WHY A BUYER'S AGENT FOR ME?
A Buyers Agent who is representing YOU in your home search will help you.
1. Find homes for sale that meet your qualifying price range and location of choice. This is important because obtaining a mortgage loan is not easy today unless you clearly qualify for financing. The easy loans written during the real estate boom of 2002-2006 are gone. An experienced Buyer's Agent working in your best interest will recommend mortgage loan officers that have an established record of success getting our buyers to closing on time and with no hidden charges.
2. Provide you with resources to help you become familiar with the communities in your search area. A Buyers Agent can help you obtain the zoning, transportation, public school, recreational facilities, etc. that are important criteria in your search.
3. Alert you to visible defects in a property that you may not otherwise note when you tour homes for sale. While your Buyer's Agent is not a home inspector, we often observe defects that we have seen in other properties or that have been included in home inspections on other properties. You will benefit from our experience with many transactions. If your buyer's agent knows of a defect in a property, you will know.
4. How Does A Buyer Select A Buyer's Agent? We recommend taking a home tour with an agent to observe them in action. If the agent is thorough in showing the home and is showing you homes in your qualifying price range, then it becomes a matter of personality. If you are comfortable with the agent and believes that they will help you find the best home in your price range in your area of choice, it is probably a good match.
5. Does the Buyer's Agent have the necessary credentials to represent your interests? Is the agent a REALTOR® who has pledged to adhere to the REALTORS® Code of Ethics? This is important because the National Association of Realtors and the local REALTOR Associations offer the consumers a way to file a complaint if you believe that you have been treated in an unethical manner by a member agent.
6. Does the agent have their license with a broker who has Errors and Omissions Insurance. This is important because it provides the agent with insurance in the event there is an error or omission on the part of the agent that causes you financial damage.
7. Does the agent practice real estate full time? While it is possible for a licensed real estate sales person to work part time as an agent, if you are in need of tours during the week or have a short time to find a home, you may be better served by a Buyer's Agent for whom practicing real estate sales is a full time job. Some necessary events such as the settlement of your home purchase can only be done during normal working hours on week days.
8. Buyers need comparable pricing information too. Only a Buyers Agent is going to provide you with information about homes that have sold in the area. This is the information that appraisers use to value properties. Only a Buyers Agent will tell you, based on recent sales information, the market value of homes for sale. The listing agent's job is to get the most money for a home possible. They represent the seller's interest, not yours. Negotiating prices with good market knowledge will save you money.
Homefinders.com works with a network of experienced Buyer's Bgents who specialize in New Homes, Farms, Homes with Acreage, Homes in rural or urban areas. We can help you find homes that meet your criteria and special needs in Loudoun County real estate.
Dedicated Buyers Agents ready to help you find a wonderful home in Loudoun County, Virginia.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800=711-7988, E-mail.
Lenn - This is a great list. A strong buyer's agent is critical in this market. That agent not only can save the purchasor money on negotiating a good deal but like you said can recommend a great loan officer and help navigate through the process to make the transaction smooth as possible. A buyers agent that is an expert in the area (s) is an invaluable resource to the buyer / consumer.
Great post, Lenn. I couldn't find anything you left out. And, I'm primarily a buyer's agent. Prefer it over the bank listings and referrals I've been getting lately. It's just easier to buy now ...not so much a few years ago! Thanks for your post. It will come in handy...and, of course, I will credit you with all the points. Not that they will care, but, I want them to know that I have friends in high places. LOL!
Lenn, great list of reasons for using a Buyers Agent.
With a the right Buyers Agent, you have all of the advantage, and the Seller is the one responsible for the commission.
Some buyer only think about this after they find themselves with a problem. They need to read this first. Great advice.
Lenn - I'd say that's pretty convincing information for buyers who are not sure they want or need a buyer's agent (a GOOD buyer's agent). Unerstanding that the BA represents THEM and not the seller is also key.
Jeff
Lenn- What a nice photo of people you work with and send buyers to. We have buyers who will call us and we ask them if they have a buyers agent; they say no, we want to work only with the listing agent. I say, HUH??? That makes no sense. Then they tell me it is because they are going to get the better deal if they work with just the listing agent because they are going to ask us for part of our commission to be refunded back to them so they are getting money at closing from us. I then tell them, Not on my watch that is not going to happen. We don't reduce our fee because you come to us.Whether you use a buyers agent or not has nothing to do with our commission agreement with our seller. We still have liability, etc. Mind you, we don't have dual agency here. But I always try to get them to get representation from a buyers agent.
Great points there Lenn. AND the Buyers agent is typically paid for by the Seller.
Your E&O question made me start wondering how that's even a possibility. As far as I know, all brokerages in our area require the agents to pay their portion of the companies E&O policy, unless you negotiate to not pay it (the broker pays your share) when you joing that brokerage. Our brokerage has very low E&O because we've never had a "rogue agent" or a claim. They were very proud to tell me that when I joined them two years ago. =)
Hi Lenn, This is quite good. I was with a Buyer all day and she commented how much fun I made it but also said the work and research of what I was showing her and her husband really impressed her. Being prepared with more than just the homes I am showing requires a good deal of preparation. San Diego covers a rather large area and there is much to know.
Lenn... I will also agree that this is a great list. I truly wonder how many agents actually point out defects in a house, if the buyer seems interested... in hopes that they buy the house. I know this would be hard to find out, but I am curious...
Somers. Indeed. Buyers with a good buyers agent know the difference.
Suzanne. Thanks. I left out a lot, but I'm saving some for Maryland.
George. Mmmmm. Without the buyers money, the seller isn't going to be paying anyone.
Terry. Yes. I've spoken to many buyers who regret their decision not to have their own agent. Listing agents have a clear advantage since they have homes to advertise and the MLSs and BOR give listing agents many advantages. Fact is, they do a great job of bringing homes to market. However, buyers need independent representation.
Jeff. Few, far too few understand the difference.
Katerina. Right you are. Even when a listing agent does reduce the commission if they bring the buyer, they still work in the seller's interest and any saving goes to the seller, not the buyer.
Gary. Paid for by the seller with money brought to the table by the buyer.
Lisa. Only brokers can purchase E&O insurance. Brokerage policy determines whether or not the agents contribute. Many brokers assess their agents for E&O. Some do not. Some assess an annual fee. Some charge a fee per transaction. Some just pay it all themselves. Some don't even have E&O insurance and are self insured.
William. You make an excellent point about preparation. I prepare my buyers to understand the market, the property, the financing, etc. It's a lot of information, but they gain confidence that they're making good decisions.
Kent. Thanks. Appreciate the appreciation.
Jeff. If an agent is representing a seller, unless the defect is one of a material nature, the listing agent cannot point out defects. It's the buyer's job of inspecting and finding defects. Resale real estate is "as is", unless you can find a defect. A good buyer's agent with experience will be able to walk a house and help the buyer really know the property, good points and bad.
"Does the agent practice real estate full time?" I run into this a lot. Probably friend or family deal. Really doesn't work in the buyers best interest.....
Great points Lenn. I do think you need to work at it full time to stay on top of the market and do the best for your clients.
Excellent points. Thanks for sharing them. Like others said, I will refer to them as well.
All great reasons why any consumer would be wise to use a savvy buyers agent who knows the area well.
Lenn, what a great post. I like it so much I'm going to reblog it. You can never discount the value of a buyer's agent in todays market. I have seen some real horror stories about people who haven't used a buyers agent.
Lenn,
All great points. Buyers need to know that they need someone looking out for them and hire someone they trust.
Don. Indeed they do. A good buyer's agent can save the buyer a lot of money and angst.
June. So have I. So have I. Especially from folks who pooh pooh our value.
Bill. Savvy is right. Know the area is essential.
Jen. Thanks. Just spreading the word.
Paddy. The only persons who question that wisdom are part time agents.
Mark. I agree. I've had many listing agent who couldn't communicate during normal business hours because they were "at work".