I hope anyone out there who is shopping for a new home is using a buyer’s broker. (see my earlier post on the subject if you don’t know what that is.) Here, in my opinion, is what you should expect from a Buyer’s Broker:
1. An in-depth initial interview that helps her or him understand your deepest motivation for buying a home. If you are partnered, the interview should be with both parties, so that the broker gets a thorough understanding of your desires, dreams and underlying motivations. This should go beyond how many bedrooms and baths and other physical attributes of the home.
2. Discussion and advice about general guidelines for determining how much of a loan, if any, you can qualify for and are comfortable with.
3. Referrals to at least three lenders for a “pre qualification” appointment, by phone or in person. And, in some cases, she could go with you to that appointment if you want her to.
4. Once you know the price range of home you want to see, she should set up a portal link to thelocal Multiple Listing Service (MLS) for you, so you can search as much as you want…and be ready to show you anything you find there that you want to see.
3. She should set up an automatic search, using the parameters gleaned from the initial consultation, that will sift and sort through all the new listings of homes for sale, and send you an immediate notification of any that meet your criteria.
4. She should tirelessly show you homes until you find the right one for you.
5. She should provide a listing of all similar homes in the area(s) you like which have sold in the past 6 months to 1 year and the prices they sold for, so that you know what the fair market price for that area is. Realtor Lingo for this is “comps”, which is short for “comparables.”
6. She should help you look critically at the homes you are interested in and be able to refer you to inspectors if you have any doubts about the condition of the home.
7. She should provide you with an estimate of the property taxes based on the price you are considering paying for the home.
8. She should provide you with the Seller’s Disclosure, if there is one, and any other available documents that are pertinent to the purchase of that particular home, such as floor plans, utility bills, inspection reports and so forth.
9. She should have expert knowledge of Short Sales, Foreclosures and HUD auctions, if you are looking for those types of properties.
10. She should have excellent negotiating skills and offer advice and options when in the negotiating phase, based on a depth and breadth of knowledge about accepted practices in the area, experience with negotiations, and utmost integrity.
That’s a partial list of what a good buyer’s broker can be expected to provide.
To summarize: You should feel that your Buyers’ Broker is your very own knowledgeable and professional ally, on your side and working for your best interests in the transaction…even though it is the seller who will pay her.
Carolyn R. Ward
