Buying a home on your own can be overwhelming, and sometime’s seems impossible. Realtors are here to help you view homes shortly after they are listed, guide and advise in writing an offer, and handle the entire transaction process. Working with a Realtor, and entering into a Buyer Broker Agreement, allows you to be represented by a professional during the home buying process. Working with a Realtor and taking advantage of representation, your needs are placed first to ensure your best interests are protected. Here are just a few examples of the duties Realtors perform:
- Research and identify homes that fit your criteria. Schedule appointments to view the homes.
- Offer advice and counsel during every step of the home buying process.
- Identify and explain the positive and negative attributes of the homes.
- Research the background of properties that might be of interest.
- Provide comparable sales and a Market Analysis to suggest an offering price for the house.
- Write and explain the details of the Purchase and Sale Contract.
- Negotiate the price, terms, and conditions of the contract with the seller’s agent.
- Handle all the details of the building inspection, appraisal, loan processing, attorneys, walkthrough, and closing details.
Will I have to pay to be represented by a Buyer’s Agent?
The short answer: no. The majority of the time, the Buyer’s Agent fee is paid by the Seller. There are some situations that may occur where the Buyer might be responsible to pay the Buyer’s Agent fee.
- If the fee offered out by the listing agency is lower than the buyer’s broker fee. If there is a situation where this might happen, it is the responsibility of the agency to disclose that to the buyer prior to showing the property so the buyer has an informed decision on whether or not they want to visit it.
- If you are looking at FSBO (for sale by owners). These are unrepresented parties that are not working with a Realtor to sell their home. Some FSBOs will offer a brokerage fee if a Realtor brings a buyer. Others may pay part or none of the brokerage fee. If this is the case, you would pay the brokerage fee. This can be accomplished in several ways. The cost of the brokerage fee not covered can be factored into the price of the home. The fee can be paid directly to the agency without factoring it into the home or financing. The Realtor can negotiate the difference with the sellers to get them to pay the difference.