Q. What is a buyer's broker?
A. A buyer's broker is an agent who represents the buyer, not the seller, in purchasing a home.
Q. Why do I need a buyer's broker?
A. Buyers and sellers have different interests. No one agent can represent the best interests of both parties. Seller's agents (listing agents) are legally and contractually obligated to represent the best interests of the seller. This includes an obligation to share with the seller any information you, the buyer, give them. For example, if you tell the listing agent that you are pre-qualified to purchase a home priced at up to $200,000, they must give the seller this information. It is clearly not in your best interest to tell the seller your top price. A buyer's broker has no obligation other than to serve the buyer client. A buyer's broker can provide access to information on all properties available for sale. He/she can counsel you on the pluses and minuses of each property and provide you with objective information about recent sales of similar properties. A buyer's agent will represent your interests alone, throughout the negotiations. Here is a look at what we do...
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Q. How is this different from the traditional way of buying a home?
A. Traditionally seller's agents have advertised their listings, and solicited inquiries from potential buyers. When buyers do inquire or meet the seller's agent at an open house, the buyer is a potential customer to whom the agent wants to sell that home. If the buyer is not represented by his own agent at this time, the seller's agent often ends up becoming a dual agent who attempts to represent both buyer and seller, but in truth, represents neither. With a buyer's broker, the homebuyer is a client to whom the broker owes a fiduciary responsibility to represent the buyer's best interests. With a buyer's broker the broker seeks to find the best home for the buyer, regardless of what company is listing the home.
Q. Can a buyer's broker show me any property that is for sale?
A. As a member of the Multiple Listing Service a buyer's broker can show any home that is listed with the MLS. In addition a buyer's broker will seek out any home that fits the buyer's criteria, including new subdivision homes or homes for sale by owner.
Q. What if I wanted to make an offer on one of Southern Winds Realty's listings?
A. This is an important question! The State of North Carolina calls this "Dual Agency" and permits the agent with full disclosure to represent both parties. Southern Winds Realty however, believes "Dual Agency" can be a questionable practice. Can an agent represent two parties in the same transaction? Although the law says in this case there is "Dual Agency," Southern Winds Realty has taken steps to ensure both buyer and seller are treated fairly.
Therefore, it is our policy that when viewing one of our properties, the agent acts like a facilitator, meaning that while we still present all the facts such as market reports, homes sold in the area etc., we will just be unable to disclose anything of a personal nature about the sellers. (Ex. divorce, financial difficulties etc.) Likewise, we still notify the sellers that you will be able to secure a loan; however, we will not disclose specifics in regard to amount. Our sellers are advised of this in the listing agreement. In addition, we reduce our fees by 50% to the seller.
In essence, both the seller and the buyer benefit from this arrangement. However, if at any time our seller or buyer does not feel comfortable during the transaction, we will arrange for representation with another agent. Keep in mind that with over 25,000 property listings in the Charlotte region, the chances of this happening are slim. Southern Winds Realty would only show you one of our listing, if it met your criteria in price, features and location.
Q. Why shouldn't I represent myself, and deal directly with the seller's (listing) agent?
A. Of course you can do this, but there is no benefit to you, and often it can be more costly. A good buyer's agent often saves you more through negotiating the best price, than the cost of a commission. The seller has already agreed to pay a commission for the sale of the property. If you have no agent, the full commission goes to the seller's agent. In addition, you have no one to look out for interests, and you may inadvertently share information with the seller that is not in your best interest to share.
Q. What will it cost me to use a buyer's broker?
A. In most cases it costs you nothing out of pocket. Typically half the commission the seller pays goes to the buyer's agent. Even with homes for sale by owner, many sellers are willing to pay a commission to a buyer's broker.
Q. Why should I consider Southern Winds Realty as my buyer's broker?
A. Southern Winds Realty's reputation and integrity is more important than any sale or commission amount. Our philosophy is to keep you as a client forever... which means we must earn your trust and keep it. Through the years we want you to think of us first when it comes to recommending family, coworkers and friends. We have grown through this success and are committed to it.
The decision to look for a home can invite an array of emotions: excitement, inspiration… anxiety. Knowledge is the best weapon against the potential stress of house-hunting. Gathering the right information allows you to ultimately make the most sound and informed choice.
As the home buyer's advocate, Southern Winds Realty assures that all your needs will be met and all your questions answered. Southern Winds Realty serves to protect your interests and, ultimately, save you money. Consequently, www.southernwinds.com wants to provide you a wealth of information on the home buying process. This resource will constantly change, so please be sure to check back periodically for up-to-the minute information.
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