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What
is a Real Estate Buyer’s Agent?
And Why Should You Use One? |
“Buying
a home is a big decision and a personal one.
You need the right
realtor to find a home that suits you”
What is a Real Estate Buyer’s Agent?
A Buyer’s Agent represents the buyer who is purchasing the
property in the real estate transaction, not the seller. The Buyer’s
Agent works for, and owes fiduciary responsibilities to the buyer client
and has the client’s best interest in mind throughout the entire
real estate transaction. A Buyer’s Agent will: |
- Evaluate
the specific needs and wants of the buyer and locate properties
that fit those specifications.
- Assist
the buyer in determining the amount he can afford (pre-qualify)
and show properties in that price range and locale.
- Assist
in viewing properties—accompany the buyer on showings,
or preview the properties on behalf of the buyer to insure
that the identified specifications are met.
- Research
the selected properties to identify any problems or issues
to help the buyer make an informed decision prior to making
an offer to purchase the property.
- Advise
the buyer on structuring an appropriate offer to purchase
the selected property.
- Present
the offer to seller’s agent and the seller on the buyer’s
behalf.
- Assist
in securing appropriate financing for the selected property.
- Provide
information on qualified vendors (e.g. movers, inspectors,
attorneys, tradesmen, etc.) if these services are needed.
- Fully
represent the buyer throughout the real estate transaction.
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Why
should you use one?
As a consumer you will probably buy real estate perhaps three or four times
in your lifetime. Purchasing real estate is a complex and major transaction
with many details to be handled. In most cases the seller will be represented.
Wouldn’t you want to have complete and fair representation in the real
estate transaction?
Real estate Buyer’s Agents are responsible for protecting their client’s
best interests. Research by the National Association of REALTORS has shown
that when a Buyer’s Agent was used, the prospective buyer found his home
one week faster and examined three more properties than those consumers that
did not use a Buyer’s Agent.
The Buyer Agency Agreement
It is important for the buyer and the agent to discuss the Buyer Agent’s
compensation during the initial interview. In many cases it is recommended
that the buyer and Buyer’s Agent agree to the terms of compensation prior
to viewing properties, and sign a written agreement based on those terms. (Note:
Presently, in Michigan, more than 90% of the time, the commission is paid by
the seller via the listing broker offering compensation to the agent who brings
the buyer). The agreement should spell out the responsibilities of both parties
throughout the real estate process. |
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