Mr Manitowish Waters
715-493-3924
How
a
Buyers Agency
Works for You
Unique Benefits And Services A BUYERS AGENT Can Offer You.
WHAT DOES A "BUYERS AGENCY" CONTRACT MEAN?
BENEFITS A BUYER'S AGENT CAN PROVIDE
ALL THIS SERVICE - WHAT'S THE COST?
GOING THE EXTRA MILE WITH BUYERS
COMPETITIVE EDGE WHEN PROBLEMS ARISE
If you're thinking of
buying a house or vacant lot, you need to know that the
real estate market has experienced some rather dramatic changes in the
past few years.
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Take time to read this
information on buyers' agents and how they can help you. A buyer's
agent can put his or her industry expertise to work for you- to
help you make one of the largest financial decisions of your lifetime.
Traditionally, a real
estate agent assisting a buyer in the home purchase process functioned
as the agent or sub-agent of the seller and owed allegiance to the
seller.
Unless the real estate
agent and the buyer are working under a "buyer agency"
contract, the agent is legally an agent of the seller and is obligated
to work in the best interest of the seller.
This means many things-
but of great importance to buyers is the fact that the agent is
obligated to obtain the highest price for the seller.
This is nothing new.
It has always been this way. What has changed is that today's
buyers are demanding representation too.
That's why we now have
"buyers' agents." Only a "buyer's agent" can
represent and work for the
best interests of the buyer.
A "buyer agency"
contract creates legal "fiduciary" responsibilities between
the buyer and the agent. The responsibilities are:
1. LOYALTY to the buyer's interests
2. OBEDIENCE
3. DISCLOSURE of
material information
4. CONFIDENTIALITY
5. REASONABLE CARE
and DILIGENCE
6. ACCOUNTING on all
matters
7. OBJECTIVE
presentation of all offers
8. DISCLOSURE of
material adverse facts
9. FAIR and honest
treatment
10. PROVISION of accurate
market information
A buyer's agent is not
limited to showing properties only listed in the Multiple
Listing Service. This capability increases the selection of homes from
which the buyer can choose.
A buyer's agent is
obligated to provide complete confidentiality of the buyer's personal
motives or financial intentions.
A buyer's agent can advise
and counsel a buyer with unrestricted assistance, providing as much
assistance as needed.
A buyer's agent can
prepare an estimate of value for a property so that the buyer has the
information they need to make an informed decision.
Most often, the buyer pays
no more for the services of a buyer's agent than he or she would if
using a traditional seller's agent. Commissions or fees usually
come from one of three sources:
1. Out of the total commission being paid to the listing agent.
2. Or as a deduction
in the selling price, equivalent to the buyer agent's commission,
thus enabling a direct payment from the buyer to the buyer's agent.
3. Or, negotiated in
the offer to purchase as a payment to the buyer's agent
from the seller on behalf of the buyer.
Buyers always have
questions. When the agent is not a buyer's agent, yet working
with a buyer, answering questions can be awkward because the agent
actually owes allegiance to the seller.
While a traditional
seller's agent would not withhold important information, a buyer's agent
has a legal obligation and commitment to dig deeper into any situation
which might jeopardize the best interests of the buyer.
If an inspection reveals a
problem, a buyer's agent can make a difference. Should
the buyer still wish to purchase the home, the buyer's agent "goes
to bat" for the buyer to negotiate a fair and equitable agreement.
A buyer's agent can offer
a professional opinion as to the value of the home-something a
traditional agent would be hesitant to do, should the home not offer as
promising a future as other properties.
Both a buyer's agent and
traditional seller's agent can answer questions and handle many of the
other aspects of the transaction such as arranging for a property
appraisal, a title search, a survey, property inspections and the
closing. And both types of agents will be able to provide the
buyer with information
on the community to help the buyer make a more informed decision.
A traditional agent will
work with a buyer, but is required to advocate for the seller's
interests. A
buyer's agent works for the buyer, advocate for the buyer's best
interests...most often at
no extra charge!
WHICH WILL IT BE?
Is there really a
choice? Need more information? Have questions? Call
today...
715-493-3924
pbartling@centurytel.net
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Copyright © 2007 PETER BARTLING All Rights Reserved.
