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What is a Buyer Representative?
A real estate buyer's representative
represents the buyer who is
purchasing property in a real estate
transaction. Research by the
National Association of REALTORS has
shown that when a buyer's
representative is used, the
prospective buyer found a home one
week faster and examined three more
properties than consumers who did
not use a buyer's representative.
The buyer's representative works
for, and owes fiduciary
responsibilities to, the real estate
buyer and has buyer's best interests
in mind throughout the entire real
estate process. A buyer's
representative will:
Evaluate the specific needs and
wants of the buyer and locate
properties that fit those
specifications.
Assist the buyer in determining the
amount that they can afford
(pre-qualify), and show properties
in that price range and locale.
Assist in viewing properties --
accompany the buyer on the showings,
or preview the properties on behalf
of the buyer to insure that the
identified specifications are met.
Research the selected properties to
identify any problems or issues to
help the buyer make an informed
decision prior to making an offer to
purchase the property.
Advise the buyer on structuring an
appropriate offer to purchase the
selected property.
Present the offer to the seller's
agent and the seller on the buyer's
behalf.
Negotiate on behalf of the buyer to
help obtain the identified property
-- keeping the buyer's best
interests in mind.
Assist in securing appropriate
financing for the selected property.
Provide a list of potential
qualified vendors (e.g. movers,
attorneys, carpenters, etc.) if
these services are needed.
Most importantly, fully-represent
the buyer throughout the real estate
transaction.
The Buyer Representation
Agreement
It is important for the buyer to
discuss the buyer's representative's
compensation in the initial
interview. In many cases it is
recommended that the buyer and the
buyer's representative agree to the
terms of compensation prior to
viewing properties, and sign a
written agreement based on those
terms. The agreement should spell
out the responsibilities of both
parties throughout the real estate
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