What Is A Buyer’s Agent And Do I Really Need One?
You may have heard the phrase “buyers agent” or “listing agent”, maybe even “selling agent”. As a home owner or buyer these terms may not mean very much to you. As an agent, we know these terms well and know who is who in a transaction.
When a seller wants to sell their home, they enlist the help of a listing agent. This is the agent/broker that holds the listing of the property until the contract expires or the house sells. Each agent hangs his or her license under a broker that takes responsibility for that agent. Basically when the agent signs their name on a contract they are signing the broker/brokerage name as well as the holder of the listing. This is the listing agent. They work for the seller in trying to sell the home and facilitate everything on the seller’s side.
If you are a buyer, it is highly encouraged that you enlist the help of a buyer’s agent. This is the agent that works solely for the buyer and not the seller. The buyer’s agent will help you find the home you are looking for and facilitate all the documents and transactions from the buyer’s side. The buyer’s agent will negotiate with the listing agent on your behalf and work to make sure all your demands are met or work out a deal with the listing agent as they are working with the seller.
Using a buyer’s agent is absolutely FREE for the buyer. Buyers pay an agent nothing to help them find and close a deal on a home. The buyer’s agent gets paid only if you find a house from the seller of whatever property you buy. The listing agent agrees to take a commission from the sale of a property and that commission is split between the listing agent and buyer’s agent.
Sometimes the listing agent may also find a buyer in which case this is referred to as a dual agent. This agent’s first responsibility is to the seller but they can sometimes still facilitate the transaction ethically and honestly. It is better though to use the help of a buyer’s agent specifically for the buyer so your best interest is taken into consideration and not just the agent and seller trying to sell the home.
What Services Will A Buyer’s Agent Perform For Me?
- With input from you determine what type of home you are looking for and what home will meet your needs
- Find homes that will fit your needs that are currently on the market
- Provide you a way to search for homes
- Provide you with accurate information about the homes that you are interested in
- Provide access to the homes that you would consider purchasing.
- Community Information churches, schools and parks ..ect
- Offer properties with reservation or discrimination
- Be honest and accurate about the property
- Write a purchase and sale with your terms.
- Work with the selling agent in your best interest
- Help you negotiate with the seller and seller’s agent for price and terms.
- Advise you on what is a fair interest rate for your loan.
- Provide access for inspectors.
- Keep you updated on your transaction.
- With your mortgage broker estimate your monthly expenses and closing costs.
- Provide access for the final walk through and provide keys after closing.