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What does a Buyer Agent actually do for the homebuyer?
Like any other agent, the buyer agent will show you a property, point
out all the strong features of the home, and submit an offer if the homebuyer
so desires.
Above all that your buyer agent can tell you some of the following key
points when buying a home (To the best of the buyer agents knowledge):
- How long has the property been on the market
- Has there been any offers or counter offers
- Not only what the strengths of the property is, but also what some
of the weaknesses are
- Why the seller has decided to sell and what their timetable is for
a closing
- Most importantly you can ask you buyer agent for assistance and advice
in the amount that you should offer for the property and the additional
terms that you might want added into the offer
Can a seller’s agent do the same work for me as a buyer’s agent?
The sellers agent can still take you to any property, tell you all the
positive features of the home, and write up the offer, but that is all.
A seller’s agent is working for the seller and they cannot give any information
that is not in the best interest to the seller. By law the sellers agent
or subagent must negotiate for what is in the best interest of the seller,
and they must also disclose any information that can be used as a bargaining
tool.
When does my buyer’s agent become a dual agent?
Your buyer’s agent may become a disclosed dual agent when they are showing
you a property that they have listed or one that is listed within their
office.
- At that time they cannot fairly represent the seller or the buyers
best interest.
- The agency relationship must then be changed in written form from
buyer agency to dual representation. This gives both the sellers and
the buyers the knowledge of what is occurring.
The bottom line that one needs to ask yourselves is, do I want someone
that is going to be watching out for my best interest in both the purchase
price and terms for the agreement? If your answer is yes than you should
talk to a Buyer’s
agent today!
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