A buyers
agent is a real estate agent that specializes in finding homes for you,
the buyer. The agent generally has a better understanding of the area
that you are looking to purchase. They probably will know more about
the school system, where the closest grocery store is, and other things
of that nature that will help you in finding a home.
A buyers agent will work for you in your
negotiation of your new home price. Having a buyers agent will also
benefit you with helping you understand the legal aspects of the
purchase contract.
The buyers agent will know how to protect you in
the event that there is something wrong with the home such as a mold
issue, structural damage, a leaky roof or any other problem, they will
let you know what is common in your area and work on your behalf to
make sure that you are paying the proper costs such as title insurance
or tax stamps as every area may differ on who pays what, and the buyers
agent also has the ability to narrow your search results and save you
time when finding your new home.
One of the best things about working with a buyers
agent is that it costs you no more than working without one. The
commission to the buyers agents is paid from the sellers proceeds.
Look for the abbreviation ABR next to a realtors
name on any mmarketing material to identify if they are a Accredited
Buyers Representatives.
Having representation during this major purchase
will be important for two specific reasons; first, you will have a real
estate partner who has your best interests at heart, and second,your
agent will have negotiation skills if there are any aspects of the
process that are not suitable. A good buyer's agent may also have prior
relationships with selling agents that will help your purchase offer
stand out above other offers in the cases of multiple bids.
Buyer's Agents only get paid if you end up
purchasing a home they have showed you. If you are using a Realtor that
is hard working and dedicated, be sure to stick with them through out
the home buying process. Buyer's Agents work hard but often lose their
customers by calling a telephone number on a "For Sale" yard sign
rather than first contacting their agent.