Information for Buyers
What Is A Buyer’s Representative?
Defined most simply, a buyer’s representative ( or buyer’s agent ) is an advocate for the buyer – not the seller – in a real estate transaction. Real estate laws and regulations vary from state to state, but buyer’s representatives usually owe full fiduciary ( legal ) duties, including loyalty and confidentiality, to their buyer-clients and must keep their clients’ best interests in mind throughout the entire transaction.
Why Should I Use A Buyer’s Representative?
Most likely, the seller of the property you buy will be represented by a listing agent who provides expertise throughout the transaction to the seller. Don’t you want to the same level of service as a buyer?
A buyer’s representative can provide the expertise you need throughout the entire transaction, greatly improving your buying experience and potential results. Besides, retaining a buyer’s representative seldom adds any expense to your transaction.
Why Choose An Accredited Buyer’s Representative?
Not all buyer’s representatives are equal. All REALTORS ( members of the National Association of REALTORS, or NAR ) must subscribe to a strict Code of Ethics, which helps ensure that you will be treated honestly.
But a REALTOR with the ABR designation has gone a step further, by completing Accredited Buyer’s Representative ( ABR ) training, specialized education offered by the Real Estate Buyer’s Agent Council ( REBAC ).
In addition to knowing the dynamics of the local market, REALTORS with the ABR designation understand the special needs of buyers. They have additional knowledge and experience that takes them a step beyond an agent who only concentrates on listing property for sellers. An ABR can provide you with valued assistance throughout the transaction and help you make informed decisions that will lead to a successful home purchase.
What Your Buyer’s Agent Does For You
Help arrange financing.
- Assist in locating sources of mortgage loans.
- Help you examine how much you can afford but how much you may want to spend.
- Assist in comparing different financing options.
- Provide information on purchasing incentives that may be available.
- Educate and discuss the differences between being prequalified and preapproved for a mortgage.
Assist in finding the right property.
- Identify your needs and wants in a property.
- Find appropriate available properties.
- Set up an automated e-mail alert system that immediately notifies you of properties that fit your requirements.
- Sort through inaccurate information about homes in the area.
- Provide ready access to all MLS-listed properties.
- Network with other agents for properties not yet in the MLS.
- Preview properties prior to showing.
- Help select for viewing only those homes that fit your needs.
- Aid in narrowing your search until you have identified your top choices.
- Assist in analyzing the pros and cons of each property.
- Disclose all known latent material defects.
- Assist you in evaluating properties for suitability, affordability, ad resale value.
Educate you on market conditions.
- Educate you on whether it is a buyers’ market or a sellers’ market.
- Show statistics on what percent of list price the sellers are currently receiving.
- Show trends, current average days on market, current absorption rate, and/or current months of inventory.
Guide you through making an offer and represent you and your interests in negotiations.
- Prepare a CMA so that you make an informed decision when offering a price.
- Advise you on what comparable properties are selling for.
- Explain common contract contingencies.
- Obtain appropriate seller disclosures.
- Prioritize your goals.
- Help create a negotiating strategy to achieve those goals.
- Ensure that you receive and understand all state and federally required disclosure forms.
- Handle the completion of the offer to purchase or sales contract.
- Educate you on the contents of the sales contract.
- Ensure that all appropriate additional forms are completed.
- Assist you in getting the best property at the best price with the least amount of inconvenience based on current market conditions.
- Prepare you for multiple offer situations and develop negotiation strategies specific to multiple offers.
Get you to closing and serve as your trusted real estate resource.
- Recommend inspectors, lenders, attorneys, and other professionals as necessary.
- Be an advocate and advisor during the closing process.
- Review and discuss home inspection concerns.
- Monitor and communicate required contract deadlines to ensure that you meet them.
- Assist in coordinating communications between the listing agent, lender, attorneys, title company, appraiser, and other professionals.
- Accompany you on the walk-through prior to closing to ensure the property is in the same condition as when you entered into the contract.
- Remain a life-long trusted advisor regarding real estate questions, needs, or concerns.
All Agents at Meehan & Daughters Real Estate & Development are Accredited Buyers Representatives ( ABR ). We strive to provide the highest level of buyer-representation services. When you hire one of our agents you can feel confident that you will be well represented throughout the home buying transaction, from start to close.
Beginning the search for your new home can be a great feeling. It is important that you directly communicate what you desire in a home is to your Realtor.
Right here on www.meehanrealty.com you can find listings that meet your criteria. You can start your search right here!!