In our fast paced and frantic real estate market, buying a home takes quick action and strong representation. Some buyers decide to involve several agents in their search for a home, assuming that there is strength in numbers. However, it is the buyer who establishes a working relationship with one Realtor who really has the best chance of finding, negotiating and buying the right home.
You may wonder how one person could do better than two or three? Easy. When a buyer hires an agent and a buyer broker agreement is established, a process begins that is based on better communication and a deeper understanding of exactly what a buyer is looking for. It goes beyond the number of bedrooms, baths and location of a home.
A good agent will help by asking the right questions up front first. Specific needs, desires and lifestyle concerns will be identified, and time will be allotted to carefully determine all the priorities a buyer expects in a home. In short, the buyer gets the full benefits and highest level of customer service by selecting one agent who will work closely with him or her, take the time to identify specific needs and then find the right home.
When you begin working with a real estate agent in the state of California, it is law that before the agent takes you out to view a home that the California Association of Realtors form AD-11 be signed. This form is called "Disclosure Regarding Real Estate Agency Relationships." Be wary if you deal with a real estate agent who has not taken the time to have you fill out this form. You should wonder if other legalities will be overlooked when you are in the middle of negotiations with a property. An agent who overlooks one small detail in a transaction can take the chance of losing the whole deal.
Most reputable agents today use what is known as Exclusive Authorization to Acquire Property-Buyer, Broker Compensation Contract. Often referred to as a buyer-broker agreement. With a buyer-broker agreement, the best interests of the buyer becomes the focus of the agent, who can then devote the time, effort and energy it takes to find the appropriate home.
What the buyer-broker contract does is simply to have an agreement that you, as the buyer, agree to use the agent you are working with to obtain the home you are searching for. The reasoning behind this agreement is that as a real estate professional, the only thing an agent has to sell is their time and expertise in finding and negotiating the purchase of a home. The buyer-broker assures the agent that the time they spend with you will be rewarded with you buying your home through them.
Think about this: would you really want to work with an agent who doesn't have enough self respect to make sure their time is spent productively? Do you want to work with an agent who will take any "live body" they can get, just hoping that they might get business in the long run? I don't think so.
Getting early loan approval, not just an estimate or prequalification figure for a loan, is one of the first and most important steps an agent will suggest and guide a buyer through. Multiple offers are being made on almost every house out there these days, and timing has never been more important. Buyers must do everything they can to prepare for quick action when the right home comes along. A good agent today won't even take you out to see property until you have the loan approval in hand.
Coming out ahead of the pack today requires the loyalty and support of one agent on your side. Forming an allegiance with one highly qualified, dedicated agent give buyers a boost and a huge advantage when several other offers are being put on the same table.
San Diego's housing market is booming. Interest rates are down. This is no time to be putting buyer needs in the hands of an "agent lottery" Now, more than ever buyers need the best representation possible and nothing beats one good agent flexing a little know how and commitment.
Patti Phillips is a Realtor in Southern California. She works with numerous home-buyers to help them find their "dream home"- usually becoming their "realtor for life." You may contact Patti at her web-site: http://www.PattiPhillipsRealEstate.com or at 800-680-9133