What Is A Buyer's Agent and What Does A Buyer's Agent Do?
Many times I get calls from consumers looking for more information on a particular home they found on the internet, in particular on my website or on my blog site. Most of the callers think that these Lakeland FL homes for sale are my listings. Well, truth be told many of the listings and currently there are over 1500 homes for sale, are really not all my listings. After talking a bit about the property and the buyer's real estate needs, I tell the consumer that this is not my listing and I would strongly advise seeking a buyer's agent to represent you, the buyer, in buying a home, which is what I do consistently and successfully, representing buyers. After a brief pause, the consumer ask:
"What is a Buyer's Agent, more importantly what does a buyer's agent do?"
A buyer's agent when contracted by you, the buyer, in a real estate transaction is representing solely the buyer and their specific interest when buying a home.
- Educate buyer's client to help understand the process from the beginning until the end.
- Preview and setup showings for the buyer.
- Provide the buyer with detailed information about the property the buyer has shown interest in.
- Provide the buyer with a comparable market analysis to determine an offer price
- Providing all necessary disclosures that applies to the home, i.e. Short Sale, Lead Based Paint Disclosure, Property Seller's Disclosures, etc.
- Making sure that the buyer understands the numerous deadlines that appear in the contract for sale and purchase
- Prepare the offer for the buyer and making sure buyer understand the offer.
- Advise the buyer to seek legal and tax advice.
- Timely deliver contract and counter offer, if necessary
- Collect or make sure the earnest money deposit is timely delivered at the title co. or attorney's office.
- Communicate with the mortgage broker/lender throughout the loan process to avoid any unnecessary delay.
- Review Good-Faith estimate on behalf of the borrower/buyer.
- Schedule all inspections and be in constant communication with the buyer.
- Attend all inspections and re-inspections and communicate the inspector's findings.
- Be present at the time the appraisal is done and if necessary when there is a FHA/USDA or VA loan required repairs.
- Be in constant communication with lender, title company and buyer to make the closing process as smooth as possible.
- Review the settlement statement with the buyer.
- Arrange for final walk-through.
- Attend closing.
Just like you would interview a Realtor® when you are in the market of selling your home and sign an exclusive listing agreement, you would do the same thing when hiring a buyer's agent as your Realtor®, you would sign an exclusive buyer's broker agreement.Hiring a buyer's agent should be done with caution. Ask about commissions upfront. A buyer's agent may tell you that the representation is free and show you only homes where the commission split between the real estate brokerage is higher or the seller offers the agent bonus than on the home you could have gotten a better deal. Some of the real estate agents will also not show properties that are marketed as short sales or even For Sale by Owners.
I am sure this article will shed some light of what a buyer's agent is and what the duties of buyer's agent are. If you are looking to buy a home and are looking for an experienced Realtor®, who has your best interest in mind, feel free to give me a call at (863) 619-6918 for a professional consultation and interview.
When it comes to hiring an experienced buyer's agent for short sales, you may find the article by clicking the link below of great interest:
I hope you found this post useful! If you need help finding or selling your Lakeland, Florida home, please contact Petra Norris - REALTOR(R) at 863-619-6918. If you’re new to Lakeland, I’d especially like to extend a warm welcome. I value my clients and provide them with honest, reliable service. Allow me to introduce you to the Lakeland FL real estate landscape and all it has to offer.
Copyright © 2011 By Petra Norris * What Is A Buyer's Agent and What Does A Buyer's Agent Do?*
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