What is a Buyer Broker?
In the past, most Brokers represented the seller in all transactions. Even the Broker actually making the sale was representing the seller. Both Brokers in the transaction had a fiduciary duty to the seller. Therefore, the Buyer was not represented. Instead, he was treated like a customer, rather than a client. A Buyer Broker is one with a fiduciary duty to the Buyer. Some Buyer Brokers work for Buyers only and refuse listings to avoid any conflict of interest. Other Brokers represent Buyers or sellers, but not on the same transaction.
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What can a Buyer Broker do that a Seller's Broker may not?
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How can a Buyer Broker save me money?
A Buyer Broker will determine a negotiating strategy with you that utilizes the history of the subject property, comparable values, the sales price of other homes in the immediate neighborhood, as well as your wants and needs. National surveys have been done that show Buyers using Buyer Brokers save on the average of 6 per cent more off the list price than Buyers using traditional Brokers. There are no guarantees, but doesn't it make sense that you stand to do better with someone on your side than with someone who is legally and ethically obligated to the seller? A good Buyer broker will also help you shop for the best mortgage loan and insurance programs. Home Buyers love the level of service and savings realized.
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How does a Buyer Broker get paid?
Usually from the transaction, the same as any other cooperating Broker. Most realty firms and sellers agree to a cooperating fee for the broker who brings a Buyer to the transaction. So it shouldn't cost you any more to use a Buyer Broker and it will probably cost you less, given the Buyer broker commitment to save you time, energy and money. It is important to specifically discuss compensation issues before you agree to engage a Buyer Broker.
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How are you received within the real estate community?
We have excellent relationships with Seller Brokers in our area. Our job is to protect the home Buyer throughout the transaction; not to gouge the seller or steal the property from them. Other offices have recognized integrity in our approach and are eager to cooperate with us. Our Brokers are very involved locally and state wide in the REALTOR® organization.
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Can a Buyer Broker help sellers of property?
Since Buyers list themselves with Buyer brokers there is a good possibility a seller can find a Buyer for their property through a Buyer Broker. Buyer Brokers can also provide valuable informational services to a seller. However, a Buyer Broker should not tell you what your property is worth since they may show up with a Buyer later on.
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How can I reach Buyer Brokers in other locales?
We will find a Buyer Broker in your area through our nationwide network of Buyer Brokers. If you would like us to find a Buyer broker near you, E-mail your name, telephone number and when we can contact you to: broker2@arizona-broker.com
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