What is a Buyer’s Agent?
In some real estate transactions, the listing agent may represent the seller and the buyer at the same time. In this case, the agent is limited on the information that can be shared to each party of the transaction and still owes loyalty and faithfulness to both parties concerning the sale of the property. The Lee Ann Miller Team allows the buyer to have exclusive buyer representation by selecting a buyer’s agent. The buyer’s agent works for you (the buyer) only. The benefits of having a buyer agent working for you are…
- A buyer’s agent must act in the best interest of the buyer only.
- Any discussions, facts, or other information the buyer does not want revealed to the seller or seller’s agent will be kept confidential.
- The buyer’s agent will advise the buyer on a reasonable purchase price based on their knowledge of the area, condition and location of home, and market activity.
- A buyer’s agent must follow lawful instructions of the buyer and disclose all material facts including but not limited to: status of earnest money, legal effects, seller’s financial condition, and existing offers.
Do I Need a Buyer’s Agent when Working Directly with a Builder?
YES, the builder and their team/onsite agents work for the seller (the builder) and will have their best interest at heart. When you use a Lee Ann Miller Team buyer’s agent, you become a client to the builder and we have the buyers’ best interest at heart. A buyer’s agent has fiduciary duties to each and every one of their clients. Builders have the duty to disclosure, but do not have the same fiduciary responsibilities that buyer agents do. Having us represent you we can act as the intermediary between you and the builder, register you with the builder, ask questions that you may not think about, negotiate a reasonable price and terms, review the contract with you, offer advise during the design phase, meet with vendors with or without you, attend inspection and final walk-through to make sure everything has been addressed accordingly and the home meets your satisfaction.
Do I Really Need a Survey when Buying a Property?
YES, a survey may reveal more than just the property lines. Encumbrances are the main items found on surveys. and are defined as a burden, obstruction, or impediment on property that lessens its value or makes it less marketable. An encumbrance can be as simple as the neighbors fence encroaching your property line by inches or your storage building is 5 feet over your property line. An encumbrance is legal liability on real property and will prohibit passing title to the property. So, it’s better to find this out sooner than later. Easements are also another item that can come up on a survey and cause problems.
Why Do I Need a Home Inspection?
We recommend a home inspection because there are many things we may not see but a trained eye can. Just like real estate agents, a home inspector must be licensed and attend continuing education classes to stay current on laws and regulations. Home inspectors can find hidden items that prevent you from moving forward or give you a thumbs up in the home buying process. Sellers can also have their home pre-inspected so that they address any items that need to be fixed to market their home. However, if any major issues like structural issues appear on inspection report, the seller must disclose.