So you're thinking about purchasing a home, but you're not quite certain where to begin. Throughout the next several entries, I will outline -step by step- the best method for finding just the right home!
Step One- Find Yourself a Buyer's Agent
APPOINTING AN AGENT:
Once you have decided that you’re ready to buy a home, it’s time to find a real estate agent. It’s true that the Internet has come a long way in allowing home buyers to search the web for homes that meet their criteria. Additionally, I can’t argue that spending a Sunday going around looking at open houses isn’t a lot of fun (because it can be!). However, I can say for certain that having your very own agent is the most efficient method of finding YOUR home.
SHOULD YOU HIRE A BUYERS AGENT?
The benefits of having your very own buyer’s agent are numerous! See below for a list of the full range of services provided!
FINDING THE RIGHT AGENT FOR YOU
It’s essential that you have a good rapport with the real estate agent that you decide to work with, as you will likely be spending a lot of time together. Your real estate agent should be thrilled to work with you and also be well acquainted with the areas of town you’re interested in.
HOW ARE BUYER'S AGENTS COMPENSATED?
You may be amazed to learn that buyer's agent services are (in most cases) free to the buyer! In most instances, the listing broker of the home you purchase pays the buyer’s agent.
HOW DOES BUYER AGENCY WORK IN WISCONSIN?
Understanding Buyer Agency:
Buyer Agency is an agreement between agent and buyer in which the agent represents the buyer throughout the entire buying process. Buyer Agency was created in response to buyers’ desires to have agents work in their best interest as opposed to the sellers’ best interest.
Services Provided by Buyer's Agents:
• Express a professional opinion of the seller’s asking price, based on a home valuation
• Recommend & assist you with negotiation strategies for best price/terms
• Negotiate exclusively on your behalf throughout the transaction
• Analyze a seller’s property beyond disclosing defects
• Advise on, write the offer, and draft provisions in your best interests
• Protect your confidentiality
• Treat you honestly and fairly
• Respond honestly and accurately to questions concerning the property
• Provide community data and current market conditions
• Present contract proposals in an objective and unbiased manner
• Accompany you to the closing and assist you throughout the process
• Disclose “adverse facts” about the property
In short, buyer agency representations allow the agent to bypass the Wisconsin state law that states that the agents' duties are singularly to the sellers (of the homes the buyer is viewing). The Buyer's Agency Representation therefore switches the agents' fiduciary duties over to the buyer.
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