My name is Frank Dolski. I am a successful Realtor with Coldwell Banker Hearthside located in Lahaska, Pennsylvania. I also have my ABR designation which means "Accredited Buyer's Representative". As an active member of REBAC, I wanted to discuss buyer agency and specifically, the essential need for it with new construction.
Many potential buyers take a tour of a model home in a newly constructed subdivision and are caught up in the moment. Perhaps they are just looking for ideas for decorating or just browsing for a new home. Keeping this in mind, some buyers are so fascinated or are ready to purchase and fist secure a lot with a deposit. They typically have a period of time, such as 5-7 days to go to contract. Once they go to contract, they have a agreed to purchase the home-site and build a home. What they do not realize is that unless they are represented buy and agent or in some cases an attorney, that the site agent is an agent for the seller/builder and provide no representation for the buyer(s).
Needless to say, they should secure a real estate agent to represent them prior to their first visit to the site. There is typically no cost to the buyer for such representation and the agent represents the buyer form contract to closing. Approximately 25% of my business has been representing buyers in their purchase of new construction. First and foremost, I familiarize myself like I would with resale properties and market areas so I can better serve my clients. Some builders offer incentives and with any contract, it is my responsibility to negotiate in the best interest of my clients. Perhaps a lot premium could be discounted or waived or maybe there is a short term incentive for spec homes. In any case, I always try to get my clients the best deal as possible!
Listed below are a few of the benefits to choosing buyer agent representation for new construction:
- Realtors can assist in procuring mortgage lenders and other resources if necessary.
- Recommendation to secure a home inspector during different phases of construction such as pre-drywall and final inspection. Most buyers never think of doing this!
- The agent can help facilitate/communicate with the builder or site representative as an agent for the buyer during construction. Some buyers relocate and cannot be at the site to monitor progress.
These are only a few of the benefits of choosing a buyer agent to represent you on new construction. Please contact me if you would like more information on buyer representation in the Bucks, Montgomery, Philadelphia, Chester or Delaware County areas.
Frank Dolski
Coldwell Banker Hearthside-Lahaska
215-794-1070 x103 (office) 215-803-3237 (cell)
F.dolski@cbhearthside.com http://wwww.Frankdolski.com
Comments(3)