Tuesday, April 15, 2008

Should you have Buyer's Agency?

Do you need Buyer's Agency?
The simple answer to this question is yes.
The natural tendency for Buyers, when they see an attractive property advertised, is to contact the listing agent directly.
Seems to make sense because, presumably, that agent knows the most about that property. Bad idea!
The listing agent is contractually obligated to obtain the best price and terms for Seller. He or she must not divulge any weakness in the Seller's negotiating position. A Buyer's agent, on the other hand, can and should use every legal and ethical device to obtain the most favorable outcome for the Buyer through every step in the property buying process.Sellers employ their own agents to protect and promote their interests.
Why shouldn't Buyers have the same option? They should.

Buyer representation does not cost the Buyer any additional expense and usually saves a sizable chunk of money and time.
  • Avoids conflict of interest.
  • Agent owes fiduciary duties to Buyer.
  • Agent has access to all properties on the market.
  • Agent thoroughly researches property defects and potential and advise the Buyer even if it means pointing out reasons not to buy.
  • Agent makes an affirmative effort to determine the Seller's motivation and weaknesses and share this information with you to assist in negotiating on the Buyer's behalf.
  • Agent negotiates the best price and terms for Buyer.
  • Agent keeps all information about the Buyer confidential, including the Buyer's ability or willingness to pay more for the property than they are offering as well as the Buyer's motivation for buying.
  • Agent promotes and protects Buyer interest at all times through the entire process.
  • Agent arranges property showings and can assist with financing, arranging home inspection, finding a lawyer.
  • No additional cost to Buyer.
  • Buyer often saves a lot of money and time

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