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Why You Need Exclusive Buyer Representation

Why You Should Use A Buyer Representative!

It seems that everybody knows somebody with a real estate license, and it seems like one is always in the room no matter where you find yourself.  But did you know that the majority of real estate agents are part timers who are not nearly as educated or trained as full time real estate agents.  Not only that part timers do not have the same grasp of current trends, values, and standards in the current housing market (yes, when you buy a home, there are market conditions that are greatly influenced by supply and demand, and knowledgeable buyer agents can save you money and get you to the right area for your life style).

Why would you buy the most expensive purchase in your life without a professional representing you?  It really isn’t a very smart move.  The buyer’s representative doesn’t charge you, they get paid from the transaction.  The home seller typically pays the real estate commission, so the prudent buyer should make sure they are armed with the best real estate buyer’s agent available.  Why work with somebody who is not an expert at market trends, negotiating, financing, and property selection?

It’s not only about price that you need to know about.  In a seller’s market it may be about getting that home in the hot town.  It is about structuring the offer so that your offer is looked at in the most favorable of terms.  Is the price fair?  It’s also about walking through the mine field of issues without losing money.  What does the home inspection results mean?  What happens now that I have radon in the water.  Does the home having lead paint mean adverse issues for me? What does that drainage easement mean?  What is the HOA and what can I do or not do?

Who meets the appraiser?  Who meets the fire department for the smoke/carbon inspection?  Who installs the smoke/carbon detectors?  Realtors are not just pretty faces.  Always use a Realtor when buying or selling.

The Real Estate Buyer’s Representative.

Home sellers have had their own contracted listing agent for longer than we can measure, yet the majority of buyers work with the first agent they bump into.  Why not hire a real estate buyer’s representative? Remember, the Seller will pick up the tab, so why not take advantage of working with a better agent?

Surprising as it may be, in most cases, the only person not represented in a real estate transaction is the Buyer!   To remedy this faulty and untenable situation, a Prospective Buyer can and should sign an Exclusive Buyer Representative Agreement.  Here are some of the reasons why it is in your best interest to hire a Buyer Representative:

What does having a Buyer Representative  mean to the Buyer?

  • First and foremost the Buyer Representative is legally bound to act in the best interests of the Buyer.
  • Since the agent owes his full attention to the Buyer’s needs, the Buyer can talk freely & candidly and the agent can suggest alternative property solutions.
  • The agent can find the best property for the Buyer and “leave no stone unturned” in the property search.
  • The agent will show all new listings whether listed or not and negotiate the lowest possible price.

  • The agent is allowed to provide facts, advice and educate, as well as, protect the Buyer.

  • The agent will negotiate on behalf of the Buyer and provide the Buyer with a Comparative Market Analysis (CMA), as well as, price counseling on properties that the Buyer is contemplating on making an offer.

Jack will prepare an in-depth Comparative Market Analysis using certified appraisal principals and procedures not your typical cookie cutter or computerized CMA that can lead to bad pricing decisions and cost a Buyer tens of thousands of dollars! Keep in mind Zillow’s or Trulia’s 15% margin of error on a $300,000 home is $45,000!

 

  • The agent will suggest approved protective clauses in the offer that may be in the best interests of the Buyer.
  • The agent will suggest financing alternatives that may be in the best Buyer’s best interest.

  • The agent is in a stronger negotiating position and can share with the Buyer all information known about the Seller.

  • The agent will attempt to solve problems to the Buyer’s satisfaction.

  • Buyer Commitment of the agent will be 100%

  • The Buyer is not required to purchase any real estate.  If you do purchase, the Buyer only agrees to purchase through Charles Rutenberg Realty, for a limited period of time.

  • There is no retainer fee.

  • Agent compensation is paid by the listed Seller.  In other words, the Buyer obtains not only the benefit of being solely represented in the real estate transaction but also the consultative and negotiating skill of the agent at no cost!

Summary:

  1. Using a Buyer’s Representative will make your house hunting process much easier and more efficient.
  2. You will assisted in getting pre-approved with the best financing available.
  3. You will be consulted about setting your budget and prioritizing the properties that best suit your requirements and showing you the most promising ones are some of the benefits that you will receive.
  4. Once you’ve found a place that catches your eye, we’ll do a “Real In-Depth Comparative Market Valuation (CMA)” using generally accepted appraisal principals and techniques (not your generic automated valuation model estimations performed by a computer calculated algorithm) to assist you in determining an optimum purchase offer.
  5. Negotiation upon your behalf with the seller and the seller’s agent will begin to make sure you get the best deal and most favorable terms.
  6. After your offer is accepted you will be represented in negotiations with appraisers, inspectors, surveyors and loan processors.
  7. In short, using a Buyer’s Representative provides you all the foregoing benefits in conjunction with assuring that Your Best Interest will be served.  Best of all this 5 Star Experience is available at NO COST to You!

If you would like to know more about buying a home in the St. Petersburg area, just drop me a note and we can schedule a time to review your needs and wants, and show you how to avoid the biggest mistakes that home buyers make!

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