Whether you have decided to purchase a home in the Arlington area or you are still in the decision making process, it is wise to learn all about the process of buying a home.
What is a buyer broker?
Agency relationships are defined by law in Virginia. A buyer broker is an advocate for you, not the seller. When you begin your hunt for a home, it’s a good idea to have a professional on your side, even if you do your search on a website like Realtor.com or this one. Working as your partner, your agent can help keep you focused on your goals, point out the pros and cons of any house you may be considering, and provide you with accurate data to inform your choice. A buyer representative will add value to the transaction as a counselor, communicator, analyst and advocate, providing the knowledge and skill to interpret information and coordinate the process.
A buyer representative, also known as a buyer’s agent or buyer’s broker, can save you time and money by helping you focus on properties that fit your criteria. When the right home is found, the buyer representative will know how to package your offer so you get the house you want at the price you want.
In most circumstances the buyer’s agent does not cost the buyer, as the seller’s agent shares in their compensation and that amount has been predetermined before you ever look at the property. Hoping to save some money by working alone basically pits you against a seller who may have a savvy agent who knows how to use all the contractual “loopholes” that can be used to favor their side of the negotiation. Even in a buyer’s market. Because buyers are often unaware of the many details involved in bringing a transaction to closing, they often underestimate the value of having a good agent on their side.
How do I determine if my agent will make a good buyer’s agent?
- Agency disclosure: an agent should disclose “how” they can represent you and give you a choice.
- A good agent should listen to your needs and respect them.
- A good agent will ask questions, get to know you , your lifestyle and help evaluate those needs to locate the best property for you.
- A good agent will familiarize you with the market, prices, locations, conditions so you will feel confident that you are doing the right thing when it comes time to purchase.
What will a buyer’s agent do for me?
- A buyer’s agent can show you homes that are currently on the market, homes for sale by owner, new construction homes offered by builders and homes that may not be on the market yet.
- A buyer’s agent will provide market data to help you establish an offering price.
- A buyer’s agent can help you structure your offer, not by price alone, but by other factors, terms and conditions.
- A buyer’s agent will negotiate strongly on your behalf.
- A buyer’s representative will structure strategy to create a winning scenario. (It may not by about price, it could be getting the house when you are competing with other bidders)
A lot happens between writing an offer and closing, and your agent will take care of more details than you ever think possible. I believe that the bulk of a good buyer agents job is to advise you on how to prepare a winning offer, and then getting you to a successful settlement. Issues can even crop up at settlement, and your agent will be representing you until all the papers are signed and you have the keys in hand.
