Traditionally, Realtors only represented sellers in the transaction, but in the last few years a significant number of agents have become what are known as ‘‘buyer’s agents.’’ These individuals often have the initials ‘‘ABR’’ after their names (Accredited Buyer Representative) and specialize with helping buyers find the homes of their dreams.
Buyer’s agents are probably one of the best things to happen for home buyers in a long time. Many will ask you to sign a buyer’s agency agreement before they take off with your hot button list in hand to look for suitable properties. The agreement is not exclusive and typically states that the agent will work to find and secure the perfect home for you. The beauty in all of this is that the agent’s commission comes out of the seller’s pocket, so you don’t have to pay for the valuable services that they offer. If, however, you decide to purchase a ‘‘for sale by owner’’ (FSBO) property and wish to have representation on the sale, most buyer’s agents will negotiate a fee with either the seller (most commonly) or buyer. Because they don’t typically list properties for sale, most are eager to work with qualified buyers who are ready to buy now, rather than later.
Here are a few advantages of working with a buyer’s agent:
- Someone in Your Corner: A buyer’s agent works on your behalf, unlike seller’s agents, who are accountable by law to the seller. Buyer’s agents can not only help you pick out a home, but can also negotiate your best interest and spot potential hurdles before they become real problems.
- Benefit of Experience: An experienced agent will look objectively and carefully at a property, spot potential problems, and point out material defects as well as the positives of a property.
- Negotiating Prowess: A good buyer’s agent will help you draw up an offer based on recent sales in the neighborhood or community, thus allowing you to make better-educated decisions during the negotiating phase.
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