What is a Buyers Real Estate Agent?
Begin your home search by contacting a Buyers Agent
Many people begin their home search online when thinking about purchasing a new or resale home and do not realize that hiring a buyers agent will help reduce the amount of time spent in the home search process. One of the first things a potential home buyer should consider is talking with a real estate consultant about the home buying process to ensure that you have representation in your real estate transaction. Before you even begin to search for Raleigh Homes for Sale, a professional realtor can help you understand the big picture and all the little details involved in buying a home that will help ensure that you have a successful real estate experience. By scheduling a buyers consultation first, your real estate agent can help ensure you do not waste time looking at homes that will meet your personal or financial needs.
Why is a Buyers Agent Important?
When a buyer engages a Real Estate Agent in North Carolina, they are obtaining representation in the real estate transaction. It is very important that buyers have their own agent to help negotiate offer price so you get the best price for the home you are interested in buying. A Realtor will conduct a market analysis to ensure that the seller’s asking price is not too high and even if it is low so you know what price you should offer for the home. In addition, a Buyer’s Agent will assist you with repair negotiations and coordinate with your lender and lawyer to make sure that you close on time.
Buyers Agents Work for You Free of Charge
The great news is that having a buyer’s agent on your side not only saves you money, but also cost you nothing because the seller pays the buyer’s commission and you have no one to help you ensure you are represented in the real estate negotiations. If you decide not to have representation, then the listing agent, who represents the seller, would typically keep the commission. When listing agents are under contract to list a home for sale, the commission that the seller agreed to is already in the contract and it includes the amount that would be paid to a buyer’s agent. If an unrepresented seller is involved in the transaction, the listing agent is entitled to all the agreed upon commission.
Why do Realtors need you to sign a Buyer’s Agent Agreement?
Your real estate agent will ask you to sign a buyer’s agency agreement. In North Carolina, this is the Standard Form 201 created by the North Carolina Association of REALTORS®. The form changes almost years and a NC Realtor will ensure that s/he reviews this document in detail with you prior to signing. The Buyer’s Agency agreement must be signed in North Carolina prior to your Realtor making an offer on your behalf as it shows that they are legally entitled to represent you in your real estate transaction.
Often home buyers are nervous about signing a buyer’s agency agreement as they do not want to commit to one agent, but if you want to make sure your agent is committed to you, you need to commit to an real estate agent. A misconception by many first time home buyers and even individuals who have bought many homes, is that Realtors are paid by their companies. Realtors are typically on 100% commission and when they are showing homes without a buyer’s agency agreement in place, they are essentially working for free as there is no guarantee they will get paid. Of course, a potential home buyer can later decide they do not want to buy a home or even on mutual agreement cancel the agency agreement, but this gives a Realtor incentive that they will be paid for their time, travel expenses, and research. Would you go to work in the morning and perform your job duties if your boss told you that you would not be paid for your work?
A Realtor who is your Buyer’s Agent is responsible for not only negotiating the best possible price for you, but also to protect your financial information as well as any confidential information that you share. As an example, let’s say that you tell a Realtor A that you would pay $300,000 for a home but you are not under a buyer’s agency agreement with them and then enter into an agreement with another Agent B but put in an offer of $280,000. Realtor A does not have fiduciary responsibility with you now and can tell the seller or listing agent that you would pay higher for the house because without an agreement when they showed you the house they are actually working for the seller. Be sure to review the Working With Real Estate Agents before you begin your discussion with a realtor and do not disclose any confidential information until you are under a buyer’s agency agreement.
Your Realtor’s Obligation under a Buyers Agent Agreement
When you enter into a Buyers Agency Agreement with your Realtor, the real estate agent or Broker is responsible in promoting your best interest such as:
- Helping you find and view homes in your price range and desired location
- Present offers to sellers or listing agents on your behalf in a timely manner including counteroffers.
- Disclose any material facts about the property which they agent has knowledge
- Account for all Due Diligence and Earnest Money Checks
- Maintain confidential all financial and personal information that you provided unless given your permission to disclose
A Buyers Obligation under a Buyers Agent Agreement
The Langley Team often takes potential clients out on a trial run or schedule’s buyer’s consultation prior to entering into an agreement because we feel it is important that our clients feel we are matched and understand that we have their best interest in mind. It is important that you are comfortable with the person who is going to help you with your real estate transaction. Once under an agency agreement, the buyer is responsible for working exclusively with the Broker, which is why taking the time to meet in person and interview the real estate agent is important before signing. Home buyers also agree to do their part in securing the necessary documents and loans so their home purchase can succeed. In addition, home buyers are responsible for paying for any ordered inspections that they requested regardless if they buy the house or not.
Langley Realty Team would love to be your Buyers Agent if you are searching for Raleigh Homes for Sale. Our Real Estate Team can also help you with searching for homes for sale in surrounding Raleigh towns such as in an Apex Subdivisions, Cary, Clayton Subdivisions, Holly Springs Real Estate, Garner, Wake Forest, and Willow Springs. Through a home buyers consultation, we can help you determine which town might be best for your family, particularly if you are relocating to Raleigh and do not know exactly where the best places to live exist. A lot depends on your needs, do you want to be near work, near great schools, or near recreational amenities. Let us make the home buying process more focused and successful by contacting us to set up your buyers consultation