Why Every Home Buyer Should Use a Buyer’s Agent
Question: How Can a Buyer’s Agent Help Me?
Answer: Every Real Estate Agent will show you available homes, point out the property’s features, provide financing information and submit the offer to purchase.
However, a Buyer’s Agent works as an advocate for you, not the seller. As your representative, a Buyer’s Agent will negotiate on your behalf and they will also share additional valuable and essential information with you such as:
Whether the seller would accept a lower price.
The seller’s reason and timetable for selling.
Strengths and weaknesses of the property.
How you might gain a competitive edge over the seller.
How to structure an offer that serves your best interests.
You can ask a Buyer’s Agent for advice and assistance in setting your offering price and structuring the other terms of your offer.
You will also have peace of mind knowing an advocate is working on your behalf to help you buy for the best possible price and terms.
Question: Who Needs a Buyer’s Agent?
Answer: If you want to make sure you buy smart, you need a Buyer’s Agent. If you’re a first-time buyer, if you’re relocating or are otherwise unfamiliar with the local real estate market, if you’re buying for investment and want negotiating help, or if you need to purchase anonymously, you’ll be best served by a Buyer’s Agent who puts your interests first. Even if you just want to get the best value in a property, you owe it to yourself to be the most knowledgeable buyer you can be.
Question: Can a Seller’s Agent Help Me Buy?
Answer: Sure, but the Seller’s Agent is working for the seller and is the seller’s legal representative. Yes, a Seller’s Agent can offer buyers some services, including a diligent search to find the right home, an explanation of available financing, calculation of monthly payment, estimation of settlement costs, and presentation of your offer to buy. What a Seller’s Agent cannot do is disclose information not in the best interest of the seller such as a personal opinion of the home’s real value or what price and terms the seller would accept. By law, the Seller’s Agent must negotiate on behalf of the seller and may not withhold from the seller information that could strengthen their bargaining position. That means you, as a buyer, should be careful not to disclose to the Seller’s Agent any financial or personal information that could be used against you.
Question: What Will a Buyer’s Agent Cost Me?
Answer: Usually not a penny. The seller pays your agent’s fee through the commission their agent shares with your agent. Perhaps the better question is, “What will it cost me if I don’t use a Buyer’s Agent?” Purchasing a home without representation may be the biggest financial mistake you can make. A Buyer’s Agent can guide you each step of the way to prevent costly errors. Failure to find out about defects in the property or the actual value of the property can, of course, be an expensive mistake. And failure to negotiate a contract that works best for you can cost you plenty. With a Buyer’s Agent, you can ask for and receive advice and assistance in selecting the best property and determining an offering price.
Question: What Is a Transaction Broker?
Answer: If your Buyer’s Agent locates a home you wish to buy that s/he also has listed, s/he must revert to a Transaction Broker in order to assure that buyer and seller are treated fairly and equally. A Transaction Broker facilitates the transaction by being an active middleman between you and the seller. Your agent is still required to provide complete disclosure, due diligence, and the care and accountability that they would always provide. But your agent may not disclose personal information (like how much you would be willing to pay or how low the seller would be willing to sell) to the other parties.
The Bottom Line
If you want an agent to fully represent your best interests, if you want help evaluating a property, if you want someone to negotiate to get you the best price and the best terms, if you want to purchase a home in what’s becoming the most popular way to buy, you’ll want to enlist the aid of a Buyer’s Agent.
Buyer’s Agent: acts exclusively on behalf of the buyer, negotiates on behalf of and acts as an advocate for the buyer, also known as a Buyer’s Broker
Listing Agent: acts solely on behalf of the seller, negotiates on behalf of and acts as an advocate for the seller, also known as a Seller’s Agent or Seller’s Broker.
Transaction Broker: assists the buyer (and/or the seller) by fully informing the parties, presenting all offers, and assisting with contract preparation and closing activities without being an advocate for either of the parties.
Customer: a party to a transaction with whom the broker has no relationship because the party has not employed the broker.
Choose the Correct Real Estate Agent
When you are buying Larkspur real estate it is crucial that you choose a Realtor who specializes in the Larkspur real estate market. Many Realtors feel they can sell real estate anywhere in Colorado, but in fact they are performing a disservice to their clients because they don’t know the unique characteristics of the Larkspur Real Estate Market. If you are considering purchasing Real Estate in Larkspur Contact Ben Wolfe to enlist our services as your Buyer’s Agent.
Would you like to know what our Larkspur, Castle Rock, Parker and Monument clients are saying about us? Please visit the Client Testimonials area of our website.