What are the services of a buyer's agent?
When you first meet with an agent, you will talk about relationship options. Depending on your needs, you will review which alliance makes the most sense for you and you will sign a statement acknowledging your choice. This document is required by both the Kansas and Missouri Real Estate Commissions and is kept in our files for audit purposes.
A buyer benefits in several ways from representation. For buyers who don't know the market place, such as transferees and first-time purchasers, buyer agency can be extremely beneficial. It allows the agent to be the buyer's advocate.
Buyer Agency is a legal contract. Like any contract, if you have any legal concerns, you may want to seek legal counsel before entering into the agreement.
When you use the services of an agent in the capacity of a Buyer's Agent, the Buyers Agency Contract legally binds that agent to look out for your best interests during the real estate transaction, whereas traditional agency has always meant that all the agents (both the listing and selling agent) fiduciary relationship was with the seller.
Here are some of the services that a Buyer's Agent can offer to you exclusively:
- Help you determine your buying goals and objectives.
- Identify available homes that meet your goals and objectives.
- Provide you with information on communities, schools, churches and any other area characteristics.
- Assist with financing options including helping you find financing through the pre-approval process and determining the amount of mortgage for which you may qualify. Review with you the estimate of the funds required for the purchase including monthly mortgage payment, escrow, pre-paids, insurance, etc.
- Present alternate solutions to your needs when appropriate properties are in short supply or when financing is difficult.
- When necessary, promote your search for any appropriate property through advertisements to listing agents or directly to owners of properties that may not be on the market yet.
- Notify you of new listings and give you an opportunity to view these properties before other buyers who are not working with a buyer's agent.
- Assist you in making an objective evaluation of a property, including both positives and negatives.
- Assist you in making an objective comparison with competing properties.
- Present you with a Comparative Marketing Analysis before making an offer on a property.
- Plan a negotiating strategy and suggest procedures that will enhance your negotiating position. (Price is not the only thing to negotiate.)
- Continue to search for other appropriate properties for you even during the time of negotiations to enhance your negotiating position.
- Schedule and attend property inspections with you.
- Strategize and re-negotiate alternatives after the inspection results.
- Monitor continually the progress toward closing after a contract has been accepted.
- Monitor the appraisal, loan approval process, title insurance, etc.
- Keep you informed of all events that may affect closing.
- Attend the closing with you.
Remember! With a buyer's agent, all personal and confidential information about you and/or conversations with you are not shared with the Seller. A Buyer's Agent is a professional who is there to work in your best interests.