The verdict for the Sitzer/Burnett case has been reached and additional legal proceedings have been filed. Amidst the upheaval in the real estate industry, attention is now more focused than ever on buyer agency.
Some fear that buyer’s agency will go away, but the truth is that buyer’s agency is incredibly important. The purchase of a home is usually a person’s largest financial investment. Real estate transactions are complicated and emotional. When a buyer is represented, there are fewer legal problems because the buyer better understands their options and choices. Buyer’s agents bring so much value to those they represent, including (but not limited to):
Education: Providing crucial insights into the local market, inventory, pricing dynamics, processes, forms, contingencies, inspections, financing, closing costs, local customs and potential challenges.
Advice, Insight & Ongoing Consultation: Addressing a plethora of real estate matters, offering guidance on property details, pricing, neighborhoods, investments, HOA rules and other buyer queries.
Access & Availability: Being perpetually available to respond to buyer needs, whether it’s answering questions, showing properties, or addressing urgent concerns. Real Estate is the only industry where the agent only gets paid if a closing occurs. An agent invests untold number of hours into every transaction, and could be paid nothing if the buyer decides to work with a different agent, or not purchase. If an agent were to be paid hourly for their time, the total cost to the consumer would be significantly higher than the commission paid in a typical transaction.
Research & Tracking Down Information: Thoroughly investigating property details, regulations, covenants, restrictions, budgets and other critical information.
Strategy: Assisting buyers in formulating effective strategies, especially crucial during market fluctuations.
Offer Preparation: Meticulously ensuring all details in the offer process align logically with contract timelines and contingencies.
Offer Negotiation: Skillfully navigating negotiations between buyers and sellers to establish mutually agreeable terms.
Finalizing Offer: Ensuring all offer documentation and addendums accurately reflect the transaction for the benefit of escrow, title and lenders.
Managing the Transaction: Proactively overseeing various aspects of the transaction, from deposits to inspections and insurance.
Inspections & Repairs: Coordinating and managing property inspections, addressing repair issues, and ensuring a smooth process.
Appraisals: Monitoring appraisal processes to comply with contract timelines and addressing any valuation or condition issues.
Managing Title & Escrow: Overseeing communication with title and escrow companies, ensuring accurate documentation and resolving discrepancies.
Managing the Walkthrough: Addressing issues arising during property walkthroughs and ensuring everything is in order before closing.
Managing the Closing: Ensuring all necessary keys, access cards, and property details are provided to the buyer while addressing any last-minute issues.
Post-Closing Issues: Assisting buyers with any post-closing challenges, leveraging inspection reports and trusted vendors.
Follow-Up: Continuously following up throughout the entire process, from initial contact to post-closing matters.
Comprehensive Representation: Serving as a comprehensive advocate for buyers, navigating complexities, and safeguarding their interests in every aspect of the real estate transaction.
Errors & Omissions Coverage: Financial protection in the case of errors or omissions during the transaction.
Buyer representation extends beyond defined roles, demanding ongoing commitment, problem-solving prowess and meticulous attention to detail in the dynamic landscape of real estate transactions. Real Estate is complicated, and transactions are stressful. This is similar to why a person hires an attorney when going to court – because it’s complicated and because you’ll have more success working with a professional who knows how to work with the system. Just so in real estate – it’s worth protecting such an enormous financial investment with a professional who can help explain options and navigate processes.
Content provided by Cara Ameer of Coldwell Banker
