Buying 101: What You Need To Know.
Attention Buyers: Not having buyer agency representation could cost you.
Buyer Agency (or Buyer brokerage as it is also known) is the practice of real estate brokers (and their agents) representing a buyer in a real estate transaction.
In Missouri, buyer's agency must be in writing. Otherwise the agent is acting as a transaction broker or sellers agent..
Who benefits from Buyer Agency? Relocation Buyers, First Time Home Buyers, Luxury Home Buyers, Investors, Trade Up Buyers, Trade Down Buyers, New Construction Buyers, and so forth. Buying real estate is one of the largest monetary investments you make. A buyer's agent represents your best interest in the transaction.
Buyer Agent Obligations : Perform the terms of any written agreement with buyer. Excercise reasonable skill and care for the buyer. Account in a timely manner for all money and property received. Comply with any applicable federal, state, and local laws, rules, regulations, and ordinances. Promote the interests of the buyer with the utmost good faith, loyalty, and fidelity. This includes:
- Seeking a price and terms which are acceptable to the buyer
- Presenting all written offers to and from buyer in a timely manner
- Disclosing to the buyer adverse material facts actually known or should have been known about the property
- Advising the buyer to obtain expert advise as to material matters which the agent knows but the specifics are beyond the expertise of the agent
Not having "trained" buyer agency representation could REALLY cost you.
Unfortunately there are a large number of real estate agents that have never been properly trained to represent buyers. Having a real estate license doe not make you a trained buyer's agent. The real estate licensing schools teach the fundamentals of real estate overall. Agent are often left to their own to "learn the ropes". Most real estate buyers are not aware of this fact.
- Buyer agents must know how to find the available properties that meet your criteria, not just those listed in the MLS.
- Buyer agents must be able to evaluate the pricing on property.
- Buyer agents must understand the contract paperwork and how to write an offer. They must know how to negotiate for the best price and terms.
- Buyer agents must know where to get the best financing with the least financing costs.
- Buyer agents must know where to get the best insurance quotes.
- Buyer agents must understand the inspection process and how to handle contract contingencies.
- Buyer agents must know all the aspects to the closing and how to coordinate all the parties.
- Buyer agents should be available to answer your questions and keep you informed.
At M.O.R.E.,We Excel At Buyer Agency
We believe you should "Always Expect MORE™" , especially from your buyer's agent. That is why when you enlist the services of one of our sales associates to assist you in your purchase, you are getting the "M.O.R.E. Buying System". This system was developed to provide the
The M.O.R.E. BUYING SYSTEM is based around the following
- Training, Professionalism & Teamwork- We believe in regular training for our sales associates. We believe in professionalism and stress this. We believe in teamwork because we know we can accomplish more working together. When you enlist the services of one of our buyer agent specialist, you get a trained professional team focused on finding you the right property.
- Proactive Property Search - We maintain a private database of properties that are not actively marketed and may be available. We regularly search for these properties. Most agents only rely on the MLS for property search. Our private database gives our buyers more options.
- Protection & Assurance - We offer you a number of assurances including your ability to cancel our buyer agency agreement if you are not 100% satisfied with our service.
- Exceptional Value - We provide the best value going! In almost all cases, our commission is paid for by the seller generally. We don't charge transactions fees either. We help you shop for the best mortgage, insurance, and title services. We work to save you money.