Often while purchasing their first home buyers feel they have not been represented properly in the whole buying transaction. The main reason behind this is that the listing agent working with them also represents the seller and gets his fees from seller. Thus some flaws in the house are not mentioned or some other vital information is not told to the buyer so as to complete the sale.

Buyer’s gain by having their own agent

If a buyer hires an agent specifically working for the buyer then there are definite advantages that buyer receives.

• Such an agent can help in negotiating the deposit to be as low as possible with the seller or convince the seller to pay for all of the closing costs.

• Another advantage buyer gets is that such agents have access to listing of homes offered by other real estate agents for sale. And as they work for the buyer they can also show them homes listed as “for sale by builder” or “for sale by owner”.

• While visiting homes the agent provides information on home’s main selling features, neighborhood information, like distance from school and other educational institutes, markets, shopping and work centers.

Create a buyer’s agency agreement

While making the selection of an agent to represent you in the buying process many things are needed to be clearly spelled out by way of a written agreement between both of you. This agreement should mention the terms of the agreement, the commission to be paid and other related cost you may have to incur. This agreement is commonly known as the buyer’s agency agreement.

Some most common points which should be noted in the agreement are -

• Payment to agent. At closing will the agent be paid from seller’s commission?

• Would you be required to pay the agent’s commission in case you decide about purchasing a FSBO home?

• Is the contract an agreement by which you will be allowed to work with this agent only or would have the freedom to contact other agents also.

• How long this agency will continue.

• Through this agency any kind of real property can be purchased or any specific type of property can only be purchased.

• The locations where the agent will allow the buyer to find the property in. Will the agreement lead to property search constrained to any specific county or would it cover all regions.

Try and avoid contacting a dual agency

What dual agency means is that the same brokerage company deals with both seller & buyer, one of the agents of the company works for the buyer while another obtains listing of the house. Another situation of dual agency would be when the agent who has listed the home is able to locate buyer for that home. Such dual agencies are legal if disclosed to both buyer & seller but should be avoided as can result in potential interest conflict between seller and buyer. There are exclusive buyer’s agents whom one should contact as they only work with buyers and are not involved with listing houses for sale.

Conclusion

An agent can provide guidance, look for your best interest and assist you in every manner possible in your home buying process. While selecting an agent take out some time to discuss with your friends, co-employees and relatives about agents who have good reputation because of the service they provide. A good buyer’s agent will help you in difficult decision making situations, guide you on how to negotiate and avoid making wrong decisions.

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