Why use a buyers agent?!?!?!?

In this market, a buyer's agent is a very useful thing to have on your side...

Why?

Many buyer's agents are extremely knowledgeable about mortgages, and can assist you in financing services, as well as with real estate. Understanding the financing of a home in today's mortgage market is about the most important factor in actually purchasing a house... mortgage lenders are tight, and getting a loan can be complex... certainly, the programs available in RI and MA are changing daily, if not hourly, and what you are told this week may not be applicable next week. A buyer's agent who understands what is going on in the mortgage industry is an important ally to have on your side.

Of course, not all buyer's agents understand mortgages, but that is not the only issue in these markets. Realtors with buyer's agency experience can help to negotiate the best value for the property in question. They understand the market place, and can show you comparable property sales, to help determine a realistic offer. Remember, just because people say it is a buyer's market does not mean that all properties are selling for less than asking price. This all depends on the neighborhood, the region, the style and type of housing (waterfront properties are NOT going down in price, for example, and in some markets, housing prices are actually increasing) and whether the seller needs to sell or can wait for an acceptable offer.

So while many buyers seem to think that any property should be available for 10% or more below asking price, this is simply not realistic. The fact of the matter is, it all depends. Realism is as important for buyers as it is for sellers. Buyers should remember this when working with buyer's agents, and listing agents. 

In our regions of business, it is required that the buyer sign a buyer's agency agreement in order that the agent can disclose information otherwise confidential to the seller. In other words, if you don't have a buyer's agency agreement, the agent represents the seller by default, and cannot disclose information that is detrimental to the interests of the seller. That is the law, so if you want buyer's agency assistance, you will need to sign such a contract, or not get the benefit of the buyer's agent representation. 

For more information about buyer's agency, see http://www.homesalesri.com/buyers_place.php and http://www.homesalesri.com/buyer_agency.php

We hope this helps.