It is
buyer’s right to seek an agent, and it is in their best interest to do so. For Sale by Owner When a potential buyer sees a For Sale by Owner property he or she should contact their realtor before contacting
For Sale by Owner. And when
buyer makes an offer on
For Sale by Owner Property he or she needs representation on
sale. The buyer always needs representation for many reasons.
Home Inspections Most buyers do not know to ask for home inspections, what they cost, or who to call to do one. If there is work to be done on an inspection report, a buyer should negotiate, and a REALTOR has skill and experience at this.
New Home Sites New home site buyers need to hire a REALTOR to look out for their interests, too. Remember,
site agent is there to protect
builder’s interest and therefore everything will be geared towards what benefits
builder, not
buyer. When registering at a new home site, be sure to include your agent’s phone number, name, and company.
Dual Agency: The Listing Agency When a REALTOR chooses to represent
seller AND
buyer, this is considered dual agency. A buyer’s rights are not emphasized in these circumstances. Bringing a REALTOR onto
buyer’s side equalizes
sale, and gives
buyer much needed experience and professional advice. Earnest Money Deposit When
buyer makes an offer on a For Sale by Owner – who makes
Earnest Money deposit? How does a buyer obtain
deposit back if
contract falls through? A REALTOR will place
money in an escrow account.
Buyer’s Broker Agreement A buyer’s broker protects
buyer’s interest in
transaction. In Virginia,
seller pays
commission, so by law
listing agent and
selling agent have to protect
seller’s interest. So, if you select a buyer’s broker to work with you on
home purchase, you will be represented in
sale.
Cost Analysis In order to prevent overpaying for a home, a REALTOR will do a cost analysis for a buyer, to determine if
home is priced correctly. This is
same kind of analysis an appraiser would do, using comparable sales which have closed in
last three months in
area.