Woman's Day Magazine Suggests you call Buyer's Broker

"Get a broker on your side. In most states, real-estate agents work for the seller, not the buyer. This means that the agent wants to get the seller the best price possible. Using a buyer's broker, who has your best interest in mind, may help you shave thousands off a home's purchase price, mortgage or various other costs, and there is no fee to the consumer."

• When a homeowner is selling a home, and  enters into a listing contract with a real estate broker to sell that home, the broker becomes their agent. The broker is legally required to act in the sellers best interests, to follow their instructions, and to obtain for them, the highest possible price for their property.

• But, when you're the BUYER of that house, and you work with that listing agent, that agent is still trying to get the highest possible price for the seller. The broker is required to act in an honest and fair way with you, however, the broker's loyalty, without other disclosure, is focused on obtaining the best deal for the seller!

• When you, the BUYER, sign a contract with a Buyer's Broker, that broker becomes your agent. He represents your best interests in the real estate transaction.  A buyer's broker is legally required to represent your best interests, to follow your instructions, and to obtain for you, at the best possible price  and terms, the property which you want to purchase.

• What does a buyer's agent do?

 

• Represents only the buyer in every part of the purchase process.
  
• Provides the buyer professional advice and guidance in finding the right property at the right price.
• Previews properties to ensure they meet the buyer's requirements.
• Researches the property, seller, and market conditions, so the buyer can purchase at the best price.
• Provides an honest analysis of each property, including both good and bad points.
• Assists in preparing an offer to purchase the property with terms favorable to the buyer.
• Professionally presents the offer to purchase to the seller.
• Negotiates with the seller to obtain the property at the best price and terms for the buyer.
• Provides the buyer with an estimate of the costs involved in the transaction.
• Assists the buyer in contacting the professionals necessary to complete the purchase, including mortgage services, title insurance and escrow companies, and home inspectors.
• Monitors performance of all others involved in the transaction to make sure all services are promptly and professionally carried out.
• Accompanies buyer to the closing conference to verify that all terms and conditions of the purchase agreement are met.

How does a buyer's agent get paid?

The buyer's agent is generally paid from the transaction commission. This is the same commission the seller agrees to pay his listing broker. Because listing brokers agree to pay a "co-op" fee to any broker who obtains a buyer for the seller's property. This is the same commission amount that would be paid to any real estate agent who obtained a buyer for the seller's property. So it doesn't cost the buyer any more to be legally represented by a buyer's agent. In fact, many times it will cost the buyer less, because the buyer's agent is working to get the property at the lowest possible price for the buyer!

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