Searching...
Thursday, November 21, 2013

What is a Buyer's Agent?

1:35 PM
The Law of Real Estate Agency is required to be given to a client, prior to signing any real estate documents. It describes the client's legal rights in dealing with a real estate broker. It defines a "Buyer's Agent" as meaning a licensee who has entered into an agency relationship with only the buyer in a real estate transaction. An "agency relationship" is created by written agreement relating to the performance of real estate brokerage services to a client.

A licensee owes to all parties to this agency relationship, the following duties, which may not be waived:
(a) To exercise reasonable skill and care;
(b) To deal honestly and in good faith;
(c) To present all written offers, written notices
and other written communications to and from
either party in a timely manner;
(d) To disclose all existing material facts known by
the licensee and not apparent or readily
ascertainable to a party;
(e) To account in a timely manner for all money
and property received from or on behalf of either
party.

I am a residential and commercial investor myself who often works as a Buyer's Agent. The Buyer's Agency Agreement is used as the written contract between my brokerage and my buyer clients. It means that I work for them and for their interests, rather than for the Seller's interests. My job is to protect the Buyer's interest in a transaction, to maintain confidentiality about their financial situation, and to try to get them the best property that meets their needs at the lowest price.

I have marketed residential properties for Tenants In Common or fractionalized ownership, as well as investing in multi-unit rental properties. One of my specialties is short-term furnished room rentals, which basically turns a rental house into a multi-unit income-generator. I am also active with the local real estate investors association, and enjoy working with other investors. 

I specialize in the Seattle area, and I am a Zillow premier agent, which gives me access to many real estate resources. This benefits both my listing and buying clients, by increasing exposure through more effective marketing.

When I work with a new buyer client, I plan to meet to learn more about what the client wants from the real estate they hope to buy. We can develop a specific list of buying criteria in order to set up an automated search for them. We can discuss market opportunities, and start identifying properties that might work for them. I have my laptop with me, so we can set up a real-time search.

If clients are working with a lender now, I ask them to bring any pre-approval letters. And if they will be a cash buyer, just be advised that a seller will want to see proof of funds. If clients need referrals to any lenders, I am happy to make recommendations.

If you or someone you know is thinking about buying real estate in the Seattle market, please contact me at HomeLandInvestment@gmail.com. I can refer buyers to excellent buyers agents in markets outside of Seattle as well. Please feel free to contact me at HomeLandInvestment@gmail.com or by calling my recorded real estate hotline at 888-621-4999.

Happy Investing!

0 comments:

Post a Comment