
Why Hire a Buyer's Agent
Why should you consider engaging a Buyer's Agent when buying a home?
The decision to hire a buyer's agent becomes evident when you're actively seeking a home. There are numerous compelling reasons to do so, many of which we'll outline here. The process of purchasing a home is among the most significant financial transactions you'll undertake in your life, making it crucial to have a qualified real estate professional advocating for your best interests.
A buyer's agent plays a pivotal role in ensuring you achieve the best possible outcome. Contrary to a common misconception, some uninformed buyers believe that dealing directly with the listing agent might offer them an advantage. However, this is not the case.
The listing agent primarily represents the seller and is committed to securing the highest possible sale price for them. Their loyalty lies with the seller throughout the transaction, leaving them unable to provide impartial advice or guidance to the buyer.
The concept of buyer's agency was introduced in the majority of the United States during the 1990s. Prior to the advent of buyer's agency, all real estate agents primarily represented the seller.
The introduction of buyer's agency marked a pivotal moment in the realm of real estate sales. Prospective homebuyers gained the invaluable opportunity to have a dedicated buying agent working diligently on their behalf.
Within the framework of a buyer's agency relationship, the agent offers unwavering loyalty to their client, exercises reasonable diligence and care, adheres to lawful instructions, maintains confidentiality, and remains accountable for their actions. In essence, the real estate agent places the buyer's best interests at the forefront and strives to secure the most favorable terms on their behalf.
A buyer's agency agreement is a formal contract forged between a buyer and their chosen buyer's agent, outlining the terms of their exclusive working arrangement. This agreement establishes a clear understanding between the parties and delineates the buyer's agent's responsibilities towards the buyer.
Key components of a buyer's agency agreement encompass the following: agent exclusivity, contract duration, compensation structure, and the buyer's property preferences.
The contract explicitly specifies that the buyer will exclusively collaborate with the designated agent. It also states the period during which the agreement remains in effect. In cases where the seller offers a commission lower than what the buyer's agent expects, the agreement will define the compensation procedure.
A comprehensive description of the buyer's ideal property is provided within the agreement. In most buyer's agency agreements, the buyer is typically obligated to procure a home through the designated buyer's agent.
Should the buyer, for any reason, purchase a property without the involvement of their exclusive buyer's agent, the agent may still be entitled to a commission.
Given that the buyer is responsible for the buyer's agent fees, regardless of whether they use their services, it is paramount to have complete confidence in the agent before entering into an exclusive buyer's agency agreement—much like the diligence exercised when signing an exclusive right-to-sell agreement during the selling process.
Their guidance aims to help you make the most informed decision, and they are committed to disclosing all pertinent transaction-related facts.
These are just a few examples of the comprehensive services a buyer agent can provide.
New Construction
Regarding New Construction, I can represent the buyer as well. Most builders in this area do cooperate with real estate agencies and many seek out our assistance.
I am extensively trained in New Construction and would represent you well, especially someone who has never built a new home before and is unfamiliar with the process.
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