In today’s real estate market, it is becoming increasingly important for home buyers to have a buyer’s agent in their corner. A major challenge that is adding complexity to the home buying process is when you have a real estate agent who is representing both the seller and the buyer (I will go into this further in just a minute). This often occurs when a prospective buyer finds a home listed on the Internet and contacts the listing agent directly thinking that they will be saving themselves from paying 3% to another agent.
What most buyers do not realize is that it costs them nothing to hire a buyer’s agent. The entire commission is paid by the seller to the listing agent who pays the buyer’s agent for selling the house to the buyer.
For example: $100,000 home = 6% ($6,000) commission – 3% ($3,000) paid to listing agent – 3% ($3,000) paid to buyer’s agent.
Keep one thing in mind, since there are laws that require real estate agents to protect their client’s interest, the duty of the listing agent is with the seller, not the buyer. As a result, the sales contract may not favor the buyer.
When working with an exclusive buyer’s agent, home buyers know their real estate agent is committed to hammering out the best agreement possible on their behalf. In fact, buyer’s agents have helped to negotiate better deals for their clients. A buyer’s agent provides the assurance that they will concentrate on finding a property that best meets their needs. Also, the agent’s knowledge of the local real estate market and legal requirements is a critical success factor. Another very valuable part about having a buyer’s agent is that the agent will negotiate the repairs for you. If you are negotiating directly with the listing agent your repair requests for the house may not be negotiated to your benefit with the sellers.
Finding the right buyer’s agent can be a difficult and time-consuming process. This is compounded if you happen to be relocating to an unfamiliar city. You need to do your homework to make sure the buyer’s agent you hire has a good track record for getting the best terms for his or her clients. In the current market having a buyer’s agent on their side has helped many home buyers close transactions that otherwise might not have closed.
If you or someone you know is moving to a new city please contact me so that I can refer you to an Agent in the city you are moving to.
As a licensed Real Estate Specialist, and an Accredited Buyer’s Representative, I work personally with all my clients in assisting them throughout the entire buying, selling, or building process. If you’re ready to buy, contact me and we’ll get started! Here is what a few of my clients have to say about my services.
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