MyGreenville.net
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CENSUS SHOWS RAPID GROWTH
The Greenville and Pitt County areas of North Carolina continue to experience rapid growth in spite of nationwide economic challenges. Recent figures estimate that the county population will exceed 160,000 by mid-2010.
During the period from 1990 to 2000, the population of Pitt County saw a growth of over 23%. That rapid growth has put Greenville, NC comfortably in the top ten largest cities in North Carolina.
Greenville has also been listed by Forbes as being in the Top 100 Best Places to Live. People relocating to the area often need the services of local real estate agents to assist them in finding suitable housing. MyGreenville.net recommends selecting an agent from Experience Realty to assist home buyers in their search for real estate in the area.
MGN URGES CAUTION IN CHOOSING A REAL ESTATE AGENT
How does a typical person go about buying a new home? It usually goes something like this: The potential buyer drives around the area looking for an area suitable for them. After hours of searching, the buyer sees a house for sale. They call the number on the real estate sign out front. An appointment is made, The potential buyer looks at the house. Then, the scenario is repeated several times until the person finally finds a house. The contract is drawn up and the deal is finally settled.
What's wrong with that? In more cases than we would like, no one actually is looking out for the best interests of the buyer. In North Carolina, ALL real estate agents work for the SELLER unless changed by a Buyers Agency Agreement.
Most Buyers do not realize that. They assume since they like the agent selling the house, that the agent would naturally care for them. Unless changed by contract, it is the selling agents legal responsibility to do their best to get the highest price possible for the Seller.
What should the Buyer do? The Buyer should get another agent to represent them in a transaction. Doesn't this cost the Buyer more money? No! In almost all real estate transactions there is a certain amount built in for commission. When a Buyer is represented by a Buyer's Agent, it is the responsibility of the Selling Agent to split the commission with the Buyer's Agent.
What advantages are there for the Buyer? See article below.
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ADVANTAGES OF USING A BUYER'S AGENT
Often a home buyer finds a home or lot, calls the agent on the sign, seals the deal and later finds out that they could've saved thousands of dollars if they simply had enlisted the service of a real estate Buyer's Agent. Here are some advantages:
Confidentiality. The agent you hire to represent you will not disclose confidential information regarding motivation, price and terms, or anything else of a personal nature to the seller or seller's agent without your permission to do so.
Loyalty. The buyer's agent must work in the buyer's best interest at all times, even if it is not in the agent's personal best interest to do so. This means that the agent will virtually do for you what they would do for themselves in the transaction.
Full disclosure. The agent you hire to represent you will fully disclose any information gained from the seller or the seller's agent that could be used by you in the transaction. In addition, the buyer's agent will undertake a level of diligence and discovery that will give you the necessary information to make an informed decision as to the property you wish to purchase.
The buyer's agent will search for all available properties for sale by owner, unlisted properties, new construction, foreclosures, and others and will not limit their showings to properties they have listed. A listing agent's job is to move the inventory of their seller clients. A buyer's agent's job is to locate satisfactory properties for their client. Any limitations on this search will be documented in the buyer agency agreement.
As the buyer's agent goes through the properties with you, they will assist you with analyzing the properties and determining their strengths and weaknesses, allowing you to make informed comparisons. A lifestyle analysis will be performed to determine whether or not the property would suit your particular needs.
The agent you hire to represent you in the transaction will do a market analysis on the chosen property and will provide you with an offering range for that particular property. They will then set a negotiating strategy for you to assist you in acquiring the property at the lowest price and best terms possible for your situation.
The buyer's agent will complete an offer to purchase that is "buyer friendly" and contains the contingencies and protective clauses you need.
These are just a few of the benefits received from having your own personal buyer agent when purchasing. Considering that the majority of buyer agents are paid through the transaction or by the seller's agent, doesn't it just make good sense that you have the representation you deserve?
