What is a Buyer's Agent?
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The term "Buyers Agent" has become in vogue just in the past decade. A Buyer's Agent refers to a licensed realtor that represents only the buyer in the real estate sales transaction. The importance and role of a Buyer's Agent has really helped redefine the industry in the past decade. The need for a Buyer's Agent has developed from purchasers desiring an unbiased professional to represent them in the real estate sales transaction.
Historically, the process of a home purchase was simply handled by the listing agent. The listing agent is the real estate agent that has been hired by the seller. However, when a potential purchaser comes to the listing agent there is a clear conflict of interest because the listing agent represents the seller. The only time the listing agent can represent both the seller and the purchaser is under a special form of agency referred to dual agency. Even with dual agency there is still a conflict of interest because the listing agent is now representing the buyer as well as the seller and the real estate agent has every incentive to close the deal to earn a commission. So thus out of this need for fair representation came the Buyer's Agent who according to most in the industry is better cabable of serving the buyer's interests.
The Buyer's Agent has several responsibilities when it comes to the purchase of a new home. The most important of these is the locating of a property that suits the need of the individual buyer. It is at this point of the agent/buyer relationship when the agent can summarize the needs of their client and evaluate the available homes in their target area to find that particular home or homes that fulfill the requirements set out by the buyer.
Once a target home is located, the Buyer's Agent can then concentrate of the negotiation of a sale price and the contract terms if an agreeable price is reached. Once an agreeable price is reached, the Buyer's Agent can then organize a professional inspection of the property in question and ensure that the terms of the contract are carried out to the letter. At this point in the process the Buyer's Agent can also help to streamline the financing process and ensure that the other parties involved in the sale of the property meet their contractual obligations.
In today's real estate market the practice of working with a Buyer's agent is becoming ever more necessary. In fact there are now Agents who specialize in this field and can provide the buyer with a wealth of information and experience that are of undeniable value in the purchase of a home.
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