Most home buyers, especially first time buyers, don’t realize that when buying a home you don’t have to pay ANYTHING to use an exclusive buyers agent.
Some buyers think they can save money by doing all of the work themselves. In reality, not using a buyers broker will probably cost you money and can subject you victim to possible complications in real estate transactions.
For a normal real estate transaction, sellers pay for a (listing agent), to advertise and sell their house. In the listing agreement, a listing fee is set of which part, usually 3%, will be used for the payment of a buyers agent. It is from this commission amount that a buyers agent gets their commission check. The fidiciuary duty of the sellers agent is to represent and protect the seller. Their duty is to help the seller get the most money possible when they sell their home. They have a responsibility to represent the seller and protect them during the real estate transaction.
With the invention of the internet, and great home search websites can help you find Colorado Homes for Sale, Homes for Sale in Salt Lake City, Utah or rural Southern UT Homes, while buyers can get a good deal information about real estate, but even the internet can’t replace the importance of an effective buyers agent.
The buyers agents main role is no longer to locate properties for buyers. The buyer agents main role is to serve as the “key” and provide valuable information about: homes information, local real estate information, home value information, and to make sure the buyers real estate protection.
Real estate transactions can be emotional experiences and invove lots of of money. There is lots of stress involved and things don’t usually go exactly as planned. If a seller has an agent to represent them and negotiate on their behalf, a buyer should have this safegaurd too.
A buyers agent watches out for the buyer. Buyers agents help their clients find the best mortgage lenders, that will get them the best rate and service on their mortgage loan. When a good home is found, buyers agents help the buyers to present good strong offers. Good buyers agents understand the market and can usually predict the range where the lowest acceptable offer might be. Buyers agents also make sure that all the paperwork is accurate and complete so the buyers interests are are protected.
The buyers agent also sets reasonable deadlines for inspections, due diligence, and financing deadline. They then follow up with lenders and inspectors to make sure due diligence is completed as contracted. When issues arise, good buyers agents help renegotiate the deal to take care of any obstacles, or to protect the buyers earnest money if the buyer does decide to cancel the contract. When cancellations happen, your buyers agent will still be there for you, and will endure through the home search, and negotiation over and over until the transaction closes in escrow.