Do I need real estate agent as a buyer?

[Bill Marshall]

I'm planning on buying my first property, I've already found the building I want to buy, it’s in a neighborhood that I’m familiar with. 

Question: What would a real estate agent do for me as a buyer, since I don't need help finding a place? I don’t need help with the loan. What paperwork and decisions do real estate agents or buyers agents help with?

Question 2: Should I get a real estate agent to help me close the purchase? 

Or should I hire a lawyer that’s an expert in real estate?

My banker does have experience in real estate, so I've been working with and depending on him, so far.
I assume I would be the one to look for and hire a home inspector. What else?

Thank you,

Bill

[Patricia Steiner]

Yes, you need one; yes, you want one; and it costs you nothing as a buyer to have a realtor. If you don't use one, it won't help reduce the price - because the selling agent will get the full commission.  So you may not need help with selecting a property and I'm a former wealth banker so I know what bankers know about real estate from that perspective, but do you need help with:

1.  Valuation from a comparable sales approach and CoreLogic. Anyone can select a property based on whatever criteria is important to them but it really comes down to what is it worth.Your banker will get an appraisal but don't spend your hard earned money getting one if it's not even near valuation.  

2.  Inspections. A realtor has a pool of inspectors and contractors who are vetted and licensed.  Beats the heck out of looking online.

3.  Contract Contingencies.  Realtors know how to get you out of a contract if you need to do so. We also talk "realtor" so getting the other side to accept contingencies is in the presentation.

4. Negotiations.  There is always something.  The seller won't budge, you will feel "passionately about it" - and the fun begins.  A realtor serves as a good liaison for getting deals done so both sides are happy - or both sides are slightly unhappy.  

5.  Closing. Realtors don't close transactions and the seller generally chooses the closing agent as a contractual right. A realtor can make sure that you have everything you need ahead of time and field any issues that come your way.

Bottom line:  adding bench strength at no cost to you. Get a realtor.  Not any realtor...forget the person with their photo plastered all over park benches. Do your homework. Look to see who deals with investors, who is selling/buying in your preferred market, someone who has more knowledge than you in real estate (if you're the smartest person in the room, LEAVE).  

Congrats on your upcoming acquisition. Real Estate is a complex business;you need all the bench strength you can get to ensure you make the better deal now and for future ROI.