As a home buyer representative – here are some of the services that are provided:
- Evaluate the specific needs and wants of the home buyer and locate properties that fit those specifications.
- Assist the home buyer in determining the amount that they can afford and show properties in that price range and locale the consumer has determined.
- Assist in viewing properties and either accompany the client on the showings or preview the properties on behalf of the client to insure that the identified specifications are met.
- Research the selected properties to identify any problems or issues to help the consumer in making an informed decision prior to making an appropriate offer on the property.
- Advise the client on structuring an appropriate offer to purchase the selected property.
- Present the offer to the seller’s agent and/or seller on the client’s behalf.
- Negotiate on behalf of the home buyer client to help obtain the identified property. Keep in mind that the buyer agent will be doing so with the client’s best interest in mind.
- Review all legal documents with the home buyer.
- Make recommendations and assistance in securing appropriate financing for the selected property.
- Provide a list of potential qualified vendors for services needed, such as movers, inspectors, title companies, insurance agents, carpenters etc.
As a consumer, how often do you buy real estate property? Once, twice, three times in your lifetime? Purchasing real estate is a complex and major transaction with many details to be handled. In the majority of cases, an agent will represent the seller. Wouldn’t you want to have complete and fair representation in the real estate transaction also, especially when it is no cost to you?
Virginia is a Home Buyer – Buyer’s Agent State
Until 1996 any real estate agent in a transaction worked for the seller, either as the listing agent or as a subagent to the seller. The home buyer essentially had no representation. But in 1996 the state of Virginia began to recognize Home Buyers Agents whose responsibility was to the Home Buyer. The home buyer’s representative works for the home buyer and has the client’s best interests in mind through out the entire real estate transaction.
The broker becomes the home buyer’s agent by entering into an agreement to represent the home buyer, usually through a written home buyer representation agreement. The agreement will spell out the parties of the agreement, set forth the area and term of representation, the type of relationship that is authorized and who will pay for the broker’s fee. In almost every case the seller pays for the home buyer broker’s fee through the MLS cooperation in a separate agreement with the listing broker. In the case of new homes, the builder usually pays the home buyer brokerage fee.