Q: Why do I need a Buyer(s) Agent?
A: It is very important to have an Agent represent you in the Buying process of a property. If you call the listing agent he/she is representing the Seller(s). Their obligation is to perform their duties to their Seller(s) not you the Buyer(s). A Buyer(s) agent works for you, the Buyer(s), not the Seller(s).
Q: If I obtain a Buyer(s) Agent do I pay them?
A: It depends…..Georgia law requires a Buyer’s Brokerage Agreement between the Buyer(s) and Agent. This agreement specifically details the scenario of everyone’s responsibility and compensation.
Q: Who pays the commission to the Seller’s agent and the Buyer’s agent?
A: In most cases, the Seller(s) negotiates compensation with their listing agent at the time of placing their home/property on the market. The listing agent shares compensation with an agent that brings them a willing and able Buyer(s).
Q: If I don’t want to waste my Agent’s time; may I call the listing agent from the sign in the yard?
A: It is best to have your Agent call for the information. Jot the address down and let your Agent know you are interested in a specific property so he/she may do their job. If you, the Buyer(s), call the listing agent direct to inquiry; inform the listing agent that you are represented by an Agent and he/she will be contacting them if you decide to pursue the property.
Q: Why do I need to be pre-qualified before I view properties with a Buyer’s Agent?
A: Unless you have cash to purchase; a Buyer’s Agent needs to know the dollar amount the financial institution/mortgage lender has approved you for to obtain a mortgage to purchase the property. This allows the agent to do their job and guide you through the process of viewing affordable homes/properties that meet your financial desires and needs. In submitting offers to purchase on your behalf; a pre-qualified letter from a financial institution/mortgage lender is required to be submitted with the offer to purchase. Cash offers also require proof of funds when making an offer to purchase.
Q: What happens if I see a For Sale By Owner (FSBO) sign on a property that I may be interested in?
A: Call your Agent and let her contact the owner. Your Agent is working for you and will make contact with the Seller to obtain the information and schedule the appointment to view the property as you will want professional representation.