It’s been almost 9 years since I wrote an article about the role of a buyers agent, and everything in that article still holds true today. Even more so, since so many homes for sale are “distressed” (foreclosures, short sales, etc) and the ins and outs of purchasing these homes can be overwhelming for home buyers.
Here is the article in it’s entirety:
It’s all about you!
The buyer agency & brokerage agreement protects and serves you in many ways:
Notice– The document puts the sellers & sellers agent on notice that the buyers have theirown representation during the transaction and are accepting the brokerage compensation that the sellers offered. (Nearly 100% of the time the brokerage compensation offered by the sellers to the buyers agent is more than sufficient for payment of my services to you. No out of pocket costs to you for buyers agency representation should occur.)
Confidentiality– When the sellers and their agent receive the notice they understand that anything you tell me will remain confidential unless I have your permission to share it with them. If the sellers or their agent reveal something to me it will be shared with you. The document binds me to your confidential information, not to the sellers or their agent. (Wouldn’t you love to hear that the sellers slipped up and said they would take XXX amount for their home before you wrote your offer to purchase?)
Investigation– Part of my duty to you is to find out as much as I can about the home and pass that information along to you. Relying on public records for tax information, or permits obtained for remodeling isn’t always the most accurate. Visiting the city/township offices and verifying information for you is part of a buyers agents job. Providing true recent sales data to you before you make an offer on a home is also an important part of our job. (You’ll see all the recent sold data, not just the higher comparable sales to justify the sellers asking price.)
Negotiation– Once the investigating is completed you’ll be able to make a confident and educated decision on not only the price to offer to a home seller for their home, but the terms of the offer you would like to have included. Presenting your offer on the home to the sellers & their agent and negotiating with them on your behalf is one of the most important and challenging parts of the home buying process. (Wouldn’t you want someone to negotiate on your behalf, and not representing the financial interests of the seller?)
Post closing care– Following up with you after you have closed on the purchase of your new home is equally as important as anything I’ve stated above. If you need help afterwards your buyers agent will be there to lend a hand. Can’t get to the city or township office to turn in your paperwork because of your work schedule? A buyers agent can handle that for you. (Keeping in touch and being your advocate after the closing is one of the most rewarding aspects of our duties to you. After all, you’ve become extended family to us and we will miss the daily contact with you.)
Buyer brokerage agreements are all about you.
Copyright 2008 Kris Wales – A Macomb County MI real estate agent.
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