Save Money: Use A Buyers Agent

By Doherty • August 1st, 2011

Many home buyers, especially first time buyers, don’t understand that when purchasing real estate you don’t have to pay ANYTHING to use a buyers agent.

Many buyers beleive they will save money by doing all of the work themselves. In reality, not using a buyers broker will likely lose you money and can make you vulnerable to possible complications in the real estate transaction.

For a regular home buying transaction, sellers pay for a (listing agent), to list and market their property. In the listing contract, a commission amount is set of which a portion, usually 3%, is set aside for the payment of a buyers agent. It is from these funds that a buyers agent will get paid. The fidiciuary duty of the listing agent is to look after the seller. Their duty is to help the seller net the most money possible for the sell of their house. They have a responsibility to represent the seller and protect them during the real estate transaction.

With the ease of searching real estate on the internet, it is easy for buyers to find Colorado Homes for Sale, Homes for Sale in Salt Lake City, Utah or rural Southern UT Homes, it is true that buyers can get a good deal information about real estate, but even the internet can’t replace the importance of using a buyers agent.

The role of the buyers agent to primarily locate potential properties has changed. The buyer agents main service is to serve as the facilitator and provide relevant information about: homes information, area specific information, real estate values, and to make sure the buyers are getting the best deal and will be protected during the transaction.

Real estate transactions can be emotional experiences and invove large quantities of of money. Tensions can be high and things don’t usually go exactly as planned. If a seller has an agent to look out for them and negotiate on their behalf, buyers should have this service too.

A buyers agent watches out for and helps the buyer. Buyers agents help their clients find the best loan officers, that will get them the best interest rate and service on their home loan. When the best home is found, buyers agents help the buyers to write solid offers. Good buyers agents know the market and can usually get a read of what the lowest acceptable offer might be. They also make sure that all the paperwork is legitimate and complete so the buyers interests are are protected.

Buyers agents set reasonable deadlines for home inspections, due diligence, and financing deadline. They then follow up with lenders and inspectors to make sure due diligence is completed as contracted. If there are issues, good buyers agents help renegotiate the deal to take care of any problems, or to save the buyers earnest money if the buyer does decide to back out. When cancellations happen, your buyers agent will still be there for you, and will endure through the home search, and negotiation over and over until the deal closes in escrow.


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