Home Buying 101:
Home buying is no small matter. Besides being the largest financial transaction you may ever undertake, it’s probably also the most complex. There are many good reasons to work with a qualified real estate professional.
When you work with an experienced Home Buyer’s Agent, you’ll be served, not sold. Your interests become their interests. Home Buyer’s Agents will act solely on behalf of the home buyers. The right Real Estate Agent will disclose to the buyers known information about the property.
Please discuss with your real estate agent the various agency relationships available to you before you disclose any confidential information to a real estate licensee regarding a real estate transaction.
Types of Representation:
A Michigan broker or salesperson may function in any of the following capacities:
- Seller’s Agent: Represents the home seller
- Buyer’s Agent: Represent the home buyer
- Dual Agent: Represent both home seller and home buyer
- Transaction Coordinator: Represent neither the home seller nor home buyer as an agent, but provide services authorized by the seller or buyer to complete a transaction as a “transaction coordinator.”
The duties a Home Buyer’s Agent includes:
- Promoting the best interest of the home buyers.
- Fully disclosing to the home buyers all facts that might affect or influence the buyer’s decision to tender an offer to purchase.
- Keeping confidential the buyer’s motivations for home buying.
- Presenting all offers on behalf of the home buyer.
It’s vital that you work with a Realtor who is representing your interest as a home buyer. It is equally important that your buyer representation relationship is properly disclosed in what is called an Agency Disclosure form. Any licensed agent can work on your behalf as a home buyer’s agent. Unfortunately, not all agents are fully trained in home buyer representation.
Here at Berkshire Hathaway HomeServices Snyder & Company, Realtors, we pride ourselves on our continued agent training. All of our agents have been through Brookfield Global Relocation Services Destination Services training, and many hold the National Association of Realtors Accredited Buyer Representative (ABR) certification as well.