Will You Have Representation?
Sellers list their homes with real estate agents to assure professional representation throughout the home selling process. As a buyer, you deserve the same kind of representation. A Buyer Agent brings the experience, knowledge and network of professionals to get the job done right. A Buyer Agent does a lot more than find a property to earn their commission.
You need to determine your buying power. Buying power is defined by your financial reserves plus your borrowing capacity. Knowing the amount you are qualified to borrow will keep your home search goals realistic. Your Buyer’s Agent will refer you to the lender best qualified to help you.
Your Buyer’s Agent will evaluate your specific needs and wants and search out properties that fit those specifications.
- Target your searching. There are hundreds of properties for sale. A Buyer Agent can help you focus on the ones that meet your budget and requirements.
- Knowing where to look. Sometimes the home you are seeking is available but not publicly advertised. Real estate professionals have many resources to assist you.
- Be objective. Only you can make the final decision on the property that is right for you, but a Buyer Agent can provide objective information about each home (neighborhood data, utilities, schools, zoning, etc.) so your decision is well informed.
Providing Market Information
Market value is determined by many factors, including the availability of similar properties at competitive prices, location, condition, and most of all the price that a knowledgeable buyer is willing to pay. Your Buyer Agent will provide market data to help you establish an offering price.
Your Buyer Agent will also look for useful information about the seller and the property such as:
- How much the seller paid for the property.
- Why the seller is selling the property.
- How long the property had been on the market.
- If the property was listed previously and did not sell.
- How the property is zoned.
- What can and cannot be done with the property.
- If there are potential problems with the property.
- If it will be difficult for you to resell the property when that the comes.
Structuring Your Purchase and Sale Agreement
Price may not be the only consideration in structuring a purchase and sale agreement that is best for you. Other things may be equally important to you, such as the terms and conditions of the offer, amount of deposit and possession date. A Buyer Agent has the experience to structure an offer that will protect your interests.
Negotiating with Sellers
Sellers are concerned about many things when reviewing a purchase and sale agreement including the ability of the purchaser to fulfill their agreement, terms of financing, date of possession, what items are included in the sale, breakdown of closing costs between the buyer and seller, timeline for inspections and even the motivations and lifestyle of the prospective new owners of their home. A skilled Buyer Agent is a strong negotiator and is experienced in structuring attractive offers.
Handling All the Details
A lot has to happen between signing the purchase and sale agreement and moving into your home! The process of appraisals, inspections, and financing involves a lot of possible challenges. There are many required legal forms and timelines that need to be strictly followed. Your Buyer Agent will attend to the details and keep you up-to-date on the transaction each step of the way.
Its in Your Best Interest
Remember, an added bonus is that this representation by a Buyer Agent is most often without cost to you. Commission is typically paid by the seller at closing and you get the necessary expertise and advise you deserve and save time, money and energy in searching, identifying and purchasing property.
Buyer representation is important because among other responsibilities, the real estate professional representing you legally has a fiduciary duty to you and must keep you informed and keep your motivations confidential. Exclusive Buyer Agents are essentially real estate investment advisers who help you get the best investment. In this complicated and sometimes overvalued marketplace, retaining the services of a Buyer Agent is in your best interest.