Seven Reasons Why You Should Have
a Buyer’s Agent

Many real estate agents are referred to as buyer’s agents. What is a buyer’s agent? He/she is a real estate agent that works for and represents the buyer in a real estate transaction. Their primary responsibility is to represent and protect the buyer’s interest at every step of the real estate transaction. The legal description says a buyer’s agent has a fiduciary responsibility to the buyer. This means the buyer’s agent is trustworthy and represents the buyer’s interest throughout the entire real estate process.

A buyer’s agent is a regular real estate agent. He/she is paid by commission when a home is actually purchased. This commission is either paid by the seller or negotiated through the buyer. The amount of the commission is negotiable and is most often dependent upon the price of the home that is purchased.

Prior to viewing properties with a buyer’s agent, it would be wise to discuss in detail the buyer’s agent commission and finalize the terms. Usually, there is a written agreement that will protect both the buyer and the agent. It will spell out the compensation and responsibility of both the buyer and buyer’s agent.

You need to be aware that in some states, there are real estate laws already established by the state legislature. Sometimes these laws clearly show that the real estate agent is representing the “Seller”, not the buyer, in the real estate transaction unless you have specific written documentation to the contrary. You need to know this up front before you begin your search for a home.

Here are seven advantages to being represented by a buyer’s agent. A buyer’s agent will:

1. Look at your specific needs and goals. Together, you can evaluate them and put a plan into action. He/she will then locate those properties that meet your specific needs.
2. Accompany you to visit homes that meet your specific criteria. Before doing this, it is very common to use a computer to preview those properties. This will save you a lot of time, energy and effort. It will give you a good idea if you even want to spend the time to look at a prospective home.
3. After you’ve located a property and are serious about purchasing it, he/she will help you learn as much as possible about that home. He/she will do a CMA (Comparative Market Analysis) on the home to help determine its real value. A buyer’s agent will also help you identify any problems that may exist in the home. The more you know about a home, the better decision you will make.
4. Once you’ve done your homework, he/she will present your purchase offer to the seller’s real estate agent. At that point, the buyer’s agent will negotiate for and in-behalf of you on the purchase price of the home, the repairs that need to be made, the considerations that should be given, etc. The buyer’s agent is responsible for getting you the most home for the value.
5. Consult with you on any legal documents involved in the purchase of your new home. He/she will explain to you in simple terms any items that are not clear to you.
6. Recommend to you lenders that are competent and competitive. Getting financing for your home is very important.
7. Work with a team of professionals to help facilitate every step of the real estate transaction. This may include financing, home inspection, attorneys, movers, handy man repair services, etc.

When purchasing your new home, you would be wise to work with a full time professional buyer’s agent. It will give you peace of mind and assurance that you are getting the best home for your money. A good buyer’s agent is trustworthy and loyal to you throughout the entire process.