Buyer Representation – Palestine TX Real Estate Home & Land Sales
The Nitty Gritty on Buyer’s Representation: Frequently Asked Questions
In a real estate transaction, the seller has representation – who is representing YOU?
A buyer’s agent (or buyer’s representative) represents a home buyer just like the listing agent represents the home seller. It is just in the last few years that the laws have changed—previously, all the agents involved in a transaction represented the seller. Luckily, now Buyers have a choice to have equal representation when buying real estate! Buyers can choose an agent to represent them through the buying process. This relationship is created through a Buyer Representation Agreement. Texas buyer agency law gives you a choice to have a buyer’s agent representing YOU and YOUR best interests in the transaction, instead of all the agents representing the seller.
How much does it cost?
In almost all cases, buyer representation is completely FREE for the buyer! The buyer’s agent is paid by the seller through the listing agent at closing, but the buyer’s agent is bound by contract to advocate for the best interests of the buyer. Occasionally, there are times when the buyer must pay for representation—typically if the buyer is purchasing a “For Sale By Owner” property. However, with 99.9% of traditional brokerage listings, the buyer agent service is free for the buyer. If there is a non-traditional purchase, fee schedules will be prepared well in advance.
How Hiring a Buyer’s Agent / Representative helps YOU:
- Your buyer’s representative represents YOU and is your advocate during the transaction
- Can assist with finding financing options
- Finding the property and providing objective information about each property (and it’s true market value!) and also providing local community information on utilities, zoning, real estate taxes, current market conditions, schools, etc.
- Your Buyers agent is negotiating for YOU! There are many factors that go into successful negotiations, including but not limited to: price, financing, terms, date of possession, repairs and appliances. When you have a buyer’s agent, you are their only client in the transaction. Your needs come first!
- Your agent will provide due diligence during the inspection period, which may include: general property inspections, termite inspections, septic and well tests, and more. Your agent can assist you in locating and coordinating the inspection professionals and will be with you at the inspections.
- Your agent will be with you at closing to make sure everything YOU need in the transaction is done correctly
If I don’t use a buyer’s agent, won’t I save half the commission? Isn’t it cheaper if I call the phone number on the “For Sale” sign in the yard?
No. It will not save you a cent with a traditional purchase. The contract that the seller signs with the listing broker has no provisions for paying less if no other agent is involved. They agreed to pay a set fee when their home sells, regardless of whether there is a buyer’s agent. Can’t I buy the house cheaper if I call the agent whose name is on the sign? NO! The listing agent is bound by contract to the seller and will be looking out for the seller’s best interest only – you will be on your own. They will offer no advice or opinions on your behalf, they will simply write up the offer amount that you tell them—and anything you say WILL be used against you in negotiations! The listing agent is required by law to tell the seller if you have indicated you will pay more or anything that could help out the seller during negotiations—and they will! Remember—they work for the seller, not YOU!
Who pays the commission if I use a buyer’s agent with a “for sale by owner” home?
Typically, the buyer’s agent will negotiate the commission terms in advance with the seller. Many FSBO sellers offer a buyer’s agent commission. A buyers agent when purchasing a FSBO can be worth their weight in gold, as many FSBO properties are overpriced and the sellers have little to no knowledge of real estate laws. However, if the seller will not make an advance commitment, there are a few options: You can add into the contract that the seller pays the commission, you can offer the seller a lower price and then pay the commission out of pocket. Discuss with your agent the possibilities.
I want a Buyer Rep! How do I get an Agent?
Call and we will get started! It is a very simple contract called a “Buyer’s Representation Agreement,” which outlines everyone’s expectations and compensation, so that we all know clearly what to expect! Think of it as “going steady” with a real estate agent during the transaction—she will be your contact point through the entire transaction.
What is the difference between a Real Estate Agent and a REALTOR®?
The terms REALTOR® and real estate agent are often used interchangeably, but that is not correct. There are differences between REALTORS® and real estate agents. They are not the same. Although both are licensed to sell real estate, the basic difference between a real estate agent and a REALTOR® is a REALTOR® is a member of the National Association of REALTORS®. REALTORS® must adhere to the REALTOR® Code of Ethics. All licensed Real Estate Salesperson are Agents, but not all agents are REALTORS®! REALTORS® are held to a higher level of ethics.
Buyer Representation -Palestine TX Real Estate Home & Land Sales in Palestine Texas with Lisa Priest, REALTOR®
READ A FEW OF OUR REVIEWS from previous buyers:
“My wife and I were very unfamiliar with the process of buying a house. We knew what we wanted but wasn’t sure how do go about making it happen. Lisa treated us like we were family. She was open and honest and spent the whole day showing us place after place. Once we decided what home we wanted, Lisa kept in close contact with us thru the entire process, from inspection to closing. If I heard it once I heard it a 100 times from my wife “I just love Lisa”…..Lisa was always available to each one of us. I guess to wrap it all up in a nutshell. If you are looking for a place in the Anderson County area, Lisa Priest is the one you need to contact…..She is the best. Thank you Lisa for helping us find our dreamhome……” –C. Whitley, Palestine Home Buyer
“We have loved working with Lisa! Thanks to her hard work we closed on a beautiful home! Thank you Lisa!!” –S. Norris, Purchased a home in Palestine, TX
“Lisa was truly a joy to work with. She always made us feel like we were her most important client. She always followed up as promised on various questions we may have had. We definitely would use Lisa again and would recommend anyone else to do so as well.” –B. Boyd, home buyer in Palestine, TX