Buyers Agent Role after Home is Found

[raffhawk]

Once a buyer finds a home that they have an interest in purchasing what is the role of the buyers agent in negotiations. I've been told that it is in the best interest of a buyer to have their own agent because they "Help in negotiations and getting the best possible price." How do they do this?

[Malok]

If they are competent - they gather a lot of information on your behalf to make an educated offer:

Comparative Market Analysis (CMAs) - pulling past/current property information for other homes on the market, and that have sold for the area.
Sales history for this particular home - how long has it been on the market, what did the seller pay for the property, what the rate of appreciation should have been for the home, etc.
Loans the seller has against the property - so you know how much debt service he has, so you have an idea how much room there is on the price.
Judgments/lawsuits against the seller.
Does the seller need to sell the property? Have they purchased another home?
etc
etc

The list goes on and on.

And most importantly - they should be able to provide guidance on what your market is EXPECTED to do within a certain time frame. Is it on a downward slide? holding steady? appreciating?


That of course - is if they are competent.

If they are incompetent - they'll show up and maybe do a computer generated CMA that takes about 30 seconds if you ask them to. Maybe.

And then they'll ask you what you want to offer and write it up.

[raffhawk]

from the end of your response it sounds like you've met with my agent before....ughhh

[REbuyersgroup]

The question should be: are they a real buyers agent?

In Florida you have 3 different ways to represent a client.
No Brokerage Relationship: No relationship with either party, out for themselves.
Transactional Brokerage: Limited role for both parties to get the deal done
Single Agent: Buyers representative

Another form of Buyers Agent is ABR - Accredited Buyers Agent
Usually an ABR will require you to sign a Buyer Agency agreement. This will require you to guarantee a specific fee for service regardless if you find a home or they do during the contact period.

Now, what they do for the money is an entirely different story. Always good to ask questions before you hit the streets.

[ltcobretti]

Most home Buyers should have a Buyer's Agent simply because they have someone with their interests in mind. The Buyer's agent should help the Buyer negotiate and after that is done help find financing and storage or moving companies if necessary. They should also keep the Buyer in the loop for the Title work and such, and just be there to answer questions it is just polite at this point ;) I usually just continue to exchange emails.