ANSWERS: 1
  • Buying a house can be confusing and time consuming. Most people turn to a Realtor to assist them. Surprisingly, many don't realize that unless you sign a contract authorizing the Realtor to act as your buyer agent, he's actually representing the sellers.

    History

    In 1983, a Federal Trade Commission survey showed 72 percent of home buyers did not realize real estate agents only represented the seller. Because of this, lawmakers required agents to disclose this fact to buyers. As a result, buyers demanded they have representation as well.

    Personalization

    Buyer agents will search out properties based on your interests and needs. They can compare neighborhoods and property trends, as well as prepare a Comparable Market Analysis (CMA).

    Privacy

    Buyer agents cannot tell the seller anything you've said to them. On the other hand, they can inform you of anything they've learned about the property or the sellers.

    Guidance

    Buyer agents can advise you during the negotiation process. They can also provide guidance on mortgages, insurance, home inspections and repairs, and any real estate paperwork.

    Cost

    There is no cost to the buyer to use a buyer agent. Ordinarily, the commission is split between the buyer agent and listing agent.

    Source:

    National Buyers Agent Association

    Our Family Place: All About Buyer Agency

    Resource:

    For Buyers

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