You've found the perfect new development and think your children would love swimming in the community pool and riding bikes on the wide streets. The new construction's sales agent gave you a price and made a strong pitch urging you to buy immediately.
The question is, should you sign on the dotted line or bring in a real estate agent to handle the contract and negotiations?
The first thing you need to realize is that the new construction sales agent represents the developer and has their investment in mind. A real estate agent is someone who will be on your side. They'll represent your interests and can help you.
Go Through The Process
If you're looking at a specific development, the sales agent might offer you a discount if you sign without using a real estate agent. This is because the sales commission for the real estate agent usually comes out of the seller's pocket.
However, most developers have this figure built into their price, so you might as well enlist a real estate agent's help and advice — it's free after all.
Decide If It's A Smart Investment
Developers are invested in the property they're trying to sell. They need to unload every lot in order to make a return on their investment, so it's likely they don't have your best interests in mind. A real estate agent will know what homes sell for in the area, what the school district is like and if it's a good neighborhood. They'll be able to recognize if it's a good fit for your family.
Negotiate With Insider Knowledge
A real estate agent knows their market and usually the local gossip. If they've heard that a developer is willing to entertain low offers, then they might have clients that could buy in a neighborhood thought to be out of their price range. Also, they'll know which upgrades a developer is likely to include in order to make the sale.
Decipher Confusing Paperwork
Buying property comes with a lot of paperwork. Contracts can be extremely confusing, so it's always a good idea to have a seasoned veteran read over yours. A real estate agent has a great deal of experience with complicated contracts and knows what phrasing should be included and where sellers slip in sneaky wording.
From making sure the new construction is right for you to ensuring you get the upgrades you want and examining the contract with a fine-toothed comb, a real estate agent will represent your interests and get you the best deal.
For more information about the Atlanta area real estate market, please email me at ed@edshort.com or call me at 404.918.2500.
~ Ed Short, Atlanta REALTOR®
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