How much does a Buyers Agent Cost???
A: Nothing. You can utilize the expertise of professionally trained Real Estate agent, in your area, and it wont cost you a dime. In a residential real estate sale, the seller pays all service fees associated with marketing and selling their home. The service fee will not change, for the buyer, regardless of whether or not you have a “buyers agent” representing you in the sale. When a buyers agent represents you, it is at no cost to the buyer.
What are the Major Benefits of Buyer’s Agency?
- Advise and counsel a Buyer with unrestricted assistance.
- For First Time Home Buyers- generally getting them adjusted to the process.
- Fiduciary duty toward you, the buyer, in a transaction.
- Prepare an estimate of value and future salability to insure the true value of the property by comparing comparable properties (CMA report).
- Investigate any situation that might jeopardize the best interest of the Buyer.
- Negotiate with the Listing Agent/Seller to obtain the lowest price possible on your behalf.
- Gather and schedule showing times on available properties that meet the buyer’s needs.
What are the Primary types of Realtor Representation???
-Single Agent for the Seller (aka listing agent)
This means that they have a written agreement with a home owner (their Client) but NOT the potential buyer, in a transaction. In exchange for the realtor selling the home, the seller’s agent receives a commission- usually a percentage of the home’s final sale price. The primary loyalty of listing agent is to the seller, first and foremost. Various legal and professional codes require that a seller’s agent promote the best interests of their client, the seller. Throughout the process their job is to get the seller the highest price possible and protect their client’s best interest..
-Single Agent for the Buyer (aka Buyers’ Agent)
A good example I’ve seen comparing the buyer agent vs seller’s agent relationship is that If a seller’s agent is a prosecuting attorney than the buyer’s agent is like a defense lawyer. A buyer’s agent has a written agreement with the home buyer and has the primary duty of protecting the Buyer’s best interest, in a transaction. In other words, they represent their client, the buyer. Their primary objective is to get the buyer the lowest price possible on the home they want. Your buyer’s agent is prohibited from doing anything that will hurt your chances of getting a property for the lowest price possible.
-Limited Consensual Dual Agents
This is a situation in which the Agent has a “client” relationship with both the buyer and the seller in the same transaction. In other words, your buyer’s agent is ALSO the listing agent for a particular property you become interested in. It’s actually not all that uncommon and can be handled fairly comfortably if you have a good agent. The agent cannot disclose any confidential information to one side or the other and instead, acts as a go between from the buyer to the seller. An experienced realtor can provide an unbiased presentation of the facts to both parties and still serve both clients diligently.
Both the buyer and the seller, must sign a release form stating that they agree and understand that the Agent represents both the buyer AND seller.
If you’re interested in seeing more buying tips then scroll down and let us know what you’re interested in. The reports will be emailed to you on a regular basis. Feel free to Contact Grant Dickey directly if you have any questions about homes for sale in Tuscaloosa, Northport, or West Alabama….we’d love to talk to you.