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What Are Some Benefits of Using a Buyer Agent?
When a relationship is created between the
purchaser and the real estate agent, the agent must work in the buyer client's
best interest at all times, thereby providing purchasers with the same level of
representation (fiduciary duty) traditionally given only to the seller. Here are
just a few of the benefits you will receive from having your own personal
representative when seeking to purchase property:
1. Confidentiality. The agent you hire to represent you will not disclose
confidential information regarding motivation, price and terms, or anything
else of a personal nature to the seller or seller's agent without your
permission to do so.
2. Loyalty. The buyer's agent must work in the buyer's best
interest at all times, even if it is not in the agent's personal best interest
to do so. This means that the agent will virtually do for you what they would
do for themselves in the transaction.
3. Full disclosure. The agent you hire to represent you will fully disclose
any information gained from the seller or the seller's agent that could be
used by you in the transaction. In addition, the buyer's agent will undertake
a level of diligence and discovery that will give you the necessary
information to make an informed decision as to the property you wish to
purchase.
4. The buyer's agent will search for all available
properties for sale by owner, unlisted properties, new construction, etc. and
will certainly not limit their showings to properties they have listed. A
listing agent's job is to move the inventory of their seller clients. A
buyer's agent's job is to locate satisfactory properties for their client. Any
limitations on this search will be documented in the buyer agency agreement.
5. As the buyer's agent goes through the
properties with you, they will assist you with analyzing the properties and
determining their strengths and weaknesses using their knowledge of the area,
home features, current trends and market conditions allowing you to make
informed comparisons and determine whether or not the property would suit your
particular needs.
6. The agent you hire to represent you in the
transaction will do a market analysis on the chosen property and will provide
you with an offering range for that particular property. They will then set a
negotiating strategy for you to assist you in acquiring the property at the
lowest price and best terms possible for your situation.
7. The buyer's agent will complete an offer to
purchase that is "buyer friendly" and contains the contingencies and
protective clauses you need. Included are following through negotiations right
to closing.
These are just a few of the benefits received from
having your own personal buyer agent when purchasing. Considering that the
majority of buyer agents are paid through the transaction or by the seller's
agent, doesn't it just make good sense that you have the representation you
deserve? |
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