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Why You Should Use A Buyers Agent When Buying Real Estate
August 30, 2010 by man
Filed under First Time Home Buyer Michigan
Many real estate buyers, especially first time buyers, don’t understand that when purchasing real estate there is no cost to use a buyers agent.
These buyers beleive they can save money by doing the home searching themselves. In reality, not using a buyers broker will likely lose you money and can make you vulnerable to the numerous complications in real estate transactions.
For a normal real estate transaction, sellers hire a (listing agent), to list and market their property. In the listing agreement, a commission amount is decided of which a portion, usually 3%, will be used for the payment of a buyers agent. It is from these funds that a buyers agent will get paid. This duty of this sellers agent is to represent and protect the seller. Their duty is to help the seller get the most money possible when they sell their home. They have a fiduciary duty to represent the seller and look after their best interest.
With the invention of the internet, it is easy for buyers to find Odessa Texas Homes, Homes for Sale in Kennesaw Georgia, or Ormond Beach Florida Real Estate, while buyers can get lots of information about Real Estate for sale, but even the internet can’t replace the importance of using a buyers agent.
The buyers agents’ main role is no longer to locate suitable properties for buyers. The buyer agents main service is to serve as the “key” and provide valuable information about: each particular home veiwed, area specific information, real estate values, and to make sure the buyers real estate protection.
Real estate transactions can be trying experiences and invove lots of of money. There is lots of stress involved and things don’t usually go exactly as planned. Since a seller has an agent to represent them and negotiate on their behalf, buyers should have this service too.
A buyers agent watches out for the buyer. They help recommend the best mortgage officers, and help guide them to the best mortgage loans. When a good home is found, buyers agents help the buyers to write solid offers. Good real estate agents know the market and can usually get a read of what the lowest acceptable offer might be. They also make sure that all the paperwork is accurate and complete so their clients, the buyers, are protected.
Buyers agents set strong but realistic deadlines for inspections, due diligence, and financing deadline. They then follow up and make sure due diligence is completed in time. When issues arise, they help renegotiate the deal to take care of issues, or to save the buyers earnest money if the buyer does decide to cancel the contract. When a deal falls apart, your buyers agent will still be there for you, and will go through the home search, and negotiation again and again until the transaction closes in escrow.
