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Fran Rudd - Northern Virginia Real Estate
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ELITE GROUP, REALTORS® |
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Buyer Agency |
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Why do I need buyer representation? Until a few years ago, all real estate agents were either direct agents or subagents of the seller and had the responsibility to get the best price and terms for the seller. As buyers are becoming more informed, they are demanding a fairer and more even playing field. They are demanding representation. Buyer agency is the exclusive representation of a buyer by a real estate agent. In this scenario, the agent is looking out for the best interest of the home buyer. Only your buyer agent can help you determine what home best fits your needs, counsel you on the pros and cons of specific properties, and gather extensive information to use for negotiating the best price and terms for you. Are buyer agents here to stay? Yes! It is estimated that over 90% of Virginia home buyers are looking for the much needed exclusive representation offered by buyer agents. Buying a home is more than just finding it. A buyer agent can tell you when a house is overpriced, point out the negatives that could affect the resale value and solely represent your best interests. Who pays the fee of the buyer agent? Even though most buyers want representation, some are reluctant to hire buyer agents due to concerns of who pays the fee. The fact is, buyer agency doesn’t cost the seller or the buyer a cent more than the traditional way. Think about it - the fee is a marketing expense already built into the price of the home. As a convenience of the transaction, the fee is almost always paid at settlement from the proceeds of the seller. This means no extra out-of-pocket expenses for the buyer at closing, along with the comfort and security that a trained professional is looking out for their best interest.
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