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Buyer Agency And You

Why Every Home Buyer Should Use A Buyer’s Agent

You have made the decision that you want to buy a home, now you must answer the question: 

Should I use a Realtor or do it by myself?

Yes, you should use a realtor that works exclusively for you, a Buyer’s Agent.  More details on why this is the correct answer to this critical decision is below.

It is important to know that if you visit an open house, a model home in a new sub-division, or contact the listing agent directly on a property, that agent is there to represent the Seller/Builder.  They are contractually obligated to negotiate on behalf of and represent the seller, not you, the Buyer.  If you use a buyer’s agent, you will have the same contractual agreement with an agent that the seller has and you will have someone to negotiate in your best interests and represent you throughout the entire transaction…AT NO COST TO YOU!

Who pays the Buyers Agent commission?  In virtually all situations the seller pays the commission per their listing contract. 

For MLS listed properties, a separate agreement has been negotiated between the seller and the listing broker that includes compensation for a buyer’s agent.  When a buyer’s agent brings a purchaser, the listing broker and seller have agreed to a commission for the buyer’s brokerage that the seller pays. 

Almost all builders have built in a commission for buyer’s agents.  If you choose to have no representation, or represent yourself, the builder keeps the buyers agency commission as additional profit. 

Most FSBO’s will co-op with a buyer’s agent, meaning pay their fee.  FSBO’s are educated on the above facts and understand that the majority of buyers use the assistance of a Realtor, so agree to pay the buyers agent commission.

Why Can’t I Just Get What I Need From The Internet and Do It Myself?

The Internet is a great tool for gathering data, but raw data is only part of the problem when it comes to buying a property.  This article “I Have the Internet – Why Do I a Need a Realtor When I Buy a Home?” illustrates why you need more.

How Can a Buyer’s Agent Help Me?

Per state laws, realtor code of ethics and court decisions, a licensed Florida Real Estate Agent owes these duties to a homebuyer:

Honesty
Diligence
Limited Confidentiality
Full Disclosure
Accounting
Care, present all offers and counteroffers in a timely manner, unless directed otherwise in writing.
Any additional duties that are entered into by written agreement. 

That’s the legal definition, but you may ask:

What does a Buyer’s Agent actually do for the homebuyer? 

Like other agents, a Buyer’s Agent will show you available homes, point out the property’s features, provide financing information and submit the offer to purchase.  But that’s not all. As your representative, a Buyer’s Agent will give you loyalty, share valuable and essential information with you if the agent knows it, such as:

Whether the seller would accept a lower price.
The seller’s reason for selling and timetable.
How long the home has been on the market.
Previous offers and counteroffers for the property.
Strengths and weaknesses of the property.

Most important for many buyers, you can ask a Buyer’s Agent for advice and assistance in setting your offering price and structuring the other terms of your offer.  You will have peace of mind knowing an experienced advocate is working on your behalf to help you buy at the best possible terms.

Who Needs a Buyer’s Agent?
If you want to make sure you buy smart, you need a Buyer’s Agent.  Purchasing a home without representation is possibly the biggest financial mistake you can make.  A Buyer’s Agent can guide you each step of the way to prevent costly errors.  Failure to find out about defects in the property or the actual value of the property, of course, is an expensive mistake.  Failure to negotiate a contract that works for you can cost you plenty as well. 

With a Buyer’s Agent, you can ask for and receive advice and assistance in selecting the best property and determining a negotiation strategy getting the best price and contract terms.  You need a buyer’s agent if:

You are a first-time buyer.
You are relocating.
You are unfamiliar with the local real estate market
You are buying for investment and need negotiating leverage
You need to purchase anonymously,

In all these cases, and most others, you will be best served by a Buyer’s Agent that puts your interests first. 

Also, if the real estate professional helping you find a home is a relative, close friend, business associate or an agent you previously used, chances are that you expect them to represent your interests, so you should establish a Buyer Agency relationship. 

Can’t a Seller’s Agent Help Me Buy?  Not really.  Without a Buyer’s Agent, you’re really on your own.  Keep in mind, the Seller’s Agent is working for the seller and is the seller’s legal representative.  Yes, a Seller’s Agent can offer buyers some services, including a diligent search to find the right home, an explanation of available financing, calculation of monthly payments, estimation of settlement costs and a presentation of your offer to buy.  What a Seller’s Agent cannot do is disclose information not in the best interest of the seller such as an opinion of the home’s real value or what price and terms the seller would accept.  By law, the Seller’s Agent must negotiate on behalf of the seller and may not withhold from the seller information that could strengthen their bargaining position.  That means you, as a buyer, should be careful not to disclose to the Seller’s Agent any financial or personal information that could be used against you.

What Is a Transaction Broker?”  A real estate brokerage whose agents meet the states license requirements, but limits it representation to assisting both the buyer and seller in facilitating the transaction for a commission without giving either the buyer or seller loyalty.  If the person you are working with gives you a "Transactional Broker Notification", it means you do not have an agency relationship -- you are dealing with a real estate licensee who has NO duty to counsel or advise you.  This relationship gives the licensee the right to compensation and it limits that licensee's liability to you.  Basically, it is for the licensee's benefit and not for the benefit of the Seller or the Buyer.  Don’t accept a Transaction Broker, demand a Buyer’s Agent.

The Bottom Line.  If you want an agent to fully represent your best interests, if you want help evaluating a property, if you want someone to negotiate to get you the best price and the best terms, if you want to purchase a home in what’s becoming the most popular way to buy, you’ll want to enlist the aid of a Buyer’s Agent.

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Why Rent When You Can Own?

STOP contributing to your landlord’s retirement plan with your funds.  Start your own retirement plan.  Make money while you sleep! 

As a Renter, you are not only paying your landlord’s mortgage; you are giving your landlord a large percentage of your retirement in lost appreciation.  Real estate prices keep going up.  If you are paying $750 per month in rent, you will be losing approximately $40,000 in appreciated value over the next 5 years by not owning a home.

At Capstone Residential, we know that 7 out of 10 First Coast renters can qualify for a home.  However, only 20% of the renters ever make an effort to buy a home.  You can join that 20% today.

THE FIRST STEP to home ownership does not begin with money, a credit record, a job or any of the other requirements typically associated with qualifying.  The first step begins with ATTITUDE.  Once you develop the necessary “can do-will do” attitude, all other home buying requirements tend to fall in line.

The Formula for Home Ownership is ATTITUDE + EDUCATION = HOME OWNERSHIP.  If you believe you have a can do-will do attitude and your household earns $15.00 or more per hour for 40 hours per week which is $31,250 per year, you can own a home. Regardless of what your financial situation is today.  Capstone has several home buying programs that assist people to get into homes quickly.

If you had a recent bankruptcy or other credit related setback, you CAN still get into the home of your choice.  Our Lease-Option program enables you to pick the home, live in it and buy it for a set price later, once your credit is cleaned up.  This program allows you to become financially fit for homeownership while enjoying your home, building some equity and getting most of the benefits of home ownership.

If you have a can do attitude, Capstone and it’s partners have the education and programs to make you a Homeowner.  CONTACT US TODAY.