Buyer Representation – The Way to Buy

Most home buyer are making their purchase through their “own” real estate agent. The percentage of home buyers with their own representation has increased steadily over the past ten years.

Most home buyer are making their purchase through their “own” real estate agent. The percentage of home buyers with their own representation has increased steadily over the past ten years.

In 2001, sixty nine percent of home buyers bought through an agent, 15% direct from builders or their agent and 15% directly from the previous owner. Last year 89% of home buyers nationally bought through a real estate agent, 7% direct from builders or their agent and 4% purchased directly from the previous owner.

Having their own agent represent their interests to guide them through the buying process is increasingly becoming a more formal relationship of “Agent/Client”. Most states require this relationship to be in writing in a Buyer Representation Agreement. The agreement makes it clear that the real estate agent has a duty to look out for the client best interests.

In addition, the Agreement makes available to the home buyer the Agency’s professional skills and resources in locating, negotiating and closing on the home selected. It provides that the Agent may assist the buyer in determining the property’s current market value. The agent will also assist the buyer in the selection of property related professional assistance like financing, title services, survey and inspections of the home and it’s mechanical systems.

Nationally, last year 60% of all home buyers had the advantage of a formal Buyer Representative arrangement with their real estate agent.

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