Working with a Buyer’s Agent is better than free. Free implies that it does not cost you anything, which is true in this case, because the Seller pays your Buyer Agent’s Commission. Even better, your Buyer Agent can make the transaction less stressful and save you time & money. Bottom line, the Buyer Broker has your back. The Listing Broker does not. So read on for the insiders scoop on why you have nothing to lose and everything to gain by signing your Buyer Broker Agreement.
The Buyer Broker works for you while the Seller Broker works for the Seller. The Buyer’s Agent will try to get you the house for the least amount of money. The Seller’s Agent will try to sell the house for the most amount of money. In addition to price, the Buyers Agent will try to get you the most favorable terms.
Legally your Buyer’s Agent owes all of their fiduciary responsibility to you. That means they cannot share personal information that may give the Seller an advantage during the negotiation. An example of this could be a Buyer going through a divorce or having to find a home within a certain timeframe. Your private information will be protected and the Seller will not be able to leverage it during the negotiation.
In addition to the positive features, a good Buyer Broker will point out the potential downfalls of a property. Some examples of this could be a close proximity to high tension wires, restrictions of wetlands, the impact of a sloped driveway or challenging home features that may be considered less than desirable when you go to sell. (The latter should always be taken into account even if it is in the distant future.) The Seller’s Agent is not motivated to proactively tell you these things and cannot do so without the expressed consent of the Seller.
While you as a Buyer may possess a great deal of knowledge, the Buyer Broker has access to a greater depth and breadth of information. As a result they can share with you details on market trends and area characteristics both from a current and historical perspective. This includes but is not limited to statistics on average sales prices and how much less than the asking price buyers are paying.
Your Buyer Broker can help you figure out what to pay for a home. Even if you know what you think a home is worth, why not have that substantiated by market data with a reverse CMA and a professional opinion from someone who sees a lot of homes each week on an ongoing basis.
Negotiations will go smoother and be more effective with a Buyer Broker representing you. A third-party is objective and not emotional. This clear perspective combined with the fact that your Buyer Broker negotiates the purchase of homes for a living and thus has a lot of experience, is a strong benefit. The Broker may even have a history with the Listing Broker that can make for a smooth transaction.
Everyone loves a beautiful house at a great price in a highly desired neighborhood, so be prepared for the bidding war. A good Buyer Broker will know how to navigate this process to give you the best possible advantage. There is no need to avoid bidding wars because you think you will pay too much or back off because you feel you are likely not to get the house. The Buyer Broker is your best chance to get the house and at a fair price.
Lastly when you reach price agreement and enter into a transaction the Buyer Broker can save you time and even more money by recommending reputable professionals to do inspections, give estimates on home improvements, and attorneys to handle the contract and close. The Buyer Broker can handle much of the process, saving you much-needed time during the hustle and bustle of a personal move.
With all of these benefits, why wouldn’t you want to use a Buyer Broker to represent you in the purchase of a home? If you think about it, its pretty amazing that you get all of this, at no charge, and the Seller pays for it all.
If you have any questions about Buyer Agent Representation for your next Fairfield County home, feel free to contact me anytime. I am happy to help.