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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:
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Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
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Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.
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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.
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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.
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Advise the buyer on structuring an appropriate offer to purchase the selected property.
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Present the offer to the seller's agent and the seller on the buyer's behalf.
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Negotiate on behalf of the buyer to help obtain the identified property -- keeping the buyer's best interests in mind.
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Assist in securing appropriate financing for the selected property.
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Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these services are needed.
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Most importantly, fully-represent the buyer throughout the real estate transaction.
The Buyer Representation Agreement : In Maryland, I will work for you as a presumed buyer's agent unless you sign an exclusive buyer's agency contract with me. I will work under this presumption until we locate the home that you want to purchase and at that time the law says we must execute the buyer representation agreement to be presented along with your offer to the seller. The diference is that you are not bound to pay me a commission should you happen to enter into a sales contract to purchase with another agent. You may say that it's really stupid of me to not require this agreement up front. Well, many agents and brokers do think that. I would prefer to work with a buyer because they have faith in my ability to help them locate their home at the best price with the best terms. My thought is that when we first meet you don't even know me. How can I ask you to enter into a 6 or 12 month contract at that point? I'm not at all sure that I wold want to do that. Once we establish a relationship, I do, however, expect your loyalty and I will work tirelessly on your behalf. We can terminate our working relationship at any time with just a verbal agreement. Being honest and keeping the communication flowing is crucial and I insist on it.
Help You Get Pre-Qualified
 This step will show you how much you can afford. This is accomplished by speaking with your financial institution or referring you to a great local lender with whom I work to establish what monthly payments you will be comfortable with. This step also affirms your credit worthiness and your ability to obtain loan approval. This will be done as a first step as we don't want to waste our time and get your hope up needlessly.
Home Shopping
I will use every available method to locate a property that matches your search parameters. This will include properties listed with our office, offered through other real estate companies through MLS, for sale by owner properties as well as unlisted properties. I will disclose all known facts about the property that are likely to affect your decision. When we find the home that meets your criteria, I will assist you in writing an offer and negotiate on your behalf with the seller. |
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