Buyer Representation -Palestine TX Real Estate Buyer Agent

The Nitty Gritty on Buyer’s Representation: Frequently Asked Questions

In a real estate transaction, the seller has representation – who is representing YOU as a buyer?

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 for Buyer Representation? -Palestine TX Real Estate Buyer Agent

In many cases of properties listed on the MLS, the buyer’s agent is paid by the listing agent (through a “co-broke”– the offer for compensation as listed in MLS). The buyer’s agent is bound by contract to advocate for the best interests of the buyer (YOU) only! There are times when the buyer must pay out of pocket for representation—typically if the buyer is purchasing a “For Sale By Owner” property or if the MLS listing does not offer a buyer rep commission. Commission structures are not standardized and are negotiable. If there is an out of pocket commission on your purchase, fee schedules will be discused well in advance, so there will be no surprises.

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 assist you with your choice of 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?

Not typically. The contract that the seller signs with the listing broker often has no provisions for paying less if no other agent is involved. They agreed to pay a set fee to the listing brokerage when their home sells, often regardless of whether there is a buyer’s agent. Some MLS listings may not offer a buyer agent commission. Buyer Representation -Palestine TX Real Estate Buyer Agent

Who pays the commission if I use a buyer’s agent with a “for sale by owner” home?
Typically, the buyer’s agent will coordinate with you about negotiating 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 erroneously priced and the sellers have little to no knowledge of real estate laws/requirements. However, if the seller will not make an advance commitment, there are a few options: You could add into the contract that the seller pays the commission, you could offer the seller a lower price and then pay the commission out of pocket. Everything is negotiable with clear communication–Discuss with your agent the options.

I want a Buyer Rep! How do I get an Agent?

Call us to get started 903-729-7530

What is the difference between a Real Estate Agent and a REALTOR®? -Buyer Representation -Palestine TX Real Estate Buyer Agent

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.

Are you ready to buy a home in Palestine Texas? Or need a Buyer’s Agent?

Call 903-729-7530 to get started!

Buyer Representation -Palestine TX Real Estate Buyer Agent

Buyer Representation -Palestine TX Real Estate Buyer Agent Buyer Representation -Palestine TX Real Estate Buyer Agent