The Buyers Agent, past & present

Buyers didn’t always have it so good in real estate. Prior to 1994, when real estate laws changed to help buyers as well as sellers, real estate agents worked solely for the sellers. Caveat emptor, latin for “let the buyer beware”, a principle in commerce: with a warranty the buyer takes the risk… was the standard in real estate prior to 1994.

Many buyers thought they were represented, however they weren’t and the burden was on them to do due diligence to make sure the property was in good condition. Fortunately, now buyers can have agents that work only for them. This is a major advantage because the Realtor, such as myself, can make sure that once you find your home that you get a really good inspection (see my blog on home inspections) within the proper time frame and make sure the buyer is fully aware of all of the ramifications of purchasing a home. I am a Realtor and not a home inspector, credit counselor, mortgage banker or lawyer, but I certainly can & do give reputable names of each to make sure you are properly represented in all areas.

Another fact that I seem to have to educate buyers on is the fact that the buyers do not pay my real estate commission when I am their buyer’s agent…the burden is on the seller for that. In Indiana residential real estate, the sellers pay all the real estate commissions for the seller’s agency & buyer’s agency. So, in essence when you have a Realtor working for you…you get that service free. The Realtor only gets paid when the transaction closes and the seller is the one that pays.

So, there are currently many, many advantages to having a buyer’s agent working exclusively for you when purchasing a home. I do tons of research for my clients and since working with Prudential Indiana Realty Group, have the benefit of a service called Online Buyers Advantage which will send e-mails right away to my clients with new listings, prices, & photos for listings that meet their parameters. That is key because it helps my buyers get a jump on a property that was just listed or a price change that was just implemented.