What is a buyer's agent? What does this specifically do for a buyer, and who usually pays this “buyer's agent”?
“A buyer’s agent is a licensed real estate agent who is contracted by the buyer to solely represent them in their search for property to purchase. A common misperception is that an individual will get a better deal if they do not have an agent. A buyer’s agent will earn his/her commission by protecting their buyer from simple legal mistakes often encountered by entering into a contract without representation. Additionally, a buyer’s agent will have contacts and knowledge to get through each step in the purchase process, i.e., negotiations, financing, inspection, etc. Most often, the seller will pay the agent his/her commission; however, I often contract with my buyers that they will ensure a 3% commission is paid to me. This alleviated any discrepancies when researching distressed properties where there may be no commission offered buy may suit my clients' needs.”
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