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The Importance Of Using A Buyers Agent (Part 2)

By
Mortgage and Lending with Re/Max United

Thinking Man

The Importance Of Using A Buyers Agent (Part 2)

Being a real estate professional I am often subject to many of the same questions when it comes to real estate. My articles will try and answer some of the most common questions buyers have when thinking of purchasing a home. First I would like to talk about buyers agents. We tend to get many questions such as: "How much does it cost to use a buyers agent?", "What does a buyers agent do?", and "How can I use a buyers agent to my advantage."

First some quick terminology:

Listing Agent - The agent that works for the person SELLING a property

Buyers Agent- The agent that works for the person BUYING a property

2) What Does A Buyers Agent Do?

- A buyer's agent is there to help a buyer throughout the buying process. The buyers agent sends the buyer listings that match the buyers criteria, shows them a home if they think they are interested, researches the property, helps the buyer find a credible lender (or the buyer can choose there own if they wish.) Once they are qualified, the agent goes over the offer to purchase contract with the buyer to make sure they fully understand all the details, and discuss the potential walk always. (The new contracts place an emphasis on all dates including: when you apply for a loan, when you do your inspection, how long you have to respond with repair requests, final loan approval, etc. If any of these dates are missed, you might have bought yourself a home!)

The agent then reseraches the property for value. They do this buy doing a Comparative Market Analysis on the property with similar properties in the area, that are currently on the market, and also that have sold recently. They then find more specific information such as, when the seller bought the property, how much they paid, and how much they still owe.

After an offer is accepted the agent keeps in touch with the lender, buyer, and listing agent to make sure all documents are accounted for, filled out properly and delivered on time. They will also help you set up a home inspection, and can either recommend a trusted inspector or the buyer can choose there own. The buyer's agent then helps negotiate repairs and checks to see they are done, and done right.

Finally the buyers' agent goes to the closing attorney's office with the buyer to make sure everything goes smoothly.

In short the buyers' agent is there to make the buying experience as enjoyable and stress free as possible for the buyer.

In Part 3 I will discuss How you can use a buyers agent to your advantage.

Article By

Preston Hensley

Re/Max United