What is a Real Estate Buyer's Agent?

A real estate buyer's agent represents the consumer who is purchasing the property in the real estate transaction. This agent owes full fiduciary responsibilities, duties and loyalty to the real estate buyer. The buyer's agent works for the buyer client and has the clients best interests in mind through out the entire real estate transaction process.

The agent is usually compensated by the seller based on the selling price of the real estate property. So most of the time this service is free to the buyer. It is important for the consumer to discuss the buyer agent's compensation in the initial interview. In many cases it is recommended that the consumer and buyer agent agree to the terms of compensation prior to viewing real estate properties and sign a written agreement based on these terms. This agreement should spell out the responsibilities of both parties throughout the real estate transaction. It is important to note that in some states, legislation has been enacted to protect the buyer to the point that absent a written agreement the agent represents the buyer throughout the real estate transaction. Consult your local REALTORŪ for complete details when you first start the search for purchasing any real estate property.

The Benefits of Using a Buyers Agent

Using a Buyers Representative offers the consumer many benefits.

  1. Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
  2. Assist the buyer in determining the amount that they can afford (pre-qualify) and show properties in that price range and locale the consumer has determined.
  3. Assist in viewing properties and either accompany the client on the showings or preview the properties on behalf of the client to insure that the identified specifications are met.
  4. Research the selected properties to identify any problems or issues to help the consumer in making an informed decision prior to making an appropriate offer on the property.
  5. Advise the client on structuring an appropriate offer to purchase the selected property.
  6. Present the offer to the sellers agent and seller on the clients behalf.
  7. Negotiate on behalf of the buyer client to help obtain the identified property. Keep in mind that the buyer agent will be doing so with their clients best interests in mind.
  8. Review and explain all legal documents to their buyer client.
  9. Recommendations and assistance in securing appropriate financing for the selected property.
  10. Provide a list of potential qualified vendors e.g. movers, attorneys, carpenters if these services are needed by the consumer.

 

Most importantly, the buyer would know that they are fully represented throughout the real estate transaction.

I'm happy to offer my expertise as an Accredited Buyers Representative and 20 years experience in real estate. Email me at marty.gale@remax.net or call 1-877-898-9502

 
 

           

 

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Marty & Laurie and The Gale Team

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Team Gale - RE/MAX Metro - Salt Lake City, Utah
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