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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:
1. Evaluate the specific needs and wants of a
homebuyer and locate properties that fit those
specifications.
2. 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.
3. 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.
4. Present the offer to the seller's agent on
behalf of the client.
5. Negotiate on behalf of the buyer to help obtain
the property at the best possible price.
6. Review and explain all legal documents to their
clients.
7. Recommend and assist in securing adequate financing.
8. 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?
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