Buyer Representation

Buyer Representation means that you, the buyer, have a licensed real estate agent working for you on the purchase of your new home or lot. The best part is that in most cases the seller will pay the fee; therefore, there is no additional cost to the homebuyer.

There are basically two types of real estate agents:

1) A Traditional agent – Traditional agents work for the seller.

2) A Buyers’ agent – A Buyer’s agent works solely for the buyer.

These relationships are governed by “The Laws of Agency.” An Agency relationship is established whenever two persons agree that one is to act on behalf of the other and in accordance with the other’s directions. When a client retains an attorney, an Agency relationship is established in the same manner as when a seller lists a home with a real estate agent, or when a buyer asks a real estate agent to be their representative. Establishment of an Agency relationship carries with it several important duties that the person doing the representing owes to the person being represented. These important duties are: loyalty, confidentiality, obedience, disclosure, reasonable care and diligence, and accountability. The importance of all this to the buyer is that traditional agents owe these duties to the seller, while a buyer’s agent owes these duties to you, the buyer.

Buying Without A Buyer’s Agent Could Cost You $$$!

A buyer’s agent represents your best interests, and works to get you the home you want at the best price and the best terms. Traditionally, all real estate agents represented the home seller, and the buyer had no representation during the home search and purchase. Today, home buyers benefit from professional representation by choosing a "buyer’s agent." Legally, a buyer’s agent’s responsibilities are defined by Tennessee state laws and the REALTORS® Code of Ethics, and generally include confidentiality, full disclosure and accurate accounting. A buyer’s agent’s goal is to help you buy the home you want — and buy it at the right price.

Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYER'S AGENT Council (REBAC) of the National Association of REALTORS® who meet the specified education criteria. Make sure your buyer’s agent is first a REALTOR® and carries the ABR designation!

The Buyer’s Agent…

• Represents you in every part of the purchase process.
• Provides professional advice in finding the right property at the right price.
• Locates and researches properties that meet your requirements
• Negotiates with the seller’s agent
• Puts you in contact with mortgage services, title and insurance companies and home inspectors.
• Reviews documents for accuracy.
• At closing, verifies that all terms and conditions of the purchase agreement are met.

Benefit to the Buyer:

• Total commitment to the Buyer
• Maximum effort on their behalf
• Exposure to the entire market
• Confidentiality
• Disclosure and loyalty
• Track record of successful negotiations
• Privacy for the Buyer
• Strongest possible protection of the Buyer's interests.
• Mortgage financing support
• Buyers will save money since I will be fighting to protect their interest.

But, that’s not all. As your representative, a buyer’s agent will share helpful information with you, such as:

• Whether the seller would accept a lower price.
• The seller’s reason for selling and their timetable.
• How long the home has been on the market.
• Strengths and weaknesses of the property.

Remember and be aware that the listing agent represents the seller - leaving the buyer unrepresented. This includes new homes and new subdivisions. “Agents on site” represent the builder!

Note: Regarding new homes and subdivisions, the policy is that it is best to have the realtor present when viewing the new homes and lots. It is so tempting to cruise new subdivisions!  But, in order to have Buyer representation, nothing must be registered or signed without your realtor. If you are just looking, say so!  If asked, state that you are working with a realtor and will return with that realtor if interested in that subdivision. This will protect you and your interests!

131 Indian Lake Blvd
Hendersonville, TN 37075

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© Sydney McDuffie 2008