I am often asked, "Why do I need a Buyer's Agent? Isn't it easier just to call the name on the sign?" Two really good questions. Let me help explain why representation is to your advantage. A Buyer's Agent works exclusively for you. They provide you with:
Loyalty - Your real estate agent acts in your best interests.
Obedience - Your real estate agent must follow all of your lawful instructions.
Disclosure of Material Facts and Material Defects - Your agent must disclose to you all material facts of the property.
Examples include but are not limited to:
Relationships between the agents and other parties
Existence of other offers or counter-offers
Status of earnest money deposit
Seller’s ability or lack of ability to close the transaction
Property’s market value
Impact of important contract provisions
Confidentiality - The real estate agent must keep your confidences. Any information which you reveal to the agent about your motivation to purchase, your time requirements, or any other information which would put the seller at an advantage over you must remain confidential between you and your buyer agent. However, our state laws require your buyer agent to disclose to the seller or the seller’s agent any material facts about your ability to complete the transaction.
Accounting - Reporting where any monies place in the the hands of the broker or escrow agent are kept and careful administration of monies or property placed in the care of the agent.
Reasonable Skill and Care - Negotiation for a reasonable purchase price. Affirmatively discovering material facts and disclosing them to the buyer. Investigating, when possible, the important information related to the purchase decision and process.
To answer the other frequent question, "Why can't I call the name on the sign?" Let me explain. The listing agent (name on the sign) has gone under a listing contract in most instances to represent the Seller. Many assume that they can obtain a better financial deal working with the Seller's Agent. The Seller and Seller's Agent enter into a listing agreement that spells out the amount of commission the Seller(s) are willint to pay to sell the house. Whether the Seller's Agent sells the home themself and collects the full commission or cooperates with your Buyer's Agent and splits the commission, the agreed commission remains the same with the Seller. Why not be represented?
Remember, unless you agree to other terms in writing with an agent, Buyer's Agency costs you nothing.
Make sure your best interests are taken care of in one of your most important financial decisions.
If you would like competent and caring representation, give me a call at 816-994-0444.