Man alive, there has never been a better time in the housing market to be a buyer than today. Rates are low, inventory is short so more people are listing, and that rock star buyer's agent has a pool of properties to show you when you are ready to say the word. You meet at the office, and the buyer's agent asks you to sign a Buyer's Agreement. Whoa, wait, what? A Buyer's Agreement? Am I signing to buy something already? Not at all. Today we look at the Buyer's Agreement, and why you need one.
A Buyer Representation Agreement is a legal document that formalizes your working relationship with a particular buyer’s representative, detailing what services you are entitled to and what your buyer’s rep expects from you in return. While the language used in the document is formal, homebuyers should view it as an important and helpful tool for clarifying expectations, developing mutual loyalty, and most importantly, elevating the services you will receive. Below are a few key things to know about signing a Buyer's Agreement with your buyer's agent:
- Receive a higher level of service--If you’ve signed a Buyer's Agreement with a buyer’s rep,you can expect to be treated like a client instead of a customer. What’s the difference? Clients are entitled to superior services, customers receive great service, but with the Buyer's Agreement, you now have a fiduciary, or agency, relationship with your buyer’s rep.
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Get more without paying more. In almost every case, home sellers have already agreed to pay a buyer’s agent’s commission. If they haven’t, you can ask your buyer’s rep to avoid showing you any such homes. Or you can still view the home, knowing that you’ll need to factor your agent’s commission into any offer you may write. -
Avoid misunderstandings. A Buyer’s Representation Agreement clarifies expectations, helping you understand what you should and shouldn’t expect from your buyer’s rep, and what they will expect from you, which usually centers on loyalty.
The Shields Team has amazing buyer agents, and they are waiting to help you with your next home purchase! We can explain more about the Buyer's Agreement in our state, and get down to the brass tacks on the rest of a contract when you've found the home you can't live without. Call us at (423) 433-6517, or come by and meet one of our amazing agents! We're located inside Keller Williams Realty at 1033 Hamilton Place in Johnson City. Let us lift the fog for you on ALL of the contract details!
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