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Until recently, real estate agents always represented the seller - not the buyer. In the past, if your real estate agent drove you from house to house showing properties, they worked on behalf of the sellers. By law, the agent was always required to get the highest price and the best terms possible - for the sellers. The advent of buyer representation has changed this for the better. Today, buyers can choose to work with an exclusive agent that represents only their interests. A buyer's agent, hopefully one that has taken the time to gain the ABR designation (Accredited Buyers Representative), can carefully navigate their buying client through a real estate purchase. More than one million people in the United States are licensed to sell real estate. Of those licenses, very few are buyer representatives. Consumer advocacy groups have endorsed such representation, and licensing laws in virtually every state are now being reformed to enable and encourage representation for the buyer. Whether you are a first-time buyer or an experienced buyer, it is good to know that your real estate agent has your best interests in mind as you select a home. Put an experienced buyer representative to work for you Property Search Your buyer representative will appraise your criteria for a house and neighborhood, then search for properties that fit those specifications. Your buyer representative will set appointments for showings and monitor the market as new listings become available. Market Data Market value is determined by many factors, including the availability of similar properties at competitive prices, location, condition, and most of all, the price that the knowledgeable buyer is willing to pay. Your buyer representative will provide market data to help you establish an offering price. Purchase Offer There may be other considerations besides price that are equally important in the structuring of a purchase offer. The terms and conditions of the offer, amount of deposit and possession date are likely to be factors when an offer is made. Your buyer representative will help in your preparation of a purchase offer. Negotiating an Offer When a purchase offer is made, the sellers may be concerned with certain aspects, including the ability of the purchasers to fulfill their agreement, the terms and conditions of the offer, the breakdown of closing costs between the buyer and seller and even the motivations and lifestyle of the prospective new owners! Your buyer representative will help structure a negotiating strategy that will create the desired result; a new home. Handling Details A lot has to happen between signing the purchase offer and moving into a new house. Your buyer representative will attend to the details and keep you in touch with the transaction every step of the way. Sellers list their homes with real estate agents to ensure professional representation throughout the home selling process. As a buyer, you deserve the same kind of service! |
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