Buyer Agent
A real estate buyer's agent represents the consumer
who is purchasing the property in the real estate transaction. This
agent owes full fiduciary responsibilities, duties and loyalty to the real estate buyer.
The buyer's agent works for the
buyer client and has the client's best interests in mind throughout the entire real estate
transaction process. It is recommended that the consumer and buyer agent sign a written
agreement. This agreement should spell out the responsibilities of both parties throughout the real estate transaction. It
is important to note that in some states, legislation has been enacted to protect the buyer to the point that absent a written
agreement the agent represents the buyer throughout the real estate transaction. Consult your local realtor for
complete details when you first start the search for purchasing any real estate property.
Why Use A Buyer
Agent?
We don't buy homes very often so when we do it is imperative to use the
services
of someone who is going to be working for you. And that is the Buyer Agent.
The purchase is many faceted and you need
someone who has the expertise to minimize
any problems that may arise.
A buyer agent represents only you in the
transaction. In most instances, the seller will
be represented by an agent and you should be as well.
The buyer's agent will help you negotiate the best possible deal while a
seller's agent is obligated to obtain the best price for the seller.
The negotiating capabilities of the buyer's agent
could save the buyer thousands of dollars. Money
Magazine estimates as much as 5%.
A buyer agent must maintain confidentiality.
The buyer agent provides a competitive edge.
Research by the National Association of Realtors has shown that when a buyer
agent is used, the prospective buyer found their home one week faster and
examined three more properties than those consumers who did not use a buyers
agent.
Buyer agents can help you with any home on the market, whether listed by another
broker, a foreclosure, for sale by owner, or government resale.
In any purchasing decision it is important for you to know the values of homes in a
neighborhood. The buyer agent can provide this type of information, as well as
what a homes good and bad points are.
The buyer agent will try to find out information that the sellers would actually like to
keep quiet. This could be whether or not there have been other offers, a seller's
job transfer, divorce, or days on the market, anything that gives the buyer more
leverage.
A buyer's agent can answer questions that an agent working for the seller may not
be permitted to. Remember that a traditional seller agent is required by law to
protect the interests of the seller, while the buyer agent is required to protect the
interests of the buyer.
Accredited
Buyer Representative
The Accredited Buyer Representative (ABR®) designation is the benchmark of
excellence in buyer representation. This
designation is awarded to real estate practitioners by the Real Estate BUYERS AGENT
Council (REBAC) of the
NATIONAL ASSOCIATION OF REALTORS® who met the specified educational and practical
experience criteria.
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