13 Dec Reasons to Work with a Local Buyer’s Broker!!!
For some, buying a home without a buyer’s agent seems like an easy enough thing… You get pre-approved at the bank, visit countless places until you fall upon the one you love and put in an offer.
But, did you know that since the new Real Estate Brokerage Act came into force on May 1, 2010, buyers are no longer represented in a real estate transaction when dealing directly with the listing broker.
This is one of the many reasons it is so important to have your own representation and work with a buyer’s broker when looking to purchase a property.
The job of a buyer’s broker is not to “sell” any particular property, but to represent the best interests of the buyer throughout the home buying process. The broker will advise the buyer even if it means pointing out reasons not to buy.
Here are some key points to remember when you hire a Real Estate Buyers Broker:
2. The listing broker will give you just the facts but your buyer’s broker will perform due diligence and intensive research, which will help eliminate costly mistakes or uncover hidden surprises.
3. Your buyer’s broker is there to protect and guide you. Your broker will negotiate on your behalf, thus avoiding any conflict of interest.
4. Your broker will work to solve problems to your advantage and satisfaction whereas the listing broker is focused on closing the deal. This is especially important if the building inspection reveals any issues with the property.
Contrary to popular belief, commission costs are the same regardless of who sells the home.
The Buyer’s broker is paid from the commission as previously agreed to by the seller in the listing agreement. As a matter of fact, studies suggest that a buyer’s broker helps buyers save both time and money in the long run because of their objective disposition.
You should also choose to work with a local broker who will be able to highlight the pros and cons on the pricing of various neighborhoods, discuss schools, shopping areas, resale values, commuting times and options, as well as other important considerations when buying a home.
Using a local broker also means benefiting from local professionals on your broker’s “team,” like notaries, lenders, home inspectors, pest control companies, roofers, electricians, plumbers, etc. These individuals understand the local rules and regulations.
I’ve had the privilege to work with many wonderful buyers and find them their dream home, in the neighborhood they want and the price they were looking for. Your buyer’s broker is there to help steer you through the home buying process while smoothing out bumps in the negotiations.