Mark Weisleder in a special in today's Toronto Star explains why the role of the real estate agent acting for the buyer is critical in todays market:
Now that the federal government has brought more competition to buying and selling a home, the role of the real estate agent acting for the buyer has become more important.
When you agree to work exclusively with one realtor to find the property you want, the realtor protects your interests and negotiates the best price for you.
In a bidding war, you have an objective 3rd party to guide you, to make sure that you do not get too emotional and end up overpaying for a property.
In exchange you pay the realtor a fee, typically a percentage of the sale price, often paid by the seller or the agent may readjust the sales price and you agree to pay the buyer agent.
Be sure to ask the realtor for references
If you are nervous about the process you might consider beginning with a short term contract, perhaps for 14 days. Understand that if you later buy a home, that you originally viewed during the 14 day period, you will owe the commission
Sellers should co-operate with buyer realtors even if they are trying to sell on their own. The realtor will qualify the potential buyer so that you know they are serious and can actually afford your home.
There is less chance that the buyer will discover problems after close because the buyer agent will protect the buyer by conducting the appropriate due dilligence.The seller will have peace of mind after the close since there is less chance of the buyer suing the seller after close.
Weisleder says there are advantages to both buyers and sellers in working with buyer agents. Understanding this will make your next purchase or sale decision much easier.
Mary O'Brien and Cheryl Kopko are award winning agents who offer over 20 years of combined real estate experience and would be happy to assist you with any real estate transactions in the Oakville Burlington area. firstname.lastname@example.org
Have a wonderful, safe, magical Christmas season!!!! Mary O