Why Use A Buyer’s Agent???
Your home is probably the most expensive purchase you’ll ever make. Do you want to take the chance that you will overpay, or that you don’t get everything you think you’re buying? Do you want to find out about a defect that could cost you thousands of dollars AFTER you’ve bought the home?
Traditionally, all residential real estate agents represented the seller. Whether the agent listed or sold the home, all were legally bound to represent the seller. Buyers had to make the most important financial decision of their lives virtually without guidance or proper information.
Today, this is no longer the case. You can choose to be represented by a Buyer’s Agent. Now you, just like a seller, can have someone working on your behalf. As your advocate, a Buyer’s Agent can provide you with essential information so that you can make an informed decision, such as, but not limited to:
▪ Whether the seller will accept a lower price
▪ The seller’s reason for selling
▪ Approximately how long the home has been on the market
▪ Previous offers, if any
▪ Strengths and weaknesses of the home
▪ Comparable market data
And don’t underestimate the valuable negotiating skills of a Buyer’s Agent. Not only can a Buyer’s Agent assist you in establishing an offering price, but as your advocate, a Buyer’s Agent will strive to get you the lowest possible price with the best possible terms.
When you consider that a Buyer’s Agent helps with the purchase of more homes in 6 months than most people buy in a lifetime, it’s easy to understand that experience alone is a very good reason to use a Buyer’s Agent.
How Does a Buyer’s Agent Get Paid?
The buyer’s agent is generally paid from the transaction commission. This is the same commission which the seller agrees to pay his listing broker. Most listing brokers agree to pay a “co-operating” fee to any broker who obtains a buyer for the seller’s listed property. This is the same commission amount that would be paid to any real estate agent who obtained a buyer for the seller’s property. So it does not cost the buyer any more to be legally represented by a Buyer’s Agent. In fact, many times it could cost the buyer less, because the Buyer’s Agent is working to get the property at the lowest possible price and best possible terms for the buyer!