What is A Buyers Agent?
A buyer’s agent represents only you in a Real Estate transaction. This agent has full fiduciary (Legal) responsibility, including confidentiality and loyalty to the buyer. A buyer agents goal is to protect all interests of the buyer. This agent has the client’s best interest in mind throughout the entire real estate transaction.
What are Sellers/Listing Agents?
The listing agent is (legally) the seller’s representative. This agent is obligated, contractually, to obtain the highest possible price and favorable terms for the seller. Normally, the seller pays all brokerage fees related to the sale of real estate.
The listing agent may occasionally “help” buyers; however, seller/listing agents are duty bound to represent the seller.
“ A buyer who relies on the seller’s agent or on dual agency (representing both parties) does not receive the same degree of legal protection as that afforded by an agent acting solely on behalf of the buyer.” Oklahoma Supreme Court, Snider v. Oklahoma Real Estate Commission, June 1,1999.
Why use a buyer’s agent?
Buyer’s agents are advocates of the buyer. Listing agents are, contractually obligated to represent the seller first. It is easy to see how this could put you (The Buyer) at a distinct disadvantage in negotiating the purchase of real property. A buyer’s agent is contractually obligated to obtain the lowest price and most favorable terms for their client, the buyer.
A buyer’s agent will:
1. Evaluate your needs and subsequently locate properties that fit these requirements.
2. Assist you in determining an affordable Price and payments(pre-qualify)
3. Pre-evaluate properties - set up appointments and accompany you during showings and, if circumstance requires, preview properties on behalf of the buyer.
4. Research the selected properties to help identify potential problems and/or issues that would help you make an informed decision prior to making an offer.
5. Advise you on structuring an appropriate offer.
6. Present offers to the seller on your behalf.
7. Review and explain legal documents.
8. Assist in securing the most favorable financing for the selected property.
9. Provide referrals for real estate services (e.g. financing, home warranties, inspectorsappraisers, etc.)
10. Represent you throughout the transaction.
11. Help with problems that may arise after the sale is complete
