Loading
What exactly is a buyer’s agent?
The buyer’s agent is the strongest ally that anyone looking to purchase a home will ever find. This professional will help their client get pre-qualified with a bank or mortgage broker, locate all properties within their client’s price range, negotiate the price of the purchase and generally represent the buyer throughout the entire transaction.
Are you obligated to use a buyer’s agent?
No, a buyer can work with the seller and their agent, but in order to ensure they are getting a good deal and that the terms of the sale are perfectly legal and fair they should enlist the services of a trained professional.
What are the actual benefits of a buyer’s agent?
They are almost too numerous to mention, but include:
- Assessing the needs and wishes of the buyer and lining them up with as many suitable options as possible
- Helping their clients locate a good source for financing the purchase and helping them to get a pre-qualification
- Ensuring that all properties that are of interest to their client have no derogatory issues or problems that could lead to financial problems
- Offering advice to their client on a suitable offering price for a home they would like to buy
- Working on behalf of the buyer in presenting the offer and negotiating the details
- Completely explaining and reviewing all legal documents associated with the purchase of a property
- Working as the buyer’s representative between the bank and seller’s agent
- Providing their client with suitable professional recommendations such as the names of inspectors, attorneys, appraisers and others associated with the purchase
How does a buyer’s agent get paid?
A majority of real estate professionals get paid on commission and the way that most agented sales work is that the buyer’s agent and the seller’s agent split the commission on the sale. Any formal arrangements for exclusivity and compensation are usually described in the Buyer Broker Agreement which is signed when the buyer decides to work with the agent. While it is perfectly legal for a buyer to work with several different agents in the search for a home, if they have signed an exclusive agreement they must work only through their agent or pay them the commission agreed upon.
Where do I find a buyer’s agent?
There are many ways to locate a good agent, and it really pays to shop around in order to ensure you’ll have a good working relationship. Check local real estate listings, visit open houses and use the Internet to identify candidates.