What is a Buyer’s Agency Agreement?
Buyer’s agency is designed for your protection when buying a home. Buyer Agency Agreements were developed to set out the terms and conditions of representation. They are similar to the written "Listing Agreements" required between listing agents and home sellers. Buyer Agency Agreements define the conditions of the relationship between the Buyer Agent and the Buyer Client including such things as the duration of the agreement, the commission to be earned/paid, and the various rights, duties and obligations of both parties.
Does buyer agency cost me anything?
No. The buyer’s agent is paid by the seller of any home you purchase, so there is no cost to you. (This is also the case with newly constructed homes and For Sale By Owner homes by the way)
If I sign a Buyer’s Agency Agreement, am I obligated to buy a house?
Absolutely not! By signing a buyer’s agency agreement with me, you are only agreeing that I will represent if you purchase a home.
I can find homes on-line by myself. Why should I bother with an agent at all?
Realtor.com and other similar consumer sites are common points of entry for many buyers who are just beginning their home search. These sites are a great way to find out what the market has to offer. However, once you are actively searching for a home you need speed on your side. There is a time lag between when a listing is posted on MLS and when it populates over to consumer websites. Buyers without agents will quickly find out that the “perfect house” slipped through their fingers before they even knew it was for sale. You need a Realtor to keep you on top of what’s happening in your market so you can get through the door the first day the home is available.
Other reasons?
Here are some scenarios where having a buyer’s agent is critical. These are just a few situations that can occur and the listing agent will not likely be in a position to help you:
§ What if the seller doesn't honor the terms of the contract?
§ There are many variables within a contract than can have a significant financial impact on one party or the other. How will you know the contract is written with the best terms for you?
§ What if substantial items are found wrong with the property after you write an offer?
§ What if you decide to terminate the contract and the seller doesn't want to give back your earnest money?
§ Do you think the listing agent will be able to help you assess the true value of the home when writing an offer?
It’s not unlike going to court without an attorney. If you do not have your own representation you will be at the mercy of the listing agent.
But won’t I save money by dealing directly with the listing agent?
Probably not. Many brokerages do not permit their agents to reduce or negotiate commissions. Furthermore, the listing agent is prohibited by law from assisting you at all with negotiations on price, terms, or anything that could be considered a conflict of interest. How will you really know you’re getting the best possible price? The listing agent has to help the seller get the best price, not you.
What if I find a brand-new home? Am I allowed to use you as my Realtor?
Of course!! In fact, I guarantee you won't pay a dime more than if you had dealt directly with the builder without the benefit of representation. You don't save any money if you deal straight with the on-site sales office. Remember, the builder's on-site representative takes care of the builder's financial interests, NOT yours.
What if you aren't finding the right houses for me?
All Realtors have access to the same information about houses for sale and our database of properties (MLS) is HUGE. Your search is filtered by the specific criteria that you give me, so if you are clear about what you must have and what you are willing to compromise on, we are sure to find your dream home!
What if it just isn’t working out? Can I fire you?
Yes. In the unlikely event that you are not happy, all you need to do is provide notice. I include the termination form with all my buyer’s agency agreements, so you know up front that there is a way out.
I guarantee that I will take your home purchase as seriously as I would my own and look forward to the opportunity to earn your business! Please call me at 469-450-1326.
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