Many buyers are unaware of the processes involved with purchasing property, especially first time home buyers. Even if you have bought and sold property before, you may learn something from this information.
In the state of Indiana the laws were originally written that REALTORS solely represented the sellers and it was simply “Buyer Beware” for those wishing to purchase real estate. As this was obviously a one sided professional representation, many buyers were taken advantage of by sellers who had professional representation. Finally the Indiana lawmakers, following the lead of many other states created the “Buyers Agency” provision in the law so now buyers could choose to be represented by a their own agent in real estate transactions.
Now for the best part, it costs you nothing to be represented by a REALTOR as the buyer. The local REALTOR boards (in central Indiana its MIBOR) worked out a system so the seller pays a commission fee and then this is shared between both the seller and buyer’s agents. So the agent representing the buyer is paid a Brokers Agency Commission (BAC) percentage by the seller and both sides receive fair professional representation, each agent working for the best interests of their client.
Now you know it costs you nothing, what do you get for this great price?
First, you get a REALTOR who will be able to get you more information on property than you would otherwise. They have access to more information through their professional association with the local REALTOR board.
Second, you will have someone who will work with you to determine your needs and desires and be able to efficiently search for the available properties saving you valuable time. They will be able to weed out properties that don’t fit your requirements so you can focus your search on great potential matches.
And most importantly, they will be there to represent you during the negotiations for the property you chose to buy. Even after your offer is accepted there are many things your REALTOR will be helping you with, all the way up to the final closing and possession.
Of course a really great REALTOR will help you with even more, so if you are even thinking of purchasing a new home now or in the future, be sure and give The Derrick Team a call at 317.563.1110. And don’t forget, IT’S FREE!