Chris Healy, Realtor Coldwell Banker Real Estate
Providence East Side Office
225 Wayland Avenue
Providence, RI 02906
www.ProvidenceEastSide.com
401-258-8534 Office
401-258-8534 (best) Mobile
401-270-6176 Fax Email
Is using a Buyer's Agent right for you?
RealtorŪ Qualifications
As a prerequisite to selling real estate in Rhode Island, a person must be licensed by the State. Before a license is issued, minimum standards for education, examinations and experience must be met. After receiving their real estate license, many agents join their local board or association of Realtors and the National Association of Realtors.
Buyer's Agent
Until recently almost all residential real estate agents represented home sellers. Whether they were the seller's "listing agent" or the agent who brought the buyer to the contract, both agents were legally bound to represent the seller's interests. This meant that if the agent working with the buyer knew that the buyer would be willing to pay more for the home or other points of negotiation, the agent was bound to disclose that information to the seller. This was not good for homebuyers.
Today though, homebuyers can be proactive and use a their own professional Realtor, one who will represent only their interests and not the seller's. This is known as a "Buyer's Agent".
When you agree to be represented by a Buyer's Agent, you'll receive a level of service that the seller's listing agent legally can't, and won't provide. There is generally no cost to a buyer for being represented by a Buyer's Agent. All realtor fees are generally paid by the seller through a prearranged commission split between the seller's and buyer's agents.
A top performing Buyer's Agent will . . . .
- Gain a full understanding of what you are looking for in a home. They will ask you questions about neighborhood, community, along with specifics about the type and size of home that meets your criteria.
- Search for homes through the MLS (Multiple Listing Service) that meet your specifications and in many cases will even preview the homes. You will spend less time looking at homes that do not meet your needs or fit your price range.
- Network with other agents and stay informed about homes that are anticipated to come on the market before they are advertised, giving you the jump on other buyers.
- Schedule showings and accompany you see homes.
- Explain the different mortgage options and assist you in finding a lender best qualified to provide the financing that meets your needs and financial situation.
- Research and inform you of information about the seller and property, letting you know the reasons for selling, timetable, whether the seller might accept a lower price or make concessions, how long the home has been on the market, advantages and disadvantages of the property, and if there have been previous offers and counteroffers.
- Help negotiate a contract with the best price and terms for you (not the seller). Keeping your motivations confidential.
- Advise you as to which inspections are advisable and recommend professional inspectors to complete them.
- Monitor the progress of the transaction and advise you through the contract and closing process.
A Buyer' Agent represents the buyer regardless of who pays the sales commission. In Rhode Island in most cases, Buyer's Agents receive their fees from the sales commission specified in the seller's listing agreement. The seller's listing contract often stipulates that the commission the seller pays will be split between their own agent and the agent who brings the buyer to the settlement table. This means that as a homebuyer you can utilize the training, experience and professional representation of a Buyer's Agent without having to pay the commission yourself.
Remember, when you contract to work with a Buyer's Agent, the agent is legally obligated to provide you with care, confidentiality, full disclosure and accurate accounting. They work solely on your behalf and can save you hours of time and thousands of dollars on your home purchase.
Do you want to live in a charming home or condo in one of Providence's vibrant, walkable neighborhoods?
Chris Healy is a specialist in this area and here is how
Chris will help.
