Houses For Sale - buyer representation
Accredited Buyer's Representative
(ABR)
"More than one million people
in the US and Canada are licensed to sell real estate.
Of those licensees, fewer than one in five hundred is
an Accredited Buyer Representative."
The ABR Designation
The ABR designation requires
extensive classroom training, a formidable written examination,
and substantial experience in buyer representation.
An Accredited Buyer Representative is fully committed
to the real estate buyer.
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Why Use An ABR?
Across the country, advocacy groups
and licensing laws now encourage buyer representation.
From locating suitable properties to contract negotiations
and settlement, seek a real estate agent who will be
YOUR representative in buying new property.
As a consumer, how often do you
buy real estate property? Once, twice, three times in
your lifetime? Purchasing real estate is a complex and
major transaction with many details to be handled. In
the majority of cases the seller will be represented
by an agent. Wouldn't you want to have complete and
fair representation in the real estate transaction?
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The Benefits of Using a Buyer's Agent
Using a Buyer's Representative
offers the consumer many benefits. 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 the price range and locale the
consumer has determined.
- Assist in viewing properties
and either accompany the client on the showings or
preview the property on behalf of the client to ensure
that the identified specifications are met.
- Research the selected properties
to identify any problems or issues to help the consumer
in making an informed decision prior to making an
appropriate offer on the property.
- Advise the client on structuring
an appropriate offer to purchase the selected property.
- Present the offer to the seller's
agent and seller on client's behalf.
- Negotiate on behalf of the
buyer client to help obtain the identified property.
Keep in mind that the buyer agent will be doing so
with their client's best interests in mind.
- Review and explain all legal
documents to their buyer client.
- Recommendations and assistance
in securing appropriate financing for the selected
property.
- Provide a list of potential
qualified vendors, e.g. movers, attorneys, and carpenters,
if these services are needed by the consumer.
Most importantly, the buyer can
be confident that they are fully represented throughout
the real estate transaction.
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How do you hire a Buyer's Agent?
To have an agent represent you,
the Buyer, requires an "Exclusive Buyer Agency
Contract" to be executed between the Buyer and
the Agent. This Contract details what is involved with
a Buyer Agency and also what should occur if there is
a possibility of a Dual Agency situation.
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Buyer Agent vs. Traditional System vs. Dual Agency
- Traditional
System (Seller's Agent). Under this system
all Brokers and Agents (including the agent who sells
you the home) are Agents for the Sellers and have
a duty to represent the Seller's best interests, including:
--Negotiate for the highest price possible
--Structure the transaction to the Seller's advantage
- Dual
Agency Relationship. A dual agency results
when the buyer (client) wishes to purchase property
that is listed with the same company that the Realtor
representing them works for. In this instance the
Broker/Agent cannot disclose:
--Price Seller is willing to accept
--Price Buyer is willing to pay
- Buyer
Agency. Under this system the Selling Agent
is the Agent for the BUYER and has a duty to represent
the Buyer's best interest, including:
-- Negotiate for the lowest price possible
--Structure the transaction to the Buyer's advantage
This method could save you
thousands of dollars, provides you with a Competitive
Market Analysis of the property before you make an offer,
allows the agent to show you both listed and unlisted
properties and costs you absolutely NOTHING!
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Comparison of
Services Provided
|
|
|
Services & Duties Provided
|
Seller Agent
|
BuyerAgent
|
| Arrange Property
Showings |
Yes
|
Yes
|
| Assist with Financing |
Yes
|
Yes
|
| Provide accurate
information |
Yes
|
Yes
|
| Explain forms &
agreements |
Yes
|
Yes
|
| Monitor escrow
and closing |
Yes
|
Yes
|
| Give you advice
& counsel |
NO
|
Yes
|
| Keep your bargaining
and financial position confidential |
NO
|
Yes
|
| Promote and protect
your best interests |
NO
|
Yes
|
| Negotiate the best
price and terms for you |
NO
|
Yes
|
| Point out reasons
not to buy |
NO
|
Yes
|
| Pass on info that
may enhance your bargaining position |
NO
|
Yes
|
| Assist in writing
the offer with your best interest at mind |
NO
|
Yes
|
| Provides exposure
to both listed and unlisted properties |
NO
|
Yes
|
| Provides a competitive
market analysis |
NO
|
Yes
|
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