During tough economic times, it is becoming increasingly important for home buyers to have a buyer’s agent in their corner. A major challenge that is adding complexity to the home buying process is when you have a real estate agent who is representing both the seller and the buyer. This often occurs when a prospective buyer finds a home listed on the Internet and contacts the selling agent directly. Since there are laws that require real estate agents to protect their client’s interest, the duty of the selling agent is with the seller, not the buyer. As a result, the sales contract may not favor the buyer. “As people go online and educate themselves about buying a house they realize that they need someone to represent them,” says David Kent, President, National Buyer’s Agent Alliance.
When working with an exclusive buyer’s agent, home buyers know their real estate agent is committed to hammering out the best agreement possible on their behalf. In fact, buyer’s agents have helped to negotiate better deals for their clients. “We want to thank you for helping us find and buy a home in Scottsdale,” stated a recent home buyer in Arizona. The buyer further stated that their buyer’s agent gave them the assurance to concentrate on finding a property that best met their needs. Also, the agent’s knowledge of the local real estate market and legal requirements was a critical success factor.
There are two types of buyer’s agents: exclusive and non-exclusive. An exclusive buyer’s agent works for a real estate agency whose sole purpose is to represent home buyers in their real estate transaction to purchase a home. Although they are licensed real estate agents, they do not list or sell houses. On the other hand, a non-exclusive buyer’s agent is a licensed real estate agent who works with a company that is able to represent both buyers and sellers, and therefore may not be able to represent the buyer in all transactions. The fiduciary duty of an exclusive buyer’s agent always remains with the home buyer.
Finding the right buyer’s agent can be a difficult and time-consuming process. This is compounded if you happen to be relocating to an unfamiliar city. You need to do your homework to make sure the buyer’s agent you hire has a good track record for getting the best terms for his or her clients. In the current market having a buyer’s agent on their side has helped many home buyers close transactions that otherwise might not have closed.
To avoid potential conflicts and to help buyers overcome the hurdles of the mortgage process, the National Buyer’s Agent Alliance provides a free service that matches home buyers with a pre-screened buyer’s agent in their new location. Within a few minutes their personal buyer’s agent is helping them to find and purchase a home.
For more information, visit http://www.buyersagent.net.
