What is a Buyers 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?