Home Buyers Articles
What is a Buyer's Agent?
A real estate buyer’s agent represents the consumer who is
purchasing a property in the transaction. This agent owes full
responsibility and loyalty to the homebuyer. He or she has solely
the buyer’s best interests in mind throughout the entire transaction
process. The agent is compensated by the buyer through a negotiated
fee or in some states by the commission based on the selling price
of the property. It is important for the consumer to discuss the
buyer agent’s compensation and for the parties to agree to terms
with a written contract prior to viewing properties. This agreement
should detail the responsibilities of both parties throughout the
process of buying a home. It should be noted that in some states
legislation has been enacted to protect the buyer to the point that
without a written agreement, the agent represents a seller
throughout the entire transaction. Be sure to consult your real
estate agent for complete details when you first start the search
for purchasing any real estate property.
There are many benefits to using a buyer’s agent. These agents
will:
- Evaluate the specific needs and wants of a homebuyer and
locate properties that fit those specifications.
- Assist the buyer in viewing properties and either accompany
the client on the showings or preview the properties on behalf of
the client to insure that the identified specifications are met.
- Research the selected properties to identify any problems or
issues to help the consumer in making an informed decision prior
to making an appropriate offer on the property.
- Present the offer to the seller’s agent on behalf of the
client.
- Negotiate on behalf of the buyer to help obtain the property
at the best possible price.
- Review and explain all legal documents to their clients.
- Recommend and assist in securing adequate financing.
- Provide a list of potential qualified vendors such as movers,
attorneys, home inspectors, etc.
Most importantly, when working with a buyer’s agent, the
homebuyer will know and trust that they are fully represented
throughout the entire transaction process.
Choose your agent wisely. Working with a full-time
professional real estate agent is a must. Ask questions of your
agent. Find out how knowledgeable he or she is about houses
currently for sale in your price range and also of houses that have
recently sold. Can your agent recommend a good lender that has the
reputation of excellent customer service and low rates? Does your
agent ask questions of you to have a full understanding of what you
are looking for to help you get the most home for the money?
