Buyers Agency

Step 1) Find out what you can spend. / Talk to a banker.
Link to (How to Get a loan Page)

When you meet with a bank or mortgage company, walk in knowing what you want your monthly total payment to be. Many times a bank can qualify you for more than you want your actual monthly payment to be. Remember your monthly payment isn’t only the loan repayment but also taxes, mortgage insurance (PMI) and home owner’s insurance.

Step 2) Make a list of Needs and Likes.
Link (Needs and Likes Worksheet)

You all ready have that list in your head, but get it on paper. If you are buying a home with another person it; not only starts a conversation with them about what each of you are looking for, but also gets both of you on the same page as to the “perfect home.”

Knowing what you really NEED in your home and what you would LIKE in your home will make your decision easier when it gets to the nitty gritty of writing an offer. It will also help if your tastes are more expensive than you budget too by keeping you zeroed in on what is the most important to you in a home.

Step 3) Interview agents.

You all ready have been looking at homes on the internet and probably going to open house. Talk to the agents at open house and see who fits your personality and needs the best. Ask the agent questions about the neighborhood, there experience and knowledge of real estate.

Step 4) Hire Someone to Represent You!

After you find an agent you like and want to work with, enter into a buyer’s agency contract with them. This contract binds the agent to work for you and represent your best interest during the process.

If you work with an agent but are not in a contract with him/her; they are actually working on behalf of the seller, not you.

Your designated agent is required by law, tell you any facts related to the purchase of a home not just the really bad stuff that can effect your health, your safety, or value of the property. They negotiate for you. Lastly, they put your needs ahead of their own, and the sellers in the transaction.

After these preliminary steps the process usually follows this process: (insert buyer process flow chart

BUYER AGENCY TEXT

No mater what your job; you need to know who you are working for and in turn who is going to pay you when the job is completed.

Same goes for Realtors. They need to know who their boss will be in a transaction; and in turn, who is responsible to pay them for a job well done.

Until you hire a Realtor, using a buyer agency agreement, their boss is the seller of what ever property you are looking at.

This chart helps illustrate the difference between a Buyer’s Agency agreement and being a Realtor’s customer.

Things you expect
from your
Realtor:
What a Realtor
Can Do:
W/O Buyer
Agency
W/ Buyer
Agency
Set up & Show Homes X X
Help You Find a Banker X X
Answer Questions X X
Explain the “How To” of Buying X X
Set Up Closing X X
Show You All the Houses on the Market X X
Give Advice   X
Give Information/ Advice about the
Sale Price and Neighboring Home Prices
  X
Protect You Throughout the Transaction   X
Negotiate with Your Best Interest in Mind   X
Point Out Problems w/ the House & Transactions   X
Write the Purchase Contract to Benefit You   X

Although scary to enter into any contract, Terry Realty understands; that just like any boss/employee relationship, if we do not get the job done we can be fired at any time.

If you ever unsatisfied with Terry Realty’s work, contracts can be ended at any time.

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