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About the Buying Process
In our initial meeting with new buyers, we will discuss
the option of utilizing a buyer's agent versus a seller's
agent. Regardless of who we represent, it is our responsibility
to give all parties involved complete and accurate disclosure
pertaining to the property. Kennebunk Beach Realty is
pleased to be able to represent both buyers and sellers.
Any of the agents at Kennebunk Beach Realty are delighted
to give you a guided tour of the Kennebunks and to show
you available homes. You may also wish to obtain additional
town or area information. Please let us know what your
questions are, and we will be happy to gather the data
you need.
Why
choose a realtor?
Can a real estate agent really help you in buying property?
The answer is YES! When you're ready to think about
buying or selling your property, you need to ask yourself
the following questions:
- Do you have the time, energy, sources of information,
and contacts to do the job yourself?
- If you were the one of the "do-it-yourself people,"
would the results be a as good or better than they
would be if you had professional assistance?
- Would it have gone smoother?
- Would it have given you more personal time?
- Would you have purchased for less, or sold for more,
if a real estate agent was involved?
Read the following information and learn how a real
estate agent can help you understand everything you
need to know about a real estate transaction.
How Do Real Estate Agents Get Paid?
Real estate agents or brokers are generally paid through
the sales commission paid by the seller when a transaction
closes. Agents have expenses and financial obligations
just like you, so it will be to your mutual benefit
if you choose a real estate agent and stick with that
person. The agent will respect your loyalty and respond
with a sincere commitment to you.
Why a REALTOR®?
All real estate licensees are not the same. Only real
estate licensees who are members of the NATIONAL ASSOCIATION
OF REALTORS® are properly called REALTORS®.
They proudly display the REALTOR "®" logo on the
business card or other marketing and sales literature.
REALTORS® are committed to treat all parties to
a transaction honestly. REALTORS® subscribe to a
strict code of ethics and are expected to maintain a
higher level of knowledge of the process of buying and
selling real estate. An independent survey reports that
84% of homebuyers would use the same REALTOR® again!
You Be The Judge!
Real Estate transactions involve one of the biggest
financial investments most people experience in their
lifetime. Transactions today usually exceed $300,000.
If you had a $300,000 income tax problem, would you
attempt to deal with it without the help of a CPA?
If you had a $300,000 legal question, would you deal
with it without the help of an attorney? Considering the
small upside cost and the large downside risk, it
would be foolish to consider a deal in real estate without
the professional assistance of a REALTOR®.
What
is a buyer's agent?
A real estate buyer's agent represents the consumer
who is purchasing the property in the real estate transaction.
This agent owes full fiduciary responsibilities, duties
and loyalty to the real estate buyer. The buyer's agent
works for the buyer client and has the client's best
interests in mind throughout the real estate transaction
process.
The buyer, through a negotiated fee, compensates the
agent or in some states the commission is split between
the buyer's and seller's agents based on the selling
price of the real estate property. It is important for
the consumer to discuss the buyer agent's compensation
in the initial interview. In many cases it is recommended
that the consumer and buyer agent agree to the terms
of compensation prior to viewing real estate properties
and sign a written agreement based on these terms. This
agreement should spell out the responsibilities of both
parties throughout the real estate transaction. Absent
a written agreement, the agent represents the buyer
throughout the real estate transaction. Consult your
local REALTOR® for complete details when you first
start the search for purchasing any real estate property.
Why use a buyer's agent?
As a consumer, how often do you buy real estate property?
Once, twice, three times in your lifetime? Purchasing
real estate is a complex and major transaction with
many details to be handled. In the majority of cases,
an agent will represent the seller. Wouldn't you want
to have complete and fair representation in the real
estate transaction? The real estate buyer agent is responsible
to protect a client's best interests. Research by the
NATIONAL ASSOCIATION OF REALTOR® has shown that
when a buyer agent is used, the prospective buyer found
a home one week faster and examined three more properties
than consumers who did not use a buyer's agent.
The benefits of using a buyer's agent
Using a buyer's representative offers the consumer
many benefits, including:
- Evaluating the specific needs and wants of the
buyer and locating properties that fit those specifications.
- Assisting the buyer in determining the amount that
he or she can afford (pre-qualify) and show properties
in the chosen price range and locale.
- Assisting in viewing properties and either accompanying
the client on the showings or preview the properties
on behalf of the client to ensure that the identified
specifications are met.
- Researching the selected properties to identify
any problems or issues to help the consumer in making
an informed decision prior to making an appropriate
offer on the property.
- Advising the client on structuring an appropriate
offer to purchase the selected property.
- Presenting the offer to the seller's agent and seller
on the client's behalf.
- Negotiating on behalf of the buyer client to help
obtain the identified property.
- Reviewing and explaining all legal documents to
a buyer client.
- Recommendations and assistance in securing appropriate
financing for the selected property.
- Providing a list of potential qualified vendors,
(e.g. movers, attorneys, carpenters) if these services
are needed by the consumer.
Most importantly, the buyer knows that they are fully
represented throughout the real estate transaction. |
