Hopefully this will help you as the process of buying a house can be scary for the first time buyer. There is so much money involved and the commitment to a mortgage is a big decision. This is where the Realtor comes in.

One of the facts that most first time buyers do not realize is that The Realtor costs them nothing.  The process goes like this. 

 

Buyers should interview a couple of Realtors to see who they are the most comfortable with or, get a reference from a friend who has been through the process.  They need to have faith that the person they are working with will look out for their interests.  Once a decision is made as to who they will work with, sign a Buyer’s Agency Agreement with that person. This commits the Realtor to protect the Buyer and commits the Buyer to work exclusively with the Realtor.

Why is this important?

 

For two reasons. First the Buyer wants protection and unless there is a signed agreement, the Realtor does not have the same obligation to the Buyer.  The Buyer becomes a Client under this agreement. Secondly, when the Buyer agrees to work with a specific Realtor,  the Realtor will work hard to find you what you want without the fear that you are going to another Realtor thereby wasting the first Realtor’s time and effort.

 

The Realtor that works for you will guide you through the process including getting financing, being sure all terms on an offer on a property are protecting the Buyer and that the Buyer takes all the steps to avoid any problems.

 

Currently, well over 90% of Buyers are represented by a Realtor with a Buyer’s Agency Agreement in place.

 

If you have any questions regarding this process, give me a call.

 

Submitted by:  Jim McLachlin, Broker

www.chathamontariohomes.com

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