What is the cost to be represented by a buyers broker?
The decision to retain the services of a Buyer’s Broker when purchasing a home, is one you won’t regret.
Of course, there is a cost; Buyer Brokers make a living through representing their clients. The good news is that there is often no additional cost to you, the home buyer, if the search for a new home culminates in a purchase. For all of their time, energy, and incredible guidance they provide, Buyers Brokers fees are usually a percentage of the commission paid by the Seller to the listing Realtor at closing, so it ends up costing you nothing for full legal representation. In most instances, a Buyer’s Broker will ask you to sign an agreement stipulating payment to him or her for services rendered and/or expenses incurred in the search for a home, with or without a sale.
Given the value of their services, this is reasonable = Time is money.
Although there are many benefits to entering into a relationship with a Buyer’s Broker to represent you in one of life’s most important purchases, among the most valuable is the time you will save by letting a professional do your leg work. Advise your Buyers Broker of the “primary” and “secondary” features you want in a home, your desires in terms of location, and be sure s/he is aware of your price range. Armed with this information, your Buyers Broker can make inroads with the realtors listing those homes which are possibilities ….and tote you around to view those properties! This is a huge boon to busy buyers who are dealing with the responsibilities of their jobs, families, and those little surprises life hands us.
In addition to acting as your eyes, ears, and legs during the home search process, the Buyer Broker extends invaluable professional guidance to you on home buying. Examples include advice on avoiding common pitfalls of a home purchase, as well as information on all aspects of obtaining financing for your home and how that will play out (from mortgage application to closing). Your Buyer Broker will make sure all the “T’s” are crossed and the “I’s” are dotted in the home-purchase process and act as your advocate during the offer, the home inspection, and all other phases of the purchase. Representation by a knowledgeable Buyers Broker in a home purchase can replace the stress involved in a “do-it-yourself home search” with confidence and peace of mind.
Perhaps the question on the “cost of having a Realtor represent your best interests as a Buyer’s Broker” should be, rather, on the worth of a Buyer’s Broker acting as your advocate. The myriad merits of the services provided by this professional who marshals your interests, legally in all areas of your home purchase can be an invaluable asset in the transaction.
Acting as your scout, as your mediator between you and the listing Realtor or seller in what could be stressful negotiations, and as a proponent through the closing phase, the Buyers Broker is a home buyer’s friend, indeed.
Author Jeff Hammerberg is the Founding CEO of www.GayRealEstate.com offering Free Instant Access to Gay, Lesbian and Gay Friendly Realtors Coast to Coast.