BUYER REPRESENTATION AGREEMENT: IS AN AUTHORITY GRANTED BY THE BUYER TO A REAL ESTATE BROKERAGE TO ACT ON HIS OR HER BEHALF IN LOCATING A SUITABLE PROPERTY FOR THE BUYER ON TERMS AND CONDITIONS SET FORTH IN THE REPRESENTATION AGREEMENT. RE/MAX Garden City Realty INC., Brokerage is now bound by fiduciary duties to act in strict confidence with the principal client. It is similar but in reverse to a seller’s listing authority.
Many interested buyers don’t realize it but, by working with Kelly Bailey you will have an immediate connection access to MLS, Multiple Listing Service. What does that mean for you? First and foremost you will immediately know when a “new listing” goes to market. You will have the opportunity to go view that property. Many times what can happen is you will see a property on one of the public web-sites and want to go view it. Only to be told you’re too late. It peaked your curiosity to go view it and guess what it is conditionally sold or sold. So you aren’t able to put in an Offer under this scenario. Once the conditions are firmed up then it’s sold and you’re left out and quite possibly very disappointed. In this market in particular time is of the essence. So by having a REALTOR® in your corner you have a very good chance to realize the property of your dreams. Your wish list criteria for the property you desire gets matched up with the new listings in the MLS system. I have entered your criteria and matches automatically get sent to us. The price point for your budget, number of bedrooms, size of the garage, attributes of the back yard, neighbourhood you might like to live in, pool, and so forth. Just randomly searching through the newspaper, or real estate web-sites can prove to be dis-heartening. If you are serious to buy, it is wise to contact me since representation is a very prudent move for serious buyers.
Sometimes a property will come up that you may not have considered. For example, in a different area and it hits the right buttons, maybe you decide to make an offer. Remember you have a car and getting around today is very simple. Burlington and the areas I cover are all very accessible. Remember location, location, location, in real estate it is a very important consideration and influences market value. Burlington is very desirable 905 area because of its proximity to the GTA, Niagara, and cottage country.
One very important consideration is that if you have kids are the schools locations. In a lot of cases if they don’t have to take a bus and they can walk it’s a win-win situation for you and them. If you don’t have children then your options for location are narrowed only by your preferences.
Buying can be very exciting here are a few factors to consider.
- Pre-approval of financing. Most buyers need to arrange a mortgage after all we a talking probably the biggest single investment for most people. It is always a good idea to speak to your mortgage broker or bank to determine your available financing thus your budget. There is no point in doing a property search and looking at properties you can’t get the financing for. Pre-approval on mortgage is very important.
- Determine your wish list criteria and here you may need to compromise a little. Remember that pretty much every property will have its plus’s and minus’s. You need to consider want the whole property offers. As well location in relation to shopping, schools, gyms, and work. Of course if the property misses on a very important attribute then move on to the next. Like for example if you buying a house and there is no garage that could be a definite deal breaker for some people. The nice thing is that pretty much all properties can be renovated to make it the way you want.
- Be prepared to act. Time is of the essence especially in today’s market 2016. When making the offer you need to have a pretty clean offer because of the competition. Many properties are selling with multiple offers so in most cases you need to have your ducks lined up. Meaning the closing date, financing in place, do you or don’t you have the property inspected. Remember the seller has to disclose to the selling brokerage any defects that are on the property those defects need to be conveyed. From what I have experience no property is without some minor deficiencies, things do eventually need to be maintained. The major ones are pretty obvious. For example, age and relative life of the furnace, condition of the roof, mould or water damage, electrical up-dates, window conditions, condition of appliances, condition of the flooring, condition of the paint, condition of the outside of the home, and so on. It is prudent to have a condition of inspection but sometimes in order to compete if that is the case you may decide to forego it so that your offer is considered. I will point out the positives and negatives of the property. I will do the digging and research required so that you can feel confident in your decisions and help line up the professional experts if need be.
- What you do need to completely understand is this.
Indemnification an important disclaimer is included in the Buyer Representation Agreement regarding the physical condition of the land or improvements. The brokerage and its representatives are not qualified regarding the physical condition of either land or improvements and the buyer indemnifies the brokerage regarding liability for defects—latent or patent. Latent defect is not noticeable, mould, improper plumbing, electrical, or even termites. Patent is visible, crack window, stained floor under carpet or damage to a kitchen counter top under the toaster. Further, information supplied by a seller/landlord or listing brokerage is not warranted as accurate. Such matters fall to the buyer’s risk (caveat emptor) and appropriate inquires must be made. Caveat Emptor: Let the buyer beware. The buyer must examine the goods or property being acquired and, therefore, buys at his/her own risk. Kelly Bailey will ask questions, look at the property with a critical eye. Ultimately the home inspection is worth noting as a valuable tool for the buyer.
- What I will do and very important is to research other properties that have sold to determine the market price. I will do a comparative market analysis as to what the price range of the property should be. Then you can decide if the offer you’re giving is realistic. Develop strategy/options to advance the clients’ interests. I will negotiate for you to obtain the lowest price and best possible terms.
- Provide you with options for lenders, home inspectors, lawyers and other professionals.
In summary please read on by clicking the buttons below. I hope that you find this information informative and educational. Buying actually isn’t a simple process, but the process has a logical methodology. The process involves a lot of work on your behalf and our behalf. Fortunately for you the buyer there are a lot of safeguards in place to protect your interest. Everything is designed to protect your interests. So please read on by simply clicking on the buttons below for more relevant information. It’s pretty dry reading but necessary to convey.