Buying a Home
Hire a Professional
A buyer has a number of options when looking for a property:
- Hire one of the Walkers to represent you with your purchase
- Work on your own
- Work with many REALTORS®, with no particular loyalty
In 1995 The Fraser Valley Real Estate Board introduced Buyer’s Agency Contracts, similar to Listing Contracts for sellers which includes the Realtors’ Plan to find a property and a commitment from the buyer, should they purchase a property during this contract time the realtor will be remunerated.
A few questions to ask yourself: With no Buyer’s Agent or Realtor on your side, who is looking out for your interests, who is providing the buyer with a complete unbiased market evaluation. Who is negotiating the best possible price, inclusions and terms?
Would the answers be: The Listing Agent who is working for the seller? The For Sale By Owner? The Developer’s Sales Representative? Wouldn’t you rather have someone who Represents you, who is committed to work only in your best interests?
An agent who is not contracted to work for you cannot:
- Recommend or suggest a price. Negotiate on your behalf
- Inform or disclose any information to you about the seller
For Sale By Owner Properties: Who is liable, who carries the Errors & Omissions Insurance Protection? Is the seller obligated to tell you what’s wrong with the property? In general a Buyer’s Agent will negotiate the real estate commission be paid out of the seller’s sales proceeds. Therefore we ask, “What is the buyer’s gain to deal direct with a seller?”
Dealing Direct With Listing Agents in hopes of getting the agent to cut their commission: We have seen this time and time again, the buyer saves a $1000 or so in commission, or promised an incentives at the risk of perhaps paying $5000 or more for the property because they have not been represented by their Buyer’s Agent, providing an unbiased market evaluation of area sale prices and negotiating solely on their behalf.
We Can Share Dozens of Scenarios where buyers have struck out on their own, been pressured into buying homes, paid too much, bought a home with a poor sales history, poor location, easements, neighbouring development, problems covered up, poor quality, flooding issues or leaky stucco.
We Have Heard Scenarios Where Representatives Working for the Developer “never informed buyers” the other homes were sold with discounts. GST, appliances or decorating allowances were included or the greenbelt alongside their new home was under application for more commercial development.
It’s the responsibility of the Contracted Buyer’s Agent or REALTOR® to inform their buyer of all positive plus negative aspects of a purchase within their power. Doesn’t it make sense to have a Buyer’s Agent or Realtor represent a Buyer, when the service doesn't cost anything for the most part commissions are paid out of the seller’s proceeds of sale.
Remember if a deal is too good to be true, it probably is...
