“Why Should I Use A Buyer’s Agent?”
Recent home buyers were surveyed and asked about their buying experiences and who their real estate agent represented in their transaction. Most buyers thought that the agent they were working with was representing them, when in actuality, that agent was working in accordance with New York State law, and was representing the seller. Recently however, New York State has given the consumer the opportunity to have the choice of having the agent represent them as a buyer, seller, or through dual agency. A buyer’s agent provides better representation for you as a buyer, and a higher level of service in the overall real estate transaction when purchasing a home.
“Can I Save Money By Going To The Listing Agent Instead Of Using A Buyer’s Agent?”
Many buyers mistakenly think they can get a reduced price on a home by going to the listing agent instead of getting their own representation. What buyers also don’t realize is that the listing agent is employed by the seller, is contracted to get the seller the highest price possible and to work in the best interest of the seller. You will probably save more money by employing your own buyer broker to represent you. This agent will be working and negotiating in your best interest, not the seller’s, to get you your future home for the best price and at the best terms possible.
“Do I Need To Sign A Written Agreement For A Buyer’s Agent To Represent Me?”
Yes, the agreement will describe the agent’s duties to the buyer and how the agency relationship works. It is similar to a listing contract when you are selling a home, in that the agreement protects the buyer and the buyer’s agent. A buyer’s agreement is typically for a six-month period; however, if you are dissatisfied for any reason or change your mind about purchasing a home, the agreement may be cancelled.
“How Does A Buyer’s Agent Get Paid?”
The fee can be paid separately if you wish, but in most cases, like a seller’s agent who represents the seller, the buyer’s agent’s fee can also be included in to the purchase price when the offer is made. The commission is dispersed out of the proceeds at time of closing.
“Will Working With A Buyer’s Agent Limit My Access To Fewer Of The Homes On The Market?”
On the contrary. A buyer’s agent can have access to, and show you many more homes than the traditional seller’s agent. That includes any home listed by a real estate agent, even if it is considered “private” or “exclusive” and not on multiple listing.
“Is There A Charge For Utilizing Buyer’s Agent Services If We Do Not Find A Home?”
Absolutely not! A buyer’s agent will only get paid if you are successful in finding a home and completing the purchase.
“Should I Hold Back Information From My Buyer’s Agent That May Be Pertinent To Purchasing My New Home?
No. Unlike the agent representing the seller who is obligated to inform the seller of all information they know, the buyer’s agent’s loyalty and confidentiality obligation is to you. It is very important that you inform your buyer’s agent of all pertinent information so they may properly assist you in your purchase of a home.
