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Phone: (740) 574-0056

Buyer's Agent Answers:

• What is a buyer's agency?
• What are the advantages of hiring a Buyer's Agent?
• How much will this service cost me?
• How do I hire a professional buyer representative?
• More Questions?

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I represent buyer's or sellers, but not both in the same transaction.
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Buyer's agent answers:

What is a buyer's agency?

Very simply, Buyer's Agency is where the real estate agent represents the buyer, not the seller. The agent owes fiduciary duties to the buyer whom is considered the client. The Oklahoma State Supreme court stated "Seller agents and dual agents do not and cannot by law give a buyer the same degree of loyalty as an agent who acts on behalf of a buyer. A buyer who relies on the seller's agent or on dual agency does not receive the same degree of legal protection as that afforded by an agent acting solely on the behalf of the buyer".

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What are the advantages of hiring a buyer's agent?

The biggest advantage is it provides you with full representation in the purchasing process. The agent owes all fiduciary duties and other benefits to the buyer including:

• Complete Loyalty - Agent represents your best interests in all dealings with other parties
• Control of Agent - By terms laid out in the contract
• Commitment from Agent - Agent is committed to doing their utmost to find the right property for you
• Higher Level of Service - Defined between the agent and client in the contract
• Better Selection - Agent can exhaustively search everywhere for properties that meet buyer's requirements
• Opinion of Value - Informed opinion by agent on value of specific properties of interest
• Consultation - Agent advises client in various matters regarding real estate to protect their interests
• Negotiation - Agent negotiates on behalf of the buyer, for the best possible value
• Confidentiality - Agent must keep all information shared by client in strictest confidence
• Accountability - Agent is legally & ethically accountable to the client

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How much will this service cost me?

In the majority of transactions, the buyer's commission is paid out of the transaction, by the seller. THE BUYER DOESN'T HAVE TO PAY OUT OF POCKET.

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How do I hire a professional buyer representative?

I am a Buyer's Representative and know how to work in your best interest. I am knowledgeable at handling the buyer's end of the transactions and taking care of your real estate needs. When you feel comfortable with an agent, whom you feel will represent your interests professionally, you will sign an Agency Disclosure Statement and an Employment Agreement detailing the obligations the agent has to you and vice versa. While this agreement commits you to work with that particular agent, the agent becomes legally bound to represent your best interests in the purchase of your new home or any other form of real estate detailed in the agreement.

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More Questions!

• Why use a Real Estate Buyer's Representative?
• What is a Real Estate Buyer's Agent?
• The Benefits of Using a Buyer's Agent

Why use a Real Estate Buyer's Representative?

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 an agent will represent the seller. Wouldn't you want to have complete and fair representation in the real estate transaction?

The real estate buyer agent is responsible to protect their clients' best interests. Research by the NATIONAL ASSOCIATION OF REALTORS® has shown that when a buyer agent is used, the prospective buyer found their home one week faster and examined three more properties than those consumers who did not use a buyer's agent.

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What is a Real Estate Buyer's Agent?

A real estate buyer's agent represents the consumer who is purchasing the property in the real estate transaction.  This agent owes full fiduciary responsibilities, duties and loyalty to the real estate buyer.   The buyer's agent works for the buyer client and has the clients best interests in mind through out the entire real estate transaction process.

The agent is compensated by the buyer through a negotiated fee, the seller can pay the fee, or the commission can be split between the buyer's and seller's agents based on the selling price of the real estate property.  It is important for the consumer to discuss the buyer agent's compensation in the initial interview.  It is recommended that the consumer and buyer agent agree to the terms of compensation prior to viewing real estate properties and sign a written agreement based on these terms.  This agreement should spell out the responsibilities of both parties throughout the real estate transaction. Consult your local Realtor for complete details when you first start the search for purchasing any real estate property.

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The Benefits of Using a Buyer's Agent

Using a Buyer's Representative offers the consumer many benefits.

• Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications, wether listed by another broker, for sale by owner, foreclosures, or in government resale process.
• Assist the buyer in determining the amount that they can afford (pre-qualify) while maintaining confidentiality of the buyer and show properties in that price range and locale the consumer has determined.
• Assist in viewing properties and either accompany the client on the showings or preview the properties on behalf of the client to insure 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. Only a buyer's agent can independently provide an unbiased analysis of the property strengths and weaknesses.
• Advise the client on structuring an appropriate offer to purchase the selected property.
• 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 clients best interests in mind.
• Present the offer to the sellers agent and seller on the clients behalf.
• 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, carpenters if these services are needed by the consumer.
• A traditional agent can work with a buyer, but is required to protect the sellers interest.
• Dual Agency :One definition is the representation of opposing principals at the same time. This is like having one attorney represent both the husband and wife in a divorce case. Worse yet, there could be an undisclosed dual agency, where one party or the other or both thinks they have full representation.
• With Buyer agency the buyers would know that they are fully represented throughout the real estate transaction. Which do you want?

Most importantly, the buyer would know that they are fully represented throughout the real estate transaction.

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