Home » Real Estate » Buying

Preparing to Purchase Your First Home-Part 1

Mar 27, 2008
You should find an experienced reputable Buyers Agent because you only purchase real estate in the San Fernando Valley but a few times in your life. So there is no way to know all there is to know about a major transaction such as this. Sellers are usually represented by a Listing Agent who works on their behalf and protects their best interests. A buyer should also have an advocate who will look out for their best interests and provide them with fair representation. A Buyers Agent will guide you through every detail of purchasing your first home.

A Buyers Agent is someone who works on behalf of the Buyer to protect their best interests. Real estate agency laws are different in each state, but Buyers Agents are obligated to certain fiduciary duties such as always acting with their clients best interests at heart, keeping client confidentiality and consistent loyalty.

Two of the most important reasons to use a Buyers Agent are:

1) To be more efficient.
2) To ensure your interests are protected.

The owner of the property you will buy will probably be represented by a Listing Agent. You deserve the same high level of service and commitment to protect your interests. A Buyers Agent can give you the best professional representation from beginning to end. NAR statistics show that buyers who team up with a Buyers Agent find their homes quicker and are able to view more properties while searching than those who do not.

Work with a Realtor who has the Accredited Buyers Representative (ABR) designation. An Agent with the ABR designation has received specialized education and training by the Real Estate Buyers Agent Council (REBAC) and understands the needs of buyers today. They have the experience to help you to make informed decisions throughout the transaction to a successful closing.

A Buyers Agent can assist you with the following:

a) Recommending reputable service people that will be useful throughout the process such as mortgage lenders, inspectors, movers etc.
b) Help determine your specific needs.
c) Schedule property showings.
d) Refer you to legitimate sources of accurate information on schools, communities and neighborhoods.
e) Go over forms and contracts.
f) Help you to analyze homes of interest.
g) Negotiate the best possible price and terms.
h) Explain potential contingencies in the contract that can protect you.
i) Oversee the entire transaction and help you solve problems that come up during the process.

Most of the time, the Buyers Agent gets paid from the commission the Listing Agent is paid by the seller which is based on the sales price. Some Buyers Agents work differently than others; occasionally with a negotiated fee for their representation. You should discuss compensation up front with your Buyers Agent so it is clear and in some cases a form called a Buyer-Broker Agreement may be used which explains their duties as your agent and how they are compensated.

It is also important to communicate with your Buyers Agent because the more insight you can give them the better they will be able to assist you. You might want to discuss some of the following with your Buyers Agent:

a) How soon you would like to purchase?
b) Why do you want to purchase a home?
c) How long do you plan on living in the home?

Research and planning are the keys to a successful home purchase. Purchasing your first home can be a complicated and overwhelming process but with the help of the right Buyers Agent it can be a breeze!
About the Author
David Hitt-Coldwell Banker is a licensed broker with over 11 years experience. He specializes in the San Fernando Valley real estates areas such as Sherman Oaks, Encino, Van Nuys and North Hollywood. To search homes for sale, get information about buying or selling www.HomesInTheValley.info
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