to get a better deal) may wish to consider using an agent.
These industry pros get training and have experience working the best home purchase options for their clients.
Choosing and using a real estate agent is up to the borrower, and working with one is not required to get FHA loan approval. However, for many buyers, a real estate agent’s help is a critical part of the process.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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