Buyer Representation FAQs
What is a Buyer Agent?
A real estate licensee who is hired by prospective buyers to represent them in a real estate transaction. The buyer’s rep works in the buyer’s best interest throughout the transaction and owes fiduciary duties to the buyer. The buyer can pay the licensee directly through a negotiated fee, or the buyer’s rep may be paid by the seller or by a commission split with the listing broker.
How much does a Buyer Agent Cost?
Our firm offers free representation to buyers in our market. We work with seller agents to negotiate any costs related to our services.
What documents will I see?
Do I have to use the professionals suggested?
No, You do not have to use the service providers we have suggested. We suggested these businesses because of their proven history of diligence and hard work for our buyers. You are welcome to use or decline any service or service provider.
I am so confused about the terminology. Do you have a reference guide?
Absolutely, click the link to download our Buyers Guide. Buyer Handbook
What are some common upfront costs when buying?
1. Earnest Money – This is money you put down as good faith on your sales contract. This fee is credited back to you at closing and deducted from your final closing costs. Earnest money is written to the title company. If new construction the fee is written to the builder.
Earnest Money can range from $1000 to 1% of sales price.
2. Due Diligence Fee – This is a fee you pay to the seller to allow you the opportunity to have the home inspected. During your option period, the seller agrees to accept no other offers until your option period has ended. Option period can range from 3-10 days. If you decide to move forward with the home the option fee is credited back to you at closing and deducted from your closing costs. If you decide not to move forward with the home the seller retains the option fee. On a new construction home, there is no option fee needed.
The option fee can range from $50 to $100.
3. Inspection Fee – The inspection fee is to have the home inspected to ensure you are buying a home in good condition.
Inspection fee range from $275 to $550.
4. Appraisal Fee – The appraisal fee is to have the home appraised to ensure the price the seller is asking for is valid.
Appraisal Fee is $495.
Now you know your upfront costs. Make sure you have your money ready. As soon as your offer is accepted the process can move fast. The money needed will be saved in your savings account.
Working With Real Estate Agents
Every client is given the WWRA brochure. Preview it online here: PDF