The purchase of a home is one of the biggest and most exciting investments that you will make. This purchase will affect your family, your finances, and your lifestyle. For a decision this important you want to make sure that you have an experienced professional on your side who can guide you through the process and protect your best interests along the way.
Best of all, it’s free to you: the commission of the agent representing you as a buyer are paid for by the seller. This is regulated by the listing contract between the listing agent and the seller – part of that contract is that they offer to pay for the buyer’s agent. Hint: you can ask the listing agent to write an offer for you, but be aware that Wisconsin State Law as well as their listing contract requires the listing agent to work in the best interest of the seller.
Once you enter into an agency relationship with a Realtor, you obtain client status with that agent. This means that in addition to the duties an agent owes to all parties, the agent now owes fiduciary duties to the client. The agent role is now to work for the buyer’s best interest; to educate, advise and negotiate for the client.
Things you should expect from a great buyers agent:
- is listening careful to your what and why
- is suggesting options you may not have not considered
- is advising on financing options, knows the best lenders in town, can help with buy-first-or-sell-first questions
- is educating you about the market and how to get the best deals
- is showing you properties and has a deep understanding of construction issues
- is researching the property and can provide additional facts and data
- is determining fair market value for a property you are interested in, so you know if the asking price is fair
- is drafting and negotiating your contract
- is consulting with you on home inspection issues and negotiates repairs or concessions
- is managing the process from accepted offer to closing
- is there to answer all your questions, so you feel comfortable with the entire process