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.
Why use a Buyer’s Agent?
Purchasing real estate is a complex and major transaction with many details to be handled. In the majority of cases, the seller will be represented by an agent. The real estate buyer’s agent is responsible for protecting their clients’ best interests. Though the buyer’s agent is typically paid through commission from the seller, the buyer’s agent’s legal responsibility is to care for the interests of the buyer.
Work with a Savvy Buyer’s Agent
Today, the vast majority of buyers begin their quest on the Internet, however, this is just a starting place. To avoid overpaying for your next house or condo, you’ll need a savvy buyer’s agent who represents your best interests. He or she should be familiar with the local residential market. An experienced agent is best. An additional advantage of working with a buyer’s agent (as opposed to making your purchase offer through the property’s listing agent) is buyer’s agent can show you unlisted “for sale by owner” residences.
A Buyer’s Representative Will:
- Evaluate your specific needs and wants of the buyer and locate properties that fit those specifications
- Assist you in determining the amount that you can afford (pre-qualify), and show properties in that price range and locale
- Assist in viewing properties by accompanying you on showings, or previewing the properties on your behalf to ensure that the identified specifications are met
- Research the selected properties to identify any problems or issues to help you make an informed decision prior to making an offer to purchase
- Advise you on structuring an appropriate offer to purchase the selected property
- Present the offer to the seller’s agent and the seller on your behalf
- Negotiate on your behalf to help obtain the identified property—keeping your best interests in mind.
- Assist in securing appropriate financing for the selected property
- Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these services are needed
- Most importantly, fully represent you throughout the real estate transaction