Tuesday, March 25, 2008

What is a Buyer's Agent?

Dear Rich -

I am thinking about moving -- I live in Charlotte now, and I want to downsize into a smaller home or condo -- but I am confused by some terminology...What is a "buyer's agent?"

Gene S -- Uptown Charlotte

Dear Gene:

Great question - the term "buyer's agent" is a little misunderstood, but let me try to clear it up a little bit for you, and explain the benefits of working with a buyer's agent.

Real Estate brokers assist sellers in marketing their property, bringing in potential buyers and selling it for the highest possible price under the best terms. The difference between a traditional broker arrangement and the use of a "buyer's agent" is that the Buyer's agent has signed a legal contract with a buyer to become the buyer's representative in searching and negotiating for property at the best possible terms for the buyer.

In addition to working with the buyer to negotiate the best price, they will also ensure the property is inspected, and make sure you have the representation you need. Things you tell a buyer's agent remain confidential. Using a buyer's agent also means that you will be shown homes that are For Sale By Owner (FSBO).

As a real estate buyer's representative in the Charlotte area, I work for, and owe fiduciary responsibilities to, the real estate buyer and have home buyer's best interests in mind throughout the entire real estate process.

It is my job to:
1. Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
2. Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.
3. 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.
4. 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.
5. Advise the buyer on structuring an appropriate offer to purchase the selected property.
6. Present the offer to the seller's agent and the seller on the buyer's behalf.
7. Negotiate on behalf of the buyer to help obtain the identified property -- keeping the buyer's best interests in mind.
8. Assist in securing appropriate financing for the selected property.
9. Provide a list of potential qualified vendors (e.g. title companies, inspectors, carpenters, etc.) if these services are needed.

I have also taken extra courses and met additional requirements to be able to use the coveted title ABR (Accredited Buyers Representative).

I hope this answered your question, and I look forward to the opportunity to work with you as YOUR buyers agent!

Rich Ferretti

Want more information about the Charlotte area real estate market? Check out www.richferretti.com

No comments:

Visit Rich Ferretti on Active Rain

You can find great local Mint Hill, North Carolina real estate information on Localism.com Rich Ferretti is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.

Blog Listing

Bloglisting.net - The internets fastest growing blog directory

About Me

My photo
Charlotte North Carolina Real Estate Professional. Visit our site www.RichFerretti.com