Frequently asked questions of the Buyer's Agent
How much does their service cost me?
In most cases, there are no additional costs to you for the service of a Buyer's Agent. Although technically you're hiring the Buyer Agent, the compensation can come from the real estate transaction. When a home is listed for sale with a real estate agent, (a.k.a. the Listing Agent), the seller generally allows for a commission big enough for the listing agent to share 50/50 with the real estate agent that brings the buyer (a.k.a. the Buyer's Agent).
If the Buyer Agent usually works on a commission, what is the Agent's incentive to save me money when negotiating on my behalf?
REPEAT BUSINESS....The better the job the Buyer's Agent does for the home buyers, the more the buyers will spread the word. A real estate agent's career depends mostly on referrals. In addition, it would be a violation of a written contract between the buyer and the agent if the agent knowingly did an injustice to the buyer.
How does the Buyer Agent find out about all the homes that might meet my needs?
Most agents have access to the M.L.S. They also sign their buyers up to their websites so that they can automatically send them emails when a property matches the buyer's criteria. My personal website is: http://www.EZhomeseeker.com
When working with a real estate agent am I a Client or a Customer?
A Buyer, who is represented as a Customer of a real estate agent, is working with an agent whose loyalty lies with the Seller.
A Buyer, who is represented as a Client of a real estate agent, is working with
an agent whose loyalty lies with the Buyer.
You must be a Client of the Agent in order to get any kind of representation. Be sure it is in writing from your agent. Do not assume. Many home buyers have thought the agent working with them was working for them.
I heard that a Buyer Agent will want me to sign a contract that would only allow me work with them. What if I wanted to work with other agents?
The contract between you and the Buyer Agent is very important to be aware of. Buyer Agents offer the contract as protection for you the buyer as well as the agent. A Buyer's Agent will go to work for you spending many hours of research, scouring the market place continuously looking for the homes that best suit your needs, financially as well as physically. A Buyer Agent needs to know that you are committed to them during the time they are committed to you.
What can I expect from a Buyer Agent?
Obedience: A Buyer Agent owes absolute obedience to the Buyer-Client provided that the Buyer Agent is not asked to violate any state or federal statutes or regulations. The Buyer Agent has the job to search out the entire area to the best of his/her ability.
Loyalty: A Buyer Agent must always think of the Buyer-Client before him or herself, even when it may not be in the Buyer Agent's best interest. A Buyer Agent must always be loyal to the buyer, never doing anything that would intentionally jeopardize the Buyer-Clients best interests.
Disclosure: A Buyer Agent must disclose any information he/she knows about the seller to the Buyer-Client. A Buyer Agent must disclose any pertinent facts about the property and the immediate area know to him/her or, which should be reasonably expected to be known as the representative of the Buyer-Client.
Confidentiality: A Buyer Agent must keep all sensitive information concerning his/her Buyer-Client confidential, unless the Buyer-Client has given the Buyer's Agent permission to disclose such information.
Reasonable care and diligence: A Buyer Agent is responsible for researching the property of your choice and disclosing any material information that they learn about the property prior to a Buyer-Client making an offer to purchase.
Negotiator: The Buyer Agent has assumed the responsibility to make sure their Buyer-Client never unknowingly over pays for the home being purchased. It is the Buyer Agent's job to do a market analysis on the home the Buyer-Client intends to make an offer on. If the Buyer Agent knows of any information regarding the seller's willingness to accept less than the listed price, it is their fiduciary responsibility to inform the Buyer-Client of such facts.
No pressure: Buyer Agents are paid professional consultants. They never pressure their Buyer-Clients to make a decision to purchase a particular property. Nonetheless, when appropriate, and still without exerting undue pressure, the Buyer Agent must advise the Buyer-Client of the ramifications of such acts as delaying decisions and making inappropriate offers.
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