- 36 West Main
Fremont, MI 49412
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What a Real Estate Buyer Representative is....and Why You Should Use One
What a Real Estate Buyer Representative is...
and Why You Should Use One
WHAT IS A REAL ESTATE BUYER'S PREPRESENTATIVE?
A buyer representative represents the consumer who is purchasing the property in the real estate transaction, not the seller. State laws vary, but usually, a buyer representative owes full fiduciary duties, including loyalty, to the real estate buyer. The buyer representative works for the buyer client and has the client’s best interests in mind through the entire real estate transaction.
The representative is compensated by the buyer through a negotiated fee or in some states the commission is split between the buyer’s and seller’s agents based on the selling price of the real estate property. It is important for the consumer to discuss the buyer representative’s compensation in the initial interview. In many cases it is recommended that the consumer and buyer agent agree to the terms of compensation prior to viewing real estate properties and sign a written agreement based on these terms. This agreement should spell out the responsibilities of both parties throughout the real estate transaction. It is important to note that in some states legislation has been enacted to protect the buyer so that where there is no written agreement, the agent will be presumed to be representing the buyer throughout the real estate transaction. Consult with your local REALTORÒform complete details when you first start the search for purchasing any real estate property.
WHY SHOULD I USE ONE?
As a consumer, how often do you buy real estate property? One, twice, three times in your lifetime? Purchasing real estate is a complex and major transaction with many details to be handled. In the majority of cases the seller will be represented. Wouldn’t you want to have complete and fair representation in the real estate transaction?
Real estate buyer’s representatives are responsible for protecting their clients’ best interests. Research by the NATIONAL ASSOCIATION OF REALTORS®has shown that when a buyer’s representative was used, the prospective buyer found his home one week faster and examined three more properties than those consumers who did not use a buyer’s representative.
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Associates Degree, Liberal Arts
Hesser College, Graduated in 2012
988 square feet
1,992 square feet
2620 Gary Drive, Fremont, MI 49412
2,626 square feet
1,612 square feet
S Elm Street, Fremont, MI 49412
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