Most real estate buyers, especially first time buyers, don’t realize that when purchasing real estate there is no cost to use a buyers agent.
These buyers think they will save money by doing all of the work themselves. In reality, not using a buyers agent will probably cost you money and can make you vulnerable to possible pitfalls in the real estate transaction.
In a normal real estate transaction, sellers hire a (listing agent), to advertise and sell their house. In this listing agreement, a listing fee is decided of which part, usually 2.5-3%, is set aside for the payment of a buyers agent. It is from this commission amount that a buyers agent gets their commission check. The fidiciuary duty of the listing agent is to look after the seller. Their job is to help the seller get as much money possible for the sell of their house. They have a responsibility to represent the seller and look after their best interest.
With the invention of the internet, it is easy for buyers to find Colorado Homes for Sale, Homes for Sale in Salt Lake City, Utah or rural Southern UT Homes, while buyers can get lots of information about real estate, but the internet can’t replace the importance of using a buyers agent.
The role of the buyers agent as the chief locater of likely properties has changed. The buyer agents main service is to work as the facilitator and provide valuable information about: each particular home veiwed, area specific information, home value information, and to make sure the buyers real estate protection.
Real estate transactions can be trying experiences and invove lots of of money. Tensions can be high and things don’t usually go exactly as planned. If a seller has a real estate agent to represent them and negotiate on their behalf, buyers should have this service too.
The buyers agent watches out for and helps the buyer. They help them arrange financing with the best mortgage officers, and help guide them to the best home loan. When a good property is found, buyers agents help the buyers to present solid offers. Good buyers agents understand the market and can usually predict the range where the lowest acceptable offer will be. They also make sure that all the paperwork is legitimate and complete so the buyers interests are are protected.
Buyers agents set reasonable deadlines for home inspections, due diligence, and mortgage financing. They then follow up and make sure due diligence is completed in time. If there are issues, good buyers agents help renegotiate the deal to take care of any problems, or to protect the buyers earnest money if the buyer does decide to back out. When a deal falls apart, your buyers agent will still be there for you, and will endure through the home search, and negotiation again and again until the deal finally closes.
