Buying or selling a home is complicated business. No FAQ list can possible cover everything you want to know — everything you need to know. If your question isn’t answered here, contact Wayne … he’ll be happy to answer it personally.
What difference does Buyer Agency make to me?
If you do not specifically hire a Buyer’s Agent, then the Realtor you work with to buy your home is actually working FOR the Seller of the property. You need to guard what you tell that Realtor about your motivations, goals, and financial situation because any pertinent information you reveal must be relayed on to the Seller. But, without that personal information, it will be harder for a Realtor to help you find the home of your dreams. Buyer Agency is in every buyer’s best interest.
How do I get a Buyer’s Agent?
The ONLY way for a Realtor to become your Buyer’s Agent is for you to sign a Buyer Agency Agreement, which effectively ‘hires’ the agent to represent you. Any real estate agent can become a Buyer’s Agent, but only an Accredited Buyer Representative (ABR) has been certified and specially educated on the complicated nature of Buyer Agency.
Does Buyer Agency cost anything?
Wayne does not charge his buyer clients any upfront retainers, but there is a flat fee commission charged by Wayne's broker. That $495 fee is not paid until you close the transaction on your new home. The Buyer Agency Agreement will allow your Buyer Agent to receive the traditional commission split from the Seller.
If I hire Wayne as my Buyer’s Agent, will I just see RE/MAX listings?
Absolutely not. Wayne will show you any property that has been listed by any other brokerage. As your Buyer’s Agent, Wayne can also represent you if you fall in love with a home that is offered ‘For Sale By Owner.’
Why do I need to be pre-approved before I even start looking at houses?
There are two reasons. First, the price range of houses that you look at will depend on the loan program, downpayment, and income and debt ratios that you work out with your chosen lender. You don’t want to search for weeks and finally find the house you love, only to discover afterward that you can’t qualify for a loan to purchase it. Second, the Seller of that property wants to know that if they accept your offer to purchase, that you have already taken that important step. If you don’t provide that pre-approval letter with the contract, they probably will not consider your offer seriously.