Plug Into Buyer's Agency For A Successful Home Purchase

In a recent poll for the National Association of Realtors, 71% of the home buyers surveyed said they would use a buyer's agent to help them buy their next home. They have good reasons!

Buyer's agency is a relatively new development in the real estate industry. Until about a decade ago, residential real estate agents represented sellers. Whether they were the "listing agent" or the agent who brought the buyer to the contract, both were legally bound to represent the seller's interests.

That's all changed today. Savvy buyers can now put a professional on their team, representing their interests, by working with a buyer's agent.

When you sign an agreement to have an agent represent you in the home-buying process, you'll get a whole host of benefits, which may not cost you a dime. Your buyer's agent can:

• Search for homes that meet your specifications through the Multiple Listing Service, highlighting the important features of properties on the market. You'll spend less time looking at homes that don't fit your needs or are out of your price range.
• Monitor listings to make sure you know about new properties on the market as soon as they are listed-an important advantage when the inventory of homes is low and competition for them is fierce.
• Network with other agents to learn about homes before they're advertised or held open, giving you the jump on other buyers.
• Tell you what they know about the seller and the property: reasons for selling and timetable; whether sellers might accept a lower price; how long a home has been on the market, advantages and disadvantages of the property; previous offers and counteroffers.
• Help negotiate a contract with the best terms for you-not the seller.
• Advise you and monitor your progress through the settlement process.

When you contract to work with a buyer's agent, the agent is legally obliged to provide you with care, confidentiality, full disclosure and accurate accounting. Depending on your contract with the agent, you may promise to let the agent represent you for a specified period of time and in relation to any properties you become aware of during that period.

In most cases, though not always, buyer's agents receive their fees from the sales commission specified in the seller's listing agreement. The seller's listing agreement often stipulates that the commission they pay will be split between their own agent and the agent who brings a buyer to the settlement table-regardless whether that agent represents the buyer or not. In other cases, however, buyers pay a fee or hourly rate for their buyer's agent's services.