Tuesday, September 27, 2016

What is a Buyers Agent? Do I Need One?

What is a Buyers Agent? Do I Need One When Buying a Home?

By Emilio DiSpirito www.EmilioDiSpirito.com

Practical Real Estate Advice - Without the Fluff.

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Should I hire a buyers agent when buying real estate?

Real estate transactions normally have two real estate agents involved:

  • Listing Agent - Lists the home and works for the seller to negotiate the highest price and the most favorable terms.
  • Buyers Agent - Negotiates the most favorable price and terms for the buyer. 

What does a buyers representative do? Is it wise to go in without one?

  • Negotiate the best fair market price on a home
  • Walk buyers through the very convoluted process by connecting them in some cases with financing, home inspectors, closing and title company, contractors and various other professionals needed during the transaction. 
  • Negotiate the best terms for the buyers. Terms may include a prolonged inspection period or mortgage approval or closing time frame.
  • Discuss inspection report thoroughly with buyer and educate buyer on what will hit their wallet the most now and later and what is vital to ask seller for now. Negotiate repairs or credits for buyer. 
  • Often times going in without a buyers agent, buyers may pay more and may not get the best terms available to them when going directly to the listing agent that works for the sellers. 

Other common duties of a buyers agent:

  • Set buyer up with a home search
  • Protect financial interests
  • Protect buyers private and confidential information
  • Must always look after buyers best interest, even before their own
Click photo to start your home search in Rhode Island

Who pays the buyers agent commission?

  • Seller normally pays the listing agent who then gives a split to the buyers agent.

In what situations may a buyer be responsible for a buyers agent commissions?

  • If listing agent is not paying a buyers agent
  • If listing agent is paying a very low fee 
  • If buyer wants to purchase a For Sale By Owner FSBO that is not paying a fair brokers split

How do I go about qualifying a buyers broker?

  • Do they specialize in the area looking? Have they sold in that town or neighborhood?
  • Do they have significant experience negotiating or are they new?
  • Does agent know what pitfalls to watch for in the transaction?
  • Have they educated me on the current market and expectations?

Why Should I sign an exclusive agreement with a buyers agent?

  • Because the buyers agent at that point MUST protect a buyers best interests.
  • The best agents who will get you the most favorable terms would not move forward without one. 
  • You are showing a serious commitment to the home buying process, which is needed for a successful transaction. 

How many buyers use a buyers agent?

  • Approximately 87% of buyers use a buyers agent
Any further questions? Feel free to leave a comment below!! 
Before you know it... Moving Day!! :)


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