5 Things To Know When Hiring A Buyers Agent

5 Things To Know When Hiring A Buyers Agent

I have something very important to share with you. Some may call this a secret, but really, its common knowledge. Not all real estate agents are the same.

Hiring an agent to assist you with a home purchase could save or cost you thousands. Earlier this year, I was hired as a buyer’s agent to find and negotiate their home purchase. Both the buyer and I were burning the midnight oil to find just the right home. Weeks went by. Mainly because by the time we saw or got to the property it had multiple offers on it. Finally, at 7 am on a Sunday morning I was looking through the MLS and came across a home that met ALL the buyer’s needs… except it was in a different location than what they were looking in.  I emailed them the property any way explaining why I was sending them this property. Several hours later I got word from the buyers that this was the perfect house and they wanted to make an offer. Naturally, I met them at the house so they could see the inside (which really is a must.)

You may ask why I sent a client a home in an area which they didn’t think they wanted to be in. There were several reasons: The property had everything they wanted (size of lot, size of home, and additional amenities they were going to pay to have built on the property), it was basically the same distance for commuting to work as where they had decided to seek a home, lastly, I knew this listing was under priced for the area it was located in. After receiving the appraisal, the home was significantly under priced, which meant the buyers had equity in the home they just purchased and, unfortunately, the sellers failed to make that extra profit.

It’s critical to any home buyer to interview real estate agents to find the one who will be best suited for you and hire them by signing a Buyer’s Representation Agreement. This document typically doesn’t cost the buyer anything. What this contract represents is a binding fiduciary duty to you, the client. Some question you’ll want to think about are:

Is the agent making the decisions for you? The answer should be no. A Buyer’s Agent is there to assist you through the process of finding the right lender if you need assistance, create a custom search for you so you can decide if you want to see a property. When you drive past a property and want to view it, your agent will arrange a showing for you. There should not be pressure to purchase that home. You, the buyer, should be making that decision.

What happens when you find the home you want? Your agent helps you to prepare your offer, presents the offer on your behalf, negotiates terms and conditions of the offer in your best interest. These services should not cost you anything extra (some brokerages charge a “buyer processing fee” at closing up to $400!)

How you benefit from hiring the right agent? You can afford the home you’re purchasing. You may be able to beat out other offers by your agent’s expertise in presenting and negotiating your offer. You get the home for a price that you feel is reasonable in the current market conditions.

How does your Buyer’s Agent get compensated for their services? Typically, the listing agent or home builder pays a percentage of their listing commission at closing to your agent who brought the contract their seller accepts.

What are the agent’s expectations of the buyer? Loyalty. Honestly. Trust.

Purchasing a home is stressful. Your agent should be helping to relieve the stress so the transaction moves smoothly and as hassle free as possible. There will be things that come up that just have to be done or overcome which may be stressful or inconvenient. Interview potential buyer agents with questions that are important to you. When you find a Realtor you want to work with, hire them.

As a Home Buying Specialist…I will help you:

1.Find the best home for your needs

2. Negotiate the lowest price

3. Meet your home buying needs with the least amount of hassle

And none of my services will cost you a penny!

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Phone: 512-380-1823
Dated: December 21st 2015
Views: 633
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