What is Buyer Agency?
If you’re going to be purchasing, at some point your REALTOR will talk to you about Buyer Agency. You may even have spoken to a lender who tells you to find a REALTOR to be your buyers’ agent. So naturally you want to know what Buyer Agency is and what will it cost me?
Buyer Agency is a contract between you, the buyer, and your REALTOR. This contract is set for a length of time in which the agent works in your best interest, above all others. This contract ties you and the agent together.
You must look at all homes and purchase your home through the REALTOR that you have the contract with. The biggest service your agent will offer you is negotiation. When you do find the home you wish to put an offer on your agent will do a CMA (Comparable Market Analysis). The CMA will help you determine if the property is priced properly and what price to offer the seller.
In real estate generally the seller pays all commissions due in a transaction. As long as the property is listed on the MLS (multiple listing service) system, you will not have to pay your agent out of your own pocket.
The buyers agency contract also ties you to the agent you have under contract. You would owe a success fee to your agent if you purchased your home through a different agent during the length of the contract.
To find out more about Buyer Agency contact me at saraschneider@shorewest.com
To search homes for sale go to sara.shorewest.com.
Posted By:
Sara Schneider
