There are many types of homes, home loans, and house hunters. There’s no one-size-fits-all solution for FHA loans, and knowing the right options for the right transaction is important. In the same way, there is no single criteria for deciding whether or not to use a real estate agent.

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Do FHA Borrowers Need a Real Estate Agent?

June 25, 2024

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There are many types of homes, home loans, and house hunters. There’s no one-size-fits-all solution for FHA loans, and knowing the right options for the right transaction is important.

In the same way, there is no single criteria for deciding whether or not to use a real estate agent. Is it worth it? For some, the answer is yes. Who’s right to go it alone, and who should consider using an agent?

Take Stock of Your House Hunting Circumstances

The borrower who buys a home in their hometown may have enough familiarity with the local housing market to know when a home is overpriced or in an area prone to a lot of noise or activity.

Knowing where your local airports and shopping malls are located can help you make informed decisions about buying.

But if you don’t know the area, you may be at a serious disadvantage that a skilled local real estate agent can help with. What’s the pricey, aspirational neighborhood in town? Where is the most recent development located? How far are the neighborhoods you are considering from essential services?

Saving Time by Using an Agent

A real estate agent can help you filter inappropriate properties. Your agent will want to know your budget regarding what’s comfortable for you and what’s considered an upper limit.

The agent can help you avoid wasting time looking at homes that aren’t suitable based on your needs, income, and goals for the property.

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 may also help ensure all 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

The borrower who is comfortable haggling may not need an agent. But so many buyers don’t feel at ease trying to negotiate a better deal and should seriously consider using an agent trained to get the best deal for their clients and who has experience doing so.

Whether you decide to use a real estate agent is up to you. You are not required to hire one as a condition of FHA loan approval, and it is an individual preference. However, for many buyers, these services are essential to the transaction.

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