Listed below are a
couple of examples
regarding the
importance of having
a Buyer Agent
representing you
during the process
of purchasing a home
from start to
finish:
Example 1:
You see a house advertised in the newspaper, a
home magazine, or the Internet. You contact the
Listing Agent (this is who will be advertising
the home) or the Agent who's website you used to
find a property which you would like and make an
appointment to see the house. The Agent is
friendly, informative, and tells you what you
believe to be everything about the house (e.g.
price, condition, financing options, etc). The
Agent represents the Seller, not you.
Example 2:
You are working with an Agent, who shows you 25
different homes over 3 weekends. The Agent buys
you lunch twice, knows all 4 of your children by
name as well as all of your personal likes and
dislikes, but does not offer you the opportunity
to sign a Buyer Agency Agreement. You feel
comfortable with the Agent, revealing important
personal and financial information. Without
Buyer Agency, "your" Agent represents, and owes
loyalty to, each and every one of those 25
Sellers--not you. Any information you reveal to
the Agent must be relayed to the Sellers if you
decide to make an offer on any of the
properties.
|
Buyers Beware - Listing Agents work for
the Seller, not the Buyer!
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Here are some facts to help you to distinguish the
differences between a Buyer's Agent and a Listing Agent:
|
Duties and
Obligations of a Buyers Agent as compared to a Listing Agent
acting as a Transaction
Broker representing both the Seller and Buyer
in the
sale and purchase in a normal Real Estate Transaction |
|
|
Buyers Agent |
Listing
Agent |
|
Arrange Property Showings
|
Yes |
Yes |
|
Keep your financial position confidential
|
Yes |
Yes |
|
Monitor transaction and
attend closing |
Yes |
Yes |
|
Assist Buyer with
obtaining financing
|
Yes |
Yes |
|
Provide Property Disclosure
Statement |
Yes |
Yes |
|
Provide accurate
property information |
Yes |
Yes |
|
Advise and counsel the
Buyer |
Yes |
NO |
|
Disclose available information about recent
comparable sales on any property you are considering purchasing |
Yes |
NO |
|
Point out reasons NOT to
buy a specific property |
Yes |
NO |
|
Assist with writing an
offer to purchase with Buyer's best interest in mind |
Yes |
NO |
|
Disclose any Seller concessions (i.e. lower
sales price, financing, repairs, etc.) that the Seller may be willing to
make in order to sell the property |
Yes |
NO |
|
Price Seller paid for the Property and Year of
Purchase |
Yes |
NO |
|
Seller's Reason and Motivation for Selling |
Yes |
NO |
|
Negotiate with the Seller
for the best price
and terms for the Buyer |
Yes |
NO |
|
Promote and Protect the
Buyer's
best interest during the presentation of your offer and the entire
transaction process |
Yes |
NO |
At this point you may be thinking "Okay, so the
Agent represents the Seller and not the Buyer.
Is that a big deal?" Maybe not, but it is
important to understand that if the Agent
represents the Seller, they cannot reveal
certain things to you, as the Buyer (unless the
Seller specifically authorizes the Agent to do
so):
Buyer Agency turns the tables. If a Buyer's
Agency agreement is struck between you and the
Agent, it is
you,
rather than just the Seller,
who has the representation from the Agent with
whom you are working.
Summary.
Is it necessary to have a Buyer's Agent?
No, thousands of Buyer's have purchased homes
using the Seller's Agent. The important
thing is to understand your options, so that you
don't unintentionally accept less representation
than you want or deserve.
 If
you would like to have an Accredited Buyer
Representative representing your best interests
in purchase of your next home, then all you need
to do is let me know and we will follow my
"Steps to Success"
Buyer Agent Program to locate and
purchase your Dream Home.
I have
represented many Buyers in the purchase of their
homes and investment properties throughout the
Metro Atlanta Area, and would love the
opportunity to be Your Buyer's Agent. |
