Buying a home is usually the biggest purchase of one’s life. You can’t afford to be uninformed and leave things to chance. You are more likely to be satisfied with your purchase if you understand each step, as well as the nuances of market conditions in the area in which you want to buy. At present, in our community, the demand for homes in some areas has exceeded the supply. Finding the right home in the right location at the right price can be difficult. Good houses sell quickly, sometimes with several competing offers. Having the guidance of a seasoned professional, who understands the market dynamics, can be the difference between getting what you want or having to settle for something else.
Being an informed buyer and getting the right assistance means working with an Accredited Buyer Representative (ABR). This can make a big difference in your home buying experience and final results. The Real Estate Buyer’s Agent Council (REBAC), a subsidiary of the National Association of Realtors (NAR), award the ABR professional designation to experienced real estate agents who have completed advanced training on representing the interests of home buyers.
In most transactions, sellers are represented by a listing agent, who manages the details for them and acts in their best interest. As a buyer, you also want someone to provide complete and unbiased representation in your real estate transaction. Real estate buyer’s agents are responsible for protecting the best interests of their clients – buyers like you – and can guide you through every step of the process. The buyer’s representative (buyer’s agent) is an advocate for the buyer, not the seller. He or she owes full fiduciary (legal) duties, including loyalty and confidentiality to their buyer clients, and must keep their clients best interest in mind throughout the entire transaction. This relationship is formalized when the buyer signs a buyer representation agreement (or a buyer’s agency agreement). This does not usually require additional expenditure by the buyer, because the seller has usually agreed to pay the commission to the buyer’s agent.
After choosing a buyer’s agent, the next step is to get the financing in place. In addition to helping you make better decisions about what you can afford, it puts you in a better negotiating position when it is time to make an offer to the seller. Your agent will guide you through the mortgage process as well as help to assess your wants and need for a home. Your agent will also guide you in your search for a new home and help prepare and present offers. Once an offer is accepted, your agent will represent you through the inspections and negotiations. When all the details have been resolved, the representative will help arrange the settlement with the title company of your choice. You can see that there are a lot of details, strategies, and negotiations. A seasoned professional is needed to provide the direction needed to navigate the home buying process.
Sharon Zuckerbrod is an Accredited Buyer Representative (ABR), Life Member of the Real Estate Million Association, and top producing real estate agent with Long and Foster with over 21 years of experience. You can reach Sharon for all of your real estate needs at 410-599-5303 or sharon.zuckerbrod@longandfoster.com. Visit www.sharonzuckerbrod.lnf.com
