|
Prior to 1995, the laws of agency in Virginia declared that
both the listing agent and the selling agent represented the
seller (who paid the commission). Fortunately for us today,
the listing agent represents the seller, and the Buyer's Agent
represents the buyer. Buyers have a choice!
What is a Real Estate Buyer's Agent?
A real estate Buyer's Agent solely represents the buyer who
is purchasing property in a real estate transaction. The Buyer's
Agent works for the real estate buyer and has the buyer's
best interests in mind throughout the process.
While the Buyer's Agent is sometimes compensated by the buyer
through a negotiated fee, usually the seller pays the commission
which is split between the buyer's and seller's agents based
on the selling price of the real estate property.
It is important for the buyer to discuss the Buyer's Agent's
compensation in the initial interview. In many cases it is
recommended that the buyer and the Buyer's Agent agree to
the terms of compensation prior to viewing properties, and
sign a written agreement based on those terms. The agreement
should spell out the responsibilities of both parties throughout
the process.
Why use a Buyer's Agent?
Purchasing real estate is a complex and major transaction
with many details to be handled. In the majority of cases
the seller will be represented by an agent.
A Buyer's Agent is responsible for protecting the buyer's
best interests. Research by the National Association of Realtors®
has shown that when a Buyer's Agent is used, the prospective
buyer found a home one week faster and examined three more
properties than consumers who did not use a Buyer's Agent.
A Buyer's Agent will:
- Evaluate the specific needs and wants of the buyer and
locate properties that fit those specifications.
- Assist the buyer in determining the amount that they can
afford (pre-qualify), and show properties in that price
range and locale.
- Assist in viewing properties -- accompany the buyer on
the showings, or preview the properties on behalf of the
buyer to insure that the identified specifications are met.
- Research the selected properties to identify any problems
or issues to help the buyer make an informed decision prior
to making an offer to purchase the property.
- Advise the buyer on structuring an appropriate offer to
purchase the selected property.
- Present the offer to the seller's agent on the buyer's
behalf.
- Negotiate on behalf of the buyer to help obtain the identified
property -- keeping the buyer's best interests in mind.
- Assist in securing appropriate financing for the selected
property.
- Provide a list of potential qualified vendors (e.g. movers,
attorneys, carpenters, etc.) if these services are needed.
- Most importantly, fully represent the buyer throughout
the real estate transaction.
“Caveat Emptor” (Buyer Beware!) is not enough
to protect a buyer. There are inspections, disclosures, deadline
dates, title work, loan procedures, and recommended use of
professionals. Representation for the Buyer is very important!
What is Diana’s policy?
Agents have choices too! They can elect to represent either
the seller or buyer, or both if the situation arises wherein
a buyer wishes to purchase a home that is listed by the Buyer's
Agent or his/her office. That's called a dual representation.
I WILL NOT ACT AS A DUAL REPRESENTATIVE! While this form
of agency is perfectly legal in Virginia, I will not divide
my loyalties between the clients I represent. You can be assured
that I will act only in your best interests.
|
