How much does a real estate agent cost if I'm buying a home? In Kansas City, the Buyer's Agent is traditionally paid out of the Seller's funds at Closing. Hiring a Buyer's Agent to represent your best interests in the transaction does not change the price of the home. It also does not change the amount of commission. There may be an administrative fee charged by the brokerage and paid at Closing; at BHG, it's $210.
How do I hire a real estate agent to represent me? Sign a Buyer's Agency Agreement with the agent you choose.
What is a Buyer's Agency Agreement? The Buyer's Agency Agreement is a commitment between you and the agent. It states that you will be honest with the agent, provide proof of funds and inform the agent of any changes in your life which could effect the purchase. It states that the agent will protect and promote your best interests only - not those of the seller; that the agent will give you their professional advice and opinion regarding all aspects of the property and financing; that the agent will negotiate ONLY on your behalf; that the agent will protect your confidential information; that the agent owes you these, and all, fiduciary responsibilities.
Why do I want a Buyer's Agency Agreement? Without one, the agent is NOT working for you. It is your earned right to be represented. You've heard of 'Caveat Emptor' ('Buyer beware')? Ralph Nader and other Consumer Advocacy Groups fought for buyers to be given the same right of representation that sellersl have always enjoyed. In the 1990's, they finally won resulting in Congress creating Buyer Agency for real estate purchases.
____The Buyer's Agency Agreement is how you engage an agent to work for YOU.
____The Buyer's Agency Agreement is how the agent is paid at Closing. Without one, they are either working for free or being paid by the seller. Either scenario does not bode well for you.
____The Buyer's Agency Agreement is what authorizes the agent to work for you. If an agent is giving you professional advice and opinion without an agency agreement in place, they are operating outside the bounds of their professional duties - OR they are working for the seller.
During our initial consultation, I will give you a copy of the Buyer's Agency Agreement to take home with you so that you can read it at your leisure. If you want to read The Buyer's Agency Agreement before we meet, request a copy in an email.
Also see: It's Not My Fault You Are Not On My Short List. .... How To Peel A Potato . Brookside Flavor . Free Money For Kansas City Homebuyers . Coal Vines Pizza - a NEW restaurant on the Plaza .
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