What's the difference between a Buyer's Agent and a Seller's Agent?
North Carolina is a "buyer beware" State and, as such, all agents involved in a real estate transaction legally represent the Seller....unless otherwise engaged. When a smart buyer engages agent representation (and a smart buyer ALWAYS engages representation) the engaged agent is now known as the Buyer's Agent.
A buyer's agent is there to represent you, your rights, and your interests and a buyer of real estate. A good buyer's agents, like me, will assist you every step of the way; I can also save you tons of time and money on the road to home ownership. As a Buyer's agents I am legally bound to help buyers, whereas listing agents—the agent representing the home listing—have a fiduciary duty to the home seller. That's why it's in your best interest as a buyer to contact a buyer's agent, and not the listing agent, when you want to see or purchase a home. A good buyer’s agent, like me, will help you find the right property, negotiate the offer, recommend other professionals like mortgage brokers and real estate attorneys, and help overcome setbacks
If you are purchasing a home here in Emerald Isle or anywhere on the Crystal Coast that real estate agent better be me!
How does a Buyer's Agent get paid?
Generally, the Buyer's Agent is paid by the seller. The Buyer's Agent generally gets compensation when the house is sold, with proceeds distributed at closing. Thus, it is the seller who typically pays the Buyer's Agent's compensation. If sufficient funds are not available at closing, the Buyer may make up the difference, if that is agreed upon beforehand. This is a reasonable agreement as a good Buyer's Agent can save you money by being able to negotiate with the Seller and Selling Agent to work toward obtaining the lowest price and best terms for you, the Buyer.
I had no idea NC had Buyer's Agents How did this Change come about?
In the mid-1980's, state licensing officials and trade organizations began questioning certain practices within the real estate industry. As a result, agents were required to reveal which party they were representing. Buyers began requesting equal representation.
What are the Benefits of Buyer's Agency?
Advise and counsel a Buyer with unrestricted assistance. Prepare an estimate of value and future sale-ability to insure the true value of the property. Investigate any situation that might jeopardize the best interest of the Buyer. Negotiate with the Listing Agent and Seller to obtain the best price. Show all properties on the market, regardless of whether they are listed with Multiple Listing Service.
Is there a Contract for Buyer's Agency?
Yes, in North Carolina only a properly executed Buyer Agency Contract creates the legal "fiduciary" responsibilities between the Buyer and the Agent. These responsibilities include:
Full disclosure of useful information. Accounting on all matters. Confidentiality in all matters. Obedience to Buyer's needs. Negotiating the best price for the Buyer. Reasonable Care to Buyer's needs. Loyalty between the Agent and the Buyer.
The Competitive Edge
Legally, a Buyer's Agent is obligated to provide complete confidentiality of the Buyer's personal motives and financial intentions. Without this confidential duty, a Seller might gain a competitive bargaining edge. If an inspection reveals a problem, a Buyer's Agent can make a crucial difference. He or she protects the Buyer's interests and helps negotiate a fair and equitable agreement for the property.
When you get ready to look at real estate in Emerald Isle or anywhere on the Crystal Coast, you need a team of professionals to make your realty dreams (and not your nightmares) a reality. That team better include a banker, an attorney and your real estate agent and that agent better be me! Visit my website at www.EIHomesforSale.com for my FREE Guide to Living Where You Vacation or text your email address to: 919-308-2292.
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