Home buyers should always have their own agent. Buyer agents work to negotiate the best terms and price for the buyer. Best of all, the buyer agent’s services are free to the buyer.
Most people think they have to pay a sales commission. The truth is this: only the seller pays the commission.
Whether a buyer uses an agent or not, the seller still pays the commission. The only person that wins when buyers are not represented is the listing agent.
Most buyer agents will have their clients sign an agency agreement, an Exclusive Buyer Agency Agreement. It outlines their services, how they are compensated, and how the two parties will work together.
Remember, you wouldn’t hire your spouse’s attorney to represent you in your divorce. The same goes for real estate. Why use the seller’s agent to negotiate your best interest? There is an inherent conflict of interest.
The home buying process is stressful enough without worrying about who you can and cannot trust. Your buyer’s agent is your trusted advocate.
Buyer Agents and the Agreements
According to most buyer agency agreements, the buyer’s agent must do these things.
Protect their client’s financial information
Negotiate the best possible price for the buyer
Must disclose to the buyer if they are working with another buyer interested in the same property
Show all properties the buyer is interested in that fits their criteria and budget
Connect you with the service providers—inspectors, lenders, home warranty companies—to best suit your needs (who knows these vendors better than your agent?
The buyer also has some responsibilities to their buyer’s agent:
Buyers must work with their buyers agent exclusively
Buyers should never give personal information to any other agent
Buyers should not call other agents to see properties, even if they think they are saving their agent some time and effort
Buyers should clearly define their must haves and deal breakers to help their agent streamline the showing process
Author:Keith Hefner Phone: 469-394-7225 Dated: March 14th 2016 Views: 1,784 About Keith: ...
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