The California Association of REALTORS standard forms agreement provides for exclusive representation when working with a buyer. It clearly identifies the areas of responsibility for the agent. When a buyer is looking to secure property in California, they should always opt for an exclusive arrangement with their chosen REALTOR professional.
While I would always recommend a Buyer to seek out the best representation possible when buying property in San Diego, it should naturally precede the search for property. One of the responsibilities of a REALTOR licensee who might be representing a seller, is to confirm that the buyer prospect is not under contract with any other agent in an exclusive agreement.
The qualities of the best Buyers agent would include knowing the market that the Buyer is interested purchasing in, being skilled at contract writing to benefit the Buyer and most especially in negotiating the purchase agreement for the Buyer.
Some of the specific Benefits of Buyer’s Brokerage .
Identifying all suitable properties within the scope of the Buyer’s preferences, including any For Sale By Owner Properties and others known to be available by agent that may not currently be listed in the MLS.
Researching the available properties to identify that the features most important to the Buyer are included in the selections for viewing.
Providing the Due Diligence for getting the Buyer’s questions answered and providing a diligent visual inspection of the property to better ascertain the visual condition of the property.
Assisting the Buyer to understand clearly their inspection rights and providing for the Buyer a list of the more common inspections that can and should be performed by other professionals that may be expert in each area.
Counseling the Buyer and providing a clear understanding of what costs are involved with the purchase and what other options may be considered if financial assistance is available through specialized loans.
To counsel the Buyer on the possibility of Seller assistance with the Buyers out of pocket expenses and assisting buyers to determine what they can actually afford and what they will be comfortable with affording.
Assist the Buyers with the understanding of how property taxes are assessed and the timing for when these taxes become due and the consequences of missing or being late in the payments. Providing disclosure and explanation of the Supplemental Interim Property Tax Bill. Providing information on utilities and contact numbers.
Within the scope of the Buyer’s Agent duties is to provide as much evidence as might be reasonably obtained for verifying the value of the property.
Counseling on possible ways of structuring the purchase agreement with favorable contract terms for the Buyer, presenting the offer and negotiating for the Buyer.
Assisting the Buyer in understanding and responding to any Seller’s counter offer and if the terms of that counter is in the Buyers best interest.
Another benefit for a Buyer represented by a Buyers Brokerage agreement is that it actually helps in reducing the property search time for the Buyer.