Saturday, August 11, 2007

What is a home buyers representative?

A real estate buyer's representative represents the buyer who is purchasing property in a real estate transaction. Researchby the National Association of Realtors has shown that when a buyer's representative is used, the prospective buyer found a home 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 responsibility to the real estate buyer and has the buyer's best interest in mind throughout the entire process.

A buyer's representative will:

  • Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
  • Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.
  • Assist in viewing properties-accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specification are met.
  • 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.
  • Advise the buyer on structuring an appropriate offer to purchase the selected property.
  • Present the offer to the seller's agent and the seller on the buyer's behalf.
  • Negotiate on behalf of the buyer to help obtain the identified property-keeping the buyer's best interest in mind.
  • Assist in securing appropriate financing for the selected property.
  • Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, inspectors, etc.) if these services are needed.
  • Most importantly, full represent the buyer throughout the real estate transaction.
  • Mike Washburn is The Land Man 1-918-948-3425

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