BUYERS AGENT - Tim & Pam

Why A Buyers Agent?

How you Benefit!
A buyers agent represents a consumer who is purchasing property in a real estate transaction. The agent owes full fiduciary responsibilities, duties and loyalty to the buyer. The buyers representative works for the buyer and has the buyer's best interests in mind throughout the entire real estate transaction process.

The word "agent" in the legal sense means "fiduciary." A fiduciary's primary duty is to put the interest of his/her client first. (Doctors, lawyers and accountants are examples of fiduciaries.) The courts have ruled that when real estate licensees act on behalf of others and represent them, they are accountable as fiduciaries. Obviously, buyers need protection and representation as well as sellers. That is why the traditional real estate setup no longer makes sense.

The buyers representative is compensated through a negotiated fee, or in some states the commission is split between the buyer's and seller's representatives based on the selling price of the real estate property.

It is important for the consumer to discuss compensation in the initial interview. In many cases, it is recommended that the consumer and buyer representative agree to the terms of compensation prior to viewing real estate properties and sign a written agreement based on these terms. This agreement should spell out the responsibilities of both parties throughout the real estate transaction.

It is important to note that in some states, legislation has been enacted to protect the client to the point that absent a written agreement the agent represents the buyer throughout the real estate transaction. Consult your local REALTOR for complete details when you first start the search for purchasing any real estate property.

Why use a Real Estate Buyers Representative?
As a consumer, how often do you buy real estate property? Once, twice, three times in your lifetime? Purchasing real estate is a complex and major transaction with many details to be handled. In the majority of cases the seller will be represented. Wouldn't you want to have complete and fair representation in the real estate transaction?

The Benefits of Using a Buyers Representative
Using a Fiduciary representative offers the consumer many benefits.

* Evaluate the specific needs and wants of the client and locate properties that fit those specifications.

* Assist the client in determining the amount that they can afford (pre-qualify) and show properties in that price range and locale the consumer has determined.

* Assist in viewing properties and either accompany the client on the showings or preview the properties on behalf of the client to insure that the identified specifications are met.

Research the selected properties to identify any problems or issues to help the consumer in making an informed decision prior to making an appropriate offer on the property.

* Advise the client on structuring an appropriate offer to purchase the selected property.

* Present the offer on the clients behalf.

* Negotiate on behalf of the client to help obtain the identified property. Keep in mind that the buyer representative will be doing so with their clients best interests in mind.

* Review and explain all legal documents to their client.

* Recommendations and assistance in securing appropriate financing for the selected property.

* Provide a list of potential qualified vendors e.g. movers, attorneys, carpenters if these services are needed by the consumer.

Most importantly, the consumer would know that they are fully represented throughout the real estate transaction.