Here’s Simply Why Buying A Home Ain’t What It Used To Be!

As a result of a recently settled real estate industry lawsuit, the common practice of a homeowner listing a house and paying a 6% commission that was split between the agent selling the house and the agent helping the buyer is kaput.

The seller in effect automatically paid the buyer agent’s fee, and that’s what prompted the lawsuit’s stating as being unfair.

Now, there are a lot of changes being made and a lot of confusion about how the buyer is now included in compensating the real estate agent representing them.

Here’s what homebuyers need to know.

Until now, when looking to buy a house a buyer would reach out to a real estate agent, and that agent would show them properties.

The buyer would decide if they wanted to make an offer on a home, and the agent would negotiate on their behalf and help with the paperwork.

The agent might even introduce the buyer to mortgage lenders who could help them finance the purchase.

In the past, most buyers were not asked to sign an agreement by their agent,

But, now they will have to sign a buyer agreement before being shown a property either in-person or live virtual.

And, sign the buyer agreement before they know the agent very well.

This is why buyers might be better served signing an agreement with one agent (a Buyer’s Agent) to work with viewing multiple properties, rather than signing new paperwork each time they visit a house with a different agent.?

The buyer agreement will also disclose how the buyer will compensate the agent, which will be negotiable.

The compensation can take various forms, such as fixed commissions paid by the buyer, fees for services, or concessions from a seller to a buyer through closing costs, or a portion of a listing broker’s fee.?

Buyers can request funds from sellers to compensate their buyer’s agent, and can do so in their offers along with the sale price of the property.?

Honest, competent buyer agents will skillfully facilitate this negotiation

Buyers need to make sure that they find a reputable and experienced Buyer’s Agent who can walk them through the entire home buying process from start to finish.

Moreover, have a conversation about what it means to be represented exclusively and a transparent conversation about how they’re paid.

Buyers should also make sure the buyer agreements don’t obligate them to continue working with the agent or provide any unwarranted compensation.?

Bottom line is that now buyers will be responsible for paying their agent.

However, by being a savvy buyer and working with a specialized Buyer’s Agent to represent them can be a beneficial money and time saver.

Why should you hire and pay a buyer’s agent and not deal directly with the seller’s agent?

Simply put, because the selling agent works for the best interests of the seller.

As a homebuyers Realtor? I exclusively represent and negotiate what’s the best price and terms for the buyer.

Is it worth it for a buyer to bypass my representation?

Well, consider this example.

My compensation for representing the buyer of a $500,000 home would be $10,000 (2% of the purchase price).

However, my having informed, up-to-the minute facts about the local real estate market, along my well-honed negotiating skills, typically enable me to exceed whatever dollar amount you think you might be saving by eliminating my compensation representing you.

Don’t be “penny wise, pound ?foolish”.

Moreover, I take pride in creating long-lasting relationships with my homebuyer clients that extend beyond the completion of their purchase.

My utmost goal is to guide and represent buyers to make wise real estate purchasing decisions.

To achieve this, I am honest, forthright, and ensure buyers see both the positive and negative aspects that they may not notice on their own.

I offer my clients the highest level of service by conducting in-depth analyses of their needs, wants, and what's realistic for them.

My approach is personal, not transactional, and I am dedicated to maintaining close interactive communication as the key to our success working together as a home-buying team.

Once the analysis is complete, I continue to provide clients with ongoing research and information to present them with the best available options and choices.

I emphasize that the duration of the buying process may vary depending on them and assure them of my commitment until they reach their goal.

Moreover, my service doesn't end at closing.

I stay in touch with clients for years to come, offering up-to-date real estate reports, articles, information, and periodic analyses of their purchased home.

Your success is my success!

Sandy

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