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WHAT EXACTLY IS BUYER REPRESENTATION?
Buyer representation or
Agency simply means a contractual relationship between the buyer
and his or her agent in the finding and purchase of their home.
While fairly new , Buyer Representation is becoming well established
and embraced all across the country.
HOW DOES IT WORK?
In every Real Estate transaction
there are two sides, the seller's side and the buyer's side. As
an agent, I always represent someone's interest. That someone
is the party with whom there is a contract. So, unless I have
a contract with you, the buyer, no matter how friendly we become,
my loyalty and fiduciary responsibilities must be to the only
party with whom there is a contract - THE SELLER!
As a Buyer's Agent, I
sign a contract with you, the buyer. I can then put YOUR interest
first, negotiate on your behalf, and use my best efforts in helping
you find the home you want at the price you're willing to pay.
WHAT ARE THE BENEFITS
TO THE BUYER?
With either type of agency,
I am required to treat you with honesty and fairness, to assist
you in selecting a property, and to disclose to you any known
material defects in the properties that I show you. But ethically,
as the seller's agent I must tell you, the buyer, not to say anything
to me that you would not say directly to the seller. I am limited
to the service that I can provide for you due to my contractual
loyalty to the seller.
However, as your buyer
agent, I can give you my loyalty, and there is confidentiality.
I am working in your interest. As your agent, you can level with
me. I become your negotiating and facilitating teammate throughout
the entire process.
WHAT ARE THE DISADVANTAGES
TO THE BUYER?
Arguably, none, but there
is a contractual responsibility. As your representative, I am
working in YOUR interest. But just as a seller has a contract
to sell through his/her agent even if he finds his/her own buyer,
you as a buyer client, have a contractual responsibility to buy
your home through me during the time the contract covers, even
if you find a property on your own.
IS IT IN THE SELLER'S
INTEREST TO WORK WITH BUYER AGENTS?
Absolutely! Working with
Buyer Agents provides the home seller with maximum exposure of
their home, highly motivated and qualified buyers, and no liability
for a sub-agent's actions or misrepresentations to the buyer.
WILL IT COST ME EXTRA
TO HAVE MY OWN REPRESENTATION AS A BUYER?
I never say never, but
for the most part, NO! Although signing a buyer contract
makes the buyer responsible for his/her agent's fee, 99 times
out of 100, this fee
(as well as that of the seller's agent) comes out of the proceeds
of the sale.
(Remember, both the Buyer and the Seller pay for Real Estate Services
when a
transaction takes place-don't let anyone tell you otherwise).
Keep in mind, that I can advise you on how to structure your offer
in the event that the seller is unwilling to allow the proceeds
to be used to pay my fee.
Rest assured, that when
you work with me as your agent, you will not be caught unaware
or have to pay twice for the same service.
MORE QUESTIONS? CONFUSED?
You're not alone! Buyer
Agency is a topic that is often misunderstood. As a consumer,
it's important to know the facts and the options available to
you. So, please don't hesitate to call me with any questions at
all.
Remember, when you're
sick you consult a doctor...
And when you need legal
advice, you consult an attorney.
So, when you're looking
to make your largest investment doesn't it make sense to have
a Realtor working for YOU?
Email
Stephen now!
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