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A real estate
buyer's representative represents the buyer who is
purchasing property in a real estate transaction.
Research by
the National Association of REALTORS has shown that when a
buyer's representative is used, the prospective buyer
found a home one week faster and examined three more
properties than consumers who did not use a buyer's
representative.
The
buyer's representative works for, and owes fiduciary
responsibilities to, the real estate buyer and has buyer's
best interests in mind throughout the entire real estate
process. A buyer's
representative will:
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Evaluate the
specific needs and wants of the buyer and locate
properties that fit those specifications.
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Assist the
buyer in determining the amount that they can afford
(pre-qualify), and show properties in that price range
and locale.
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Assist in
viewing properties -- accompany the buyer on the
showings, or preview the properties on behalf of
the buyer to insure that the identified specifications
are met.
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Research the
selected properties to identify any problems or issues
to help the buyer make an informed decision prior to
making an offer to purchase the property.
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Advise the
buyer on structuring an appropriate offer to purchase
the selected property.
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Present the
offer to the seller's agent and the seller on the
buyer's behalf.
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Negotiate on
behalf of the buyer to help obtain the identified
property -- keeping the buyer's best interests in mind.
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Assist in
securing appropriate financing for the selected
property.
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Provide a
list of potential qualified vendors (e.g. movers,
attorneys, carpenters, etc.) if these services
are needed.
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Most
importantly, fully-represent the buyer throughout the
real estate transaction.
The
Buyer Representation
Agreement
It is
important for the buyer to discuss the buyer's
representative's agreement with you. The agreement should
spell out the responsibilities of both parties throughout
the real estate process. While compensation is normally
paid from the proceeds of the sale at the seller's side,
the buyer can have buyer's representation.
In some
states, legislation has been enacted to protect the buyer
to the point that, absent a written agreement, the buyer's
representative represents the buyer throughout the real
estate transaction.
Consult your
REALTOR for complete details when you begin the purchase
process.
STATE OF
MISSISSIPPI AGENCY FORMS
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