FAQ For Buyers
Many Buyers do not fully understand the home buying process and what role a Real Estate Agent plays in it. The following are some of the questions that many first-time and seasoned Buyers typically ask.
What does it cost as a Buyer to utilize a Buyer's Agent?
The compensation that a sales agent receives typically comes from the Seller's proceeds of the sale. In other words, there is no cost for a buyer to use an agent in a traditional agent/buyer relationship. Sometimes, however, in a Buyer Agency Agreement there could be some cost to the Buyer built in, but even these agreements are usually worded so that the Agent is compensated from the Seller.
Can my Agent give me information regarding properties from other companies?
Yes, if that other company is a member of the Multiple Listing Service (MLS) which most Real Estate Brokerages are. For Sale By Owner (FSBO) properties for the most part are not listed in the MLS so an Agent likely would not be able to provide information regarding them. However, with a Buyer Agency Agreement, your Agent should be able to help you purchace a FSBO.
What if I find a property on my own?
You should contact your agent immediately. Do not call the listing Agent (the name on the sign) or their company. Let your agent know the address of the property so he/she can easily get the information you need.
What type of information will my Agent need from me?
An Agent will need any type of information regarding the property you are looking for that is important to you. For example, number of bedrooms, garage size, price range, location, and school district are common criteria. Other considerations include the type of home (ranch, townhouse etc...), and room sizes. Keep in mind that a search that is too specific may narrow your list of properties too much while one that is too broad may give you too many properties to consider.
Can I go to Open Houses without my Agent?
Yes. I encourage my clients to attend as many Open Houses as they can. However it is important to let the Agent at the Open House know that you are already working with a Buyer's Agent or your Agent may not be able to help you write an offer on the property in the future.
How can I find out about new properties?
Your agent should be able to accomodate your particular situation whether it be via e-mail, fax, phone, or mail. Clients with e-mail can receive automatic notification directly from the MLS when a new property that matches their search criteria hits the market.
What if I am unhappy with my Agent and want to switch to another one?
Let the first Agent know that you are unhappy and see if you can work it out. If not, just tell the Agent that you no longer want to work with them and find another Agent. If you signed a Buyer Agency Agreement, you may need to void the agreement with something in writing stating your wish to terminate it.
Summary
When buying Real Estate, an Agent can be an invaluable resource if you remember your responsibilities:
- Work with just one Agent.
- Make sure you tell your Agent everything relevant to help you.
- Always tell other Agents you are already working with an Agent.
- Consider your Agent a friend!
If you have any questions regarding purchasing a home or would like me to be your Agent, please feel free to give me a call. I want your home buying experience to be as easy and enjoyable as possible and will do everything I can to ensure you find the home that is right for you.
