Buying or selling a home can be a complex process!
Buying a home is one of life’s biggest investments and most exciting adventures. Choosing a Buyer’s agent and partnering with a reputable Real Estate Firm you’ll have someone by your side every step. They will give you the insights and information you need, in the process, guiding you along the way to make your experience smooth and successful.
A buyer’s agent is a real estate professional who works specifically for the buyer in a real estate transaction. Although many people think of a buyer’s agent as someone who helps them pick a house, they do a lot more than that.
Buyer’s agents have fiduciary duties to the buyer which include reasonable care, undivided loyalty, confidentiality and full disclosure. The big picture of the role of a buyer’s agent is representing the buyer’s interests, using diligence in searching for properties for the buyer, using their professional knowledge and skills to assist in negotiations on behalf of the buyer. they provide technical guidance through all aspects of the real estate transaction.
What to expect from a Buyer’s Agent
Having a buyer’s agent can actually save you substantial money when making the biggest purchase of your life. A good buyer’s agent has the experience to ensure that you don’t end up with a home that will cost significantly more than you expect, from ordering and interpreting the inspection report to negotiating the final sales price.
YOUR PARTNER IN THE PROCESS
A Good Buyers Agent Will:
- Meet with you to discuss your needs and goals, and to plan your property search
- Help you get pre-approved for a mortgage and establish your budget
- Show you properties that meet your criteria
- Keep you informed of new properties that come on the market
- Work with you until you find the right home
- Help you determine your offer
- Assist you in negotiating the offer and contract in your best interests
- Facilitate the home inspection and resolution process
- Prepare you for closing and the associated costs
- Keep you updated on the progress of your transaction
Closing On Your Home and Beyond
After your agent formulated a strategy that made sure you achieved favorable terms and an acceptable price, and the offer is ultimately accepted, the closing process begins. Your Buyer’s Agent will initiate or facilitate the following steps:
Home Inspection
If material defects are identified or repairs recommended in the home inspection report, Your Agent assists you with any contractually agreed-upon remedies and further negotiations with the sellers, if needed.
Title Search Process
An agent will help direct you to the appropriate title insurance officer should you have any concerns related to the information identified in the owner’s title report. This report confirms who the owner of the property is and if there are any encumbrances attached to the property.
Residential Appraisal Report
Your lender will order an appraisal report to assess the value of the home as part of the standard lending mortgage process.
Final walk-through
Your Agent will schedule and coordinate your final walk-through inspection of the property before closing so you may confirm that the home is in the same condition as when you signed the purchase agreement and to confirm any agreed-upon repairs were completed.
Closing costs
In addition to your down payment and deposit, there are a variety of costs involved in your home closing. The Buyer’s Agent will help you determine an appropriate deposit, explain the various costs you may be responsible for and review your itemized settlement statement prior to closing.
And beyond
Beyond closing, wherever your homeownership journey takes you, a good agent wants you to know that they are here to help you and keep you up to date on how changing market conditions are affecting your home’s value.
Who pays for the Buyer’s Agent
One common misconception when it comes to real estate commissions is that there is a standard fee or percentage within the real estate industry. In truth, there is no common price. A real estate commission is negotiated between a real estate agent and either the homebuyer or seller.
In the past, home sellers often paid the commission for both the seller and buyer. But as of Aug. 17, 2024, that has changed so that sellers pay their own agent and buyers pay their own agent. However, home sellers can offer to pay a buyer’s agent in order to make their listing more appealing to cash-strapped homebuyers who may not have much money left over after their down payment to pay their own agent.
Please note that an agent’s commission is not set by law and is fully negotiable. Below are examples of how a buyer’s agent can be paid.
Home-buying needs are one of a kind and hiring the right team will make all the difference about the success and experience for one of the most important decisions someone makes in their lifetime. Be smart and hire the right Buyers Agent for you!
