(What is a Buyer's Agent? And Why Do I Need One?)
This is not intended to be the LAW as written...only "Lay-terminology" for it.
When YOU are looking to BUY REAL ESTATE...YOU NEED to be REPRESENTED!
A BUYER'S AGENT
MUST BY LAW, Represent YOUR BEST INTEREST...NOT the SELLER'S or his OWN! The Buyer's Agent should make a continued, best effort, to find you the property you want at the price and terms you have outlined to them, within the time frames you require and or specify in your BUYER AGENCY AGREEMENT.You should have a
Exclusive Buyer Agency Agreement with your Agent or Realtor (R), so he or she will be fairly compensated for the time and efforts spent assisting you. (Keep in mind...that Real Estate Agents are not on salary, they work and get paid on a Commission basis. They spend many hours of time, gas and money to assist you, and won't get paid for those efforts unless they actually close the transaction. Your Buyer's Agent will be entitled to a fee, (which is customarily paid by the SELLER) through a "fee-split" agreement with the Seller's Agent, (the Listing Agent) no matter who you buy the property from, regardless of who shows it to you. The Seller's Listing Agent gets paid...when his Listing is sold, no matter who sells the property to you. This is customarily the way Realtors work with one another to earn their living and give full representation to their respective ClientsBe sure to let a SELLER'S AGENT know you are working with a BUYER'S AGENT if you decide to view a property that's Listed with them, without your Agent being present. If you call a Listing Agent yourself, from a sign or other advertisement...to have him show you his Seller's home or property, he will be listening for any indication of your financial or emotional bargaining position, and must (by law) pass that information on to HIS SELLER! You never want to say or disclose anything to a SELLER's AGENT that you wouldn't say or tell directly to the Seller if he or she were standing right beside you listening.
Your BUYER'S AGENT can also give you FULL REPRESENTATION and ADVICE, even when buying from a FSBO ("For Sale By Owner"). The Seller (FSBO) will usually agree to pay your Agent a small fee when your Agent presents him with your Written Offer to Purchase. You can also agree to compensate your Agent yourself, if the FSBO is unwilling to pay a fee...the amount of compensation is usually a percentage of the amount of money a Buyer Agent can negotiate downward from Asking Price for you. This can work to your advantage. The more money your Agent can save you off the asking price...the more he earns. He will work even harder to get you the best price possible!It is in a
BUYER'S BEST INTEREST, not to get "emotionally involved" with a purchase and sale negotiation directly with a Seller. You need someone working on your side...giving YOU ADVICE about what important precautions and contingencies should be drafted into the contract to protect you. Buyer's and Seller's shouldn't meet each other face to face, until all the terms of the purchase have been negotiated successfully through their respective Agent Representatives. Professional Agents are skilled negotiators who are not "emotionally" involved with your purchase. They are better prepared to negotiate "logically" and "knowledgeably" than most Buyers and Sellers. If you are working with more than one Agent to show you property...be sure to let them know it...Right up front. Especially if you have a signed agreement with another office or Agency for compensation. Keep in mind that Realtors® are trained, Licensed Professionals, who work hard and get paid only on a commission basis. It is being unfair to everyone involved if a Buyer uses several different Agents from different company's who must each spend their own time, money and gas showing them properties, with no hope of being paid or compensated in any way for those efforts and hard work.Your Buyer's Agent can show you any home or listed property in the MLS in Washington State. Calling the Listing Agent (Seller's Representative) directly to be shown properties should be done with caution.
Mail
To: sharon@free2b.com
NWMLS
Pacific Northwest Properties
120 E Skyline Dr. / P.O. Box 1845, Shelton WA 98584
1-800-343-5957 Extension 7000
