So you've decided to buy a home.
Purchasing real estate is a complex and major transaction with many details to be handled. Depending on the laws in your state and the business arrangement you have with a licensed real estate agent, that agent may actually be negotiating for the seller, not you the buyer. The best way to be certain that an agent is working in your best interests is by signing a buyer representation agreement with an agent.
What is a Buyer Representative?
A real estate buyer's representative represents the buyer who is purchasing property in a real estate transaction. The buyer's representative works for, and owes fiduciary responsibilities to, the real estate buyer and has the buyer's best interests in mind throughout the entire real estate process.
A buyer's representative will:
•Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
•Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.
•Assist in viewing properties -- accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specifications are met.
•Research the selected properties to identify any problems or issues to help the buyer make an informed decision prior to making an offer to purchase the property.
•Advise the buyer on structuring an appropriate offer to purchase the selected property.
•Present the offer to the seller's agent and the seller on the buyer's behalf.
•Negotiate on behalf of the buyer to help obtain the identified property -- keeping the buyer's best interests in mind.
•Assist in securing appropriate financing for the selected property.
•Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these services are needed.
•Most importantly, fully-represent the buyer throughout the real estate transaction.
The Buyer Representation Agreement
It is important for the buyer to discuss the buyer's representative's compensation in the initial interview. In many cases it is recommended that the buyer and the buyer's representative agree to the terms of compensation prior to viewing properties, and sign a written agreement based on those terms. The agreement should spell out the responsibilities of both parties throughout the real estate process.
Why you should use an Accredited Buyer's Representative (ABR®)
Why should you look for the ABR® designation before looking for a home? These three letters after a REALTOR®'s name tell you that you will be working with buyer representative who is committed to your best interests. The ABR® Designation is awarded by REBAC® to those REALTORS® who have have met the specific educational and experiential criteria needed to provide the high level quality service required by REBAC® (Real Estate BUYER'S AGENT Council).*
Karla Roebuck, Realtor®
Accredited Buyer Representative ABR®
GREENRIDGE Oakmont Realty
1003 N State Street
Big Rapids, MI 49307
Office: 231-796-4564 Toll Free: 877-850-1336
Mobile: 231-250-5319 Fax: 231-796-6312
Real Estate BUYERS AGENT Council:
Mail: 430 N. Michigan Ave, Chicago, IL 60611
Phone: 800-648-6224 or 312-329-8656