Buyer's Agency - What you need to know

If you're a buyer in today's market, you are going to want representation. Representation means that you have your own agent, working for you. Everyone can get information about homes on the internet, that part of the business is transparent. What you need is to have someone who sells homes and represents buyers on a daily basis to "have your back".

Here's a link to another blog about agency that I found interesting:

http://www.raincityguide.com/2006/12/21/your-opinion-appreciated/

It's interesting that only 4% of buyers are looking for an agent when they are on the internet, but that is actually an important part of the process. If you are just looking at homes and then call the agent that is advertising the home listing, you are talking with the SELLER'S AGENT who represents the seller. Many times these agents will also represent buyers, but if you choose to buy that home, the agent will be representing the seller, not you as you can represent two clients during the same transaction. This is a way that we get many of our clients, from calls on our signs, then we explain buyers agency and sometimes are able to show them other homes. But if the client wants to purchase that particular home, they need to negotiate on their own behalf.

Some of the many services your buyer's agent can provide for you:

• Explain the entire buying/selling process
• Take you into all homes in the area, not just the open houses
• Provide you with market information
• Show you homes that have already sold in a particular neighborhood you are looking in to make sure you get a good deal. Many homes are overpriced in this market.
• Keep on top of new homes listed and price drops so you can get out right away if one gets into your price range
• Give you real life advice on the market and buying "strategies"
• Call on for sale by owner or unlisted properties for you
• Represent you in negotiations with builders if you are looking at new construction (don't go this route alone or just with the builders agent!)
• Help you get pre-qualified with a reputable lender
• Set you up with a good title company
• Recommend local businesses, services, and contractors
• Discuss schools/ammenities

Don't be afraid to choose your buyer's agent early in the process. Just let them know your approximate time frame and tell them you want them to be there for you in case you have any questions in the meantime, as you are looking online. Most agents won't be "pushy" and try to get you to buy on their timeframe. And if you get one like that, ask to be released from the contract (contact the broker if they give you a hard time) and find another.

There are so many advantages to having your own agent and so much knowledge they can help you with.

Also, in most cases, the seller is paying the commission to your buyer's agent so the service doesn't cost you anything!

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To list your property for sale or to purchase a property in Maryland, call Lisa & David Webber, ABR, Licensed Realtors®. For more information on our services, please visit our profile or our website.

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