More on Buyer Representation ~ Finding the Right Home for the Right Price
So, how can having buyer representation help you find the right home for the right price? The answer is - by receiving professional guidance. As a buyer client you are entitled to counsel from your buyer agent, whereas buyer customers do not receive this level of service. As a buyer customer your level of service is limited to honesty, fairness, disclosure of material facts and routine tasks. As a buyer client, you are entitled to undivided loyalty, confidentiality, full disclosure, care and diligence
Many people have heard the term Comparative Market Analysis (also known as a CMA), but not usually in relation to homebuyers. This tool is customarily provided to homeowners during a listing appointment to help determine the listing price of a home by a seller's agent. Seller's agents are obligated to obtain the highest possible price for the sellers that they represent. As a buyer client, you are entitled to have a full CMA done for you on any homes that you are interested in buying, which can be very helpful in determining an offer price. Buyer customers may ask for comparable home sales, however, they will not receive the full market analysis - just the factual information.
The other advantage to being a buyer client is that your agent can help you to decide which homes come closest to meeting your wants and needs. Although a home is a place to live, most homebuyers today are also interested in the potential resale value down the road. A buyer's agent, working with a customer, will discuss the advantages and disadvantages of each potential home, because as a customer you are entitled to fair and honest treatment.
Let's say that you are a homebuyer that has looked at a number of homes, and you are trying to decide between three of them. For the purpose of this example, let's say that each of the homes were similarly priced, and each was taxed at approximately the same rate. At this point, buyer customers are basically on their own in determining which home to choose, whereas buyer clients can receive guidance from their agent to help in the decision-making process.
There are a number of factors that go into making a decision between homes beyond the CMA. Since each situation is unique, it is not possible to give a list of home characteristics that are either positive or negative in this post. However, a buyer's agent can provide this guidance on case-by-case basis.
SUMMARY:
If you are a homebuyer that is interested in receiving a detailed comparative market analysis to help determine offer prices on homes, you should consider having your own representation. If you are a homebuyer that is looking for assistance in deciding which homes best fit your needs, you should also consider having your own representation. A buyer customer: agent works with; A buyer client: agent works for.
The decision to buy a home is one of the most important decisions that most people make in their lifetime. It makes sense to take advantage of all available resources to help make the right decision...doesn't it?