BUYERS: Why You Should Want to Sign a Buyer Brokerage/Buyer Agency Agreement | Why I Need You to Sign a Buyer Brokerage/Buyer Agency Agreement

Buyer Agency Agreement Buyer Brokerage Agreement Benefits of Working with a Buyer's Agent

Buyers: I know what you're thinking..."why should I sign a Buyer Brokerage or Buyer Agency Agreement with my Realtor?"

As a Buyer's Agent, I can tell you that my reasons for wanting you to sign the Buyer Agency Agreement with me is for more than just securing you as a client. This contractual agreement protects both you and me, and it is in your best interests to sign it. And in Georgia, it's the law. Here's how it works to protect both sides -- you, the Buyer, and me, the Buyer Specialist:


First of all, by signing the Buyer Agency Agreement with me you ensure that I am working for you in a client relationship, meaning that I represent you exclusively in the contract. I can tell you all of the information I know about the property. I am obligated to work in your best interests.

The traditional agency relationship requires that all agents have fiduciary relationship with the seller. By that I mean it's their job to protect the interests of the seller. By entering into a Buyer Agency Agreement with me, you ensure that I will always be working in your best interests, not the seller's. This is how it protects you.

The agreement also protects me. It means that you are acknowledging that I am representing you for the duration of the contract period, and you are agreeing that you are working exclusively with me for the duration. The benefit of working for you as a Buyer's Agent is simple: if I know what the seller's motivating factors are, as a Buyer's Agent, I can tell you everything I know, therefore increasing your leverage in negotiations.

The Buyer Agency relationship is serious. It's like being married - you don't date other people. And once we're ‘married,' you don't go shopping for homes with other REALTORS®. This is how it protects me.

A Buyer Specialist solely represents your interests. Someone who has a signed agreement with the seller represents the seller's best interests. Would you, for example, want to be represented in court by the attorney working for the other side? I would guess that your answer is no. So you may not want to call the listing agent to represent you in the purchase. Why would you want to be represented by the agent who also represents the seller and has had a relationship with them for longer and cannot, legally, work solely in your best interests?

With me as your buyer agent, we can work together and pull up what the seller paid for the home, comparable sales, and I will represent you on your behalf.

I believe it is my responsibility to prove to you that you should work with me and trust in my abilities. Because of that, you can sign the Buyer Agency Agreement with me for one week - or even just one day - so that you can see how I work and we can build rapport and trust. Then, we can move forward with a longer contract period for the Buyer Agency Agreement and find you that perfect home.

Do you have further questions about the benefits of working with a Buyer Specialist? Would you like to know more about how I work as a Buyer Specialist? Please feel free to contact me!

BOOK REVIEW: Buying Solo - The Single Woman's Guide to Buying a First Home (by Vanessa Summers)

Buying Solo - The Single Woman's Guide to Buying a First Home
by Vanessa Summers




FINALLY! A book that caters to single women who are in the market to buy their first home...or who have just begun to entertain the idea! As the cover of the book reads: "Don't wait for Mr. Right -- make the best investment of your life!"

Vanessa Summers presents an in-depth look at the process of purchasing your first home and provides excellent inspiration and motivation to spur on single gals toward the ultimate goal of owning a place of their own.

Covering such topics as figuring out how much home you can afford to the joys of home ownership (no more landlords!) and the impact of your credit report on your ability to buy, Summers enthusiasm is infectious! And the brief 192-page book is more like a conversation with a big sister or trusted friend than a book about purchasing real estate. Her skill at overcoming common excuses for not buying -- such as "I can't afford to buy" and "I'm not sure how long I want to live in one place" and the definitive "I want to wait to buy until I have a family [read: husband] of my own" -- is authoritative, yet gentle. Basically, the gist of the book is stated in the first sentence of the introduction: Why a Home is the Best Investment a Single Woman Can Make.

However, I do have a few criticisms of Summers' book, mainly that she oversimplifies and glosses over a number of important concepts, such as commission structures and the importance of using a Buyer Agent or Buyer Specialist to represent you in the purchase of your home. Summers claims that using a Buyer Agent is dangerous, as "there will always be an inherent conflict of interest [when using] a buying agent because their commission size is always going to be dictated by how much the buyer paid for the house!" True, I work mainly as a Buyer Specialist so of course my position on this issue differs from Summers'. However, working with an ethical Buyer Specialist ensures that your best interests will always be foremost - above commissions, above closing the transaction, above all.

Moreover, aligning yourself with a Buyer Specialist you can trust is the most important part of your home purchase. A Buyer Specialist can guide you through the process of buying your first home -- and every home thereafter -- with far greater skill and knowledge than following the simplified and non-state specific guidance of a book. This book is an excellent motivator and provides credible advice in a readable format, but it is no substitute for a qualified, knowledgeable Buyer Representative.

My advice:

• Interview your Buyer Specialist carefully. Ask them as many questions as you feel you need to in order for you to be comfortable!


• Ask for copies of testimonials and references from recent past clients, and take the time to follow up on those references.


• Meet with your Buyer Specialist before actually going to look for homes -- have coffee or lunch to see if you "click."


• Then move into the home-search process slowly, asking questions as you go so that you feel confident in your own knowledge and decision-making.

(NOTE: The book is also a bit out-of-date as it relates to types of mortgages available. With the recent demise of the sub-prime market, the mortgages Summers discusses that come with little or no money down are few and far between -- if they even exist at all anymore. As a general rule: get a referral to a good mortgage lender or broker to discuss current mortgage options and what you can personally qualify for, before making the decision to buy.)

Read this book, but read it with the understanding that its advice is very generalized. Use it for a motivator to get you inspired to begin to explore the possibility of owning your first home. Let it drive you to start asking questions and talking to others who have gone through the process.

If you have questions or comments about this book or this review, please feel free to post them below! I'd be happy to respond!

* * * * *

BOOK INFORMATION:
Buying Solo - The Single Woman's Guide to Buying a First Home
by Vanessa Summers
ISBN-13: 9780399530760