What is a Buyer’s Agent?
86% of buyers use a Realtor to find a home (National Association of Realtors study). A Buyer’s Agent is the Realtor who represents the buyer in the real estate transaction. The Buyer’s Agent works for the Buyer and has the Buyer’s best interests in mind throughout the entire home buying process.
What Will A Buyer’s Agent Do For Me?
- Ask the Buyer questions about their needs, wants, and goals when buying a home.
- Assist the Buyer with becoming prequalified for a mortgage.
- Match the properties available with the needs and wants of the Buyer.
- Schedule appointments to preview the homes for sale with the Buyer.
- Monitor the MLS for new listings and notify the Buyer as they become available.
- Request all property disclosures to better understand the propertyÕs history and future need for repairs.
- Provide a Comparative Market Analysis of the buyer’s top choices in order to suggest an appropriate sales price.
- Complete a purchase agreement with the Buyer that satisfies their mortgage obligations.
- Present the offer to the Owner or the Owner’s Realtor on behalf of the Buyer.
- Negotiate on behalf of the buyer to help obtain the best possible terms.
- Assist the Buyer with scheduling a Home Inspection, Termite Inspection, and Appraisal.
- Work side-by-side with the Buyer’s mortgage company to create a smooth closing.
- Provide information to the Buyer to help obtain required HomeownerÕs Insurance.
- Guide the Buyer through any turbulence (unforeseen problems) along the way.
- Remind the Buyer to set up their utilities, forward their mail, change their address, and help prepare them for their Moving Day.
Who pays the Buyer’s Agent?
In most cases the Buyers Agent is compensated by sharing the commission that the seller has already agreed to pay their agent. The buyer can receive representation at no additional cost to themselves. Even in the case of New Homes, the Sales Rep's in the Model Homes are highly trained representatives for the Builder, and are there to sell you their homes. Just as you can't go into a Chevy dealer and buy a Ford, these Rep's won't represent you BUT you can work with these Rep's and still have someone on your side! A Buyers Agent can look out for your best interests, show you the entire market, and still be paid from funds the builders have already set aside to market their homes.