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         Buyer’s Broker:  Why do I need one?

"We're on the hunt for a needle in the haystack -- just know that going in."

The National Association of REALTORS®, according to its recent buyer/seller survey: 79 percent of home-buyers purchased a home through an agent, but only 51 percent were represented by an agent at closing.**

 (see article near bottom of page "Are You An Out-of-date Buyer?")

**i.e. 49% were not represented by a Fiduciary-Level agent that represented and protected the BUYER.

Going into a closing without representation in just plain nuts!  Why?  Because the Seller or the Seller's Agent have no responsibility to represent any of your interests!

So why go into buying real estate alone?  You don't have to, MetroStar® will be there for You.

"However, when the buyer mistakenly believes that the cooperating broker/subagent is acting as his agent in negotiations, there may be informational gains that result in a higher selling price and a higher payoff to the seller at the expense of the buyer. The analysis indicates that buyer brokers may be a potential solution to this agency problem. When both parties to a real estate transaction have separate representation, their net payoffs are shown to be higher and the sales price lower than under traditional brokerage arrangements."    Adversarial Brokerage in Residential Real Estate Transactions: The Impact of Separate Buyer Representation 1997 Author: Vickie L. Bajtelsmit and Elaine Worzala

First-Time Home Buyers represent 41% of all home sales in the last year; they really need full Fiduciary-Level representation!

    BUYERS NEED "FIDUCIARY-LEVEL"  

                 REPRESENTATION.

Are Buyers not aware that representation is available?

Are Buyers purchasing properties through the "listing agent"?

Are Buyers not aware that the "listing agent" represents the Seller in the transaction and can only be a "facilitator" for the buyer?  

As in, you are on your own! 

Only 15 percent of real estate agents are

Exclusive Buyer's Agents

*********************************

The uniquely positioned and qualified  --  MetroStar®  

The Buyers' Home Buying Resource™

 buying premiere properties ... at the lowest possible price!!™

 636.386.2000

Finding Your Dream Home™

MetroStarUSA@hotmail.com

email us your dream home list -- today

The time to Buy is NOW! 

County	Year	Month	Median	Median previous year	pct change	Sales	Sales a year ago	Sales pct change
St. Louis	2009	January	$103,750.00	$138,000.00	-24.82%	654	756	-13.49%	Details
St. Louis	2008	December	$123,000.00	$149,000.00	-17.45%	785	915	-14.21%	Details
St. Louis	2008	November	$126,250.00	$156,000.00	-19.07%	798	1,009	-20.91%	Details

Records 1-3 of 3

Source: Greater Gateway Association; Realty Association of Southwest Illinois; Mid America Regional Information Systems; St. Louis Association of Realtors
 

15 BENEFITS OF A BUYER’S REPRESENTATIVE

A Home Buyer's Broker, and their buyer’s agents, are real estate licensees that are hired by a prospective buyer to find acceptable residential property for purchase and to negotiate the best possible price and terms for the buyer. The buyer's agent represents only the buyer’s best interest throughout the transaction.

The fee for the buyer’s agent is often a percentage of the homes purchase price and the seller of the house almost always pays it. Without a buyer-agency contract the agent works for the SELLER. It is in any buyer’s best interest to sign a contract with a buyer’s agent to aid in their home purchase.  It is necessary for buyers’ to have their own representation. The following are just some of the services that a buyer’s agent provides to their clients.

1. Locate suitable properties
2. Contact the selling agents and preview properties
3. Verify the properties’ condition
4. Suggest necessary inspections that should be conducted by experts
5. Help buyers determine what they can afford
6. Verify property taxes and utilities
7. Verify the value of the property compared to the neighborhood & market conditions
8. Advise clients on structuring an offer
9. Present the offer to the sellers’ representative
10. Negotiate favorable contract terms for the buyer
11. Explain legal documents needed for closing the deal and help to secure them
12. Assist in securing financing
13. Assist buyers in clarifying title, zoning, building codes, and access easements.
14. Refer them to qualified vendors
15. Analyze the future salability of the property

       Representation available for properties above $120,000.00

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    WORLD-WIDE eRealx™ Broker Referral Network

What Is A Buyer's Broker?   Most home buyers believed for many years that the Realtor® they worked with, the person showing them homes, writing their offer and holding their hand at closing was working for them, the buyer. It was not then; and is definitely not true today. That Realtor®, unless you have a Buyer's Agreement with them, works for the Seller. In 1990 the National Association of Realtors (NAR) changed this misconception by creating the Mandatory Agency Disclosure form. The agent you select when you want to explore purchasing a home is now REQUIRED to tell you that she/he is either a Seller's Agent or a Buyer's Agent. If a Buyer's Agent, they will ask you to sign a Buyer's Agent Agreement, because it is required under State of Missouri law. The buyer’s agent is compensated from the proceeds of the home sale. In a For Sale By Owner or an Auction situation, only it is then necessary to negotiate directly with the buyer to determine who will pay for the professional real estate services being rendered to the buyer. A buyer’s agent offers the purchaser the following benefits: • Help the buyer find properties that fit their needs. • Help the buyer determine how much they can afford and show them properties within that price range. • Advise the buyer when making an offer on a particular property. • Prepare a Market Analysis for the home a buyer is interested in purchasing to determine the best price and terms to offer. • Present the offer to the seller on the buyer’s behalf. • Negotiate on the buyers behalf. • Review and explain all documents to the buyer. • Provide lists and recommendations for qualified vendors if needed (i.e. movers, home inspectors, carpenters, etc.) • Arrange for property inspections once an offer is accepted. • After inspections, confirm that needed repairs have been completed. • Work closely with mortgage broker and seller’s agent throughout the process to make sure everything is progressing smoothly. • Before closing, review HUD-1 settlement for accuracy and help answer any questions for the buyer. • Retain strict confidentiality in every aspect of the transaction. In more detail, the Buyer's Broker's job is to search the complete Multiple Listing Service (MLS) inventory available on the market, including For Sale by Owners (FSBOs) and homes that are not on the market. We have absolutely no allegiance to any seller, serving only the buyer. Our task is to find the home that best suits the wants and needs of the MetroStar® buyer clients at the best possible terms and advantage. It doesn't matter how long that process takes --- 3 weeks, or 3 months. We will represent you 100% until your goal of Finding Your Dream Home™  is achieved. When a home is found that best matches your criteria, the next step is to research everything possible about the home that may affect your enjoyment of that home. We will investigate the seller's situation, neighborhood quirks and any concerns that you may have. All the compiled data is studied in order to give a clearer picture of the home being considered. If the information gathered proves favorable, a sales evaluation is made of comparable properties in the area. You can now make a reasonably informed decision on whether or not to pursue the home. We will counsel you on what to can expect during the negotiation process in terms of price, and if you wish to continue, an Offer To Purchase strategy is formed and an Offer To Purchase is presented to the seller. As a Buyer's Broker, our intent is to create the best possible advantage for you prior to closing by getting as many contingencies, terms and conditions beneficial to you agreed upon during the Offer To Purchase phase of negotiations. The communication partnership between you and us will help keep you well informed and empower your MetroStar® trust in our real estate decision-making abilities. As a result, you become comfortable with any decision you make, even if you decide not to buy. We recognize that this is probably the largest investment decision you will make and we do not take our responsibility lightly. After the seller accepts an Offer To Purchase we will enter the next phase of the purchase process.  We will  recommend the professional services necessary to conduct all the various inspections that may be necessary as well as any other contingencies that you may face. We will advocate on your behalf to the seller those items found defective that you and us feel are the responsibility of the seller to repair or replace. Subsequently, credits or price reductions are negotiated or we may elect to terminate the contract with no harm to either party. Please feel free to ask any and all questions during our first meeting. We are focused on being your partner in realizing your dream of owning a home in the identified beautiful neighborhoods you are interested. Our exclusive goal is to make this the best real estate experience you have ever had. What MetroStar®, Realtors® Provides to You: 1. Access to all homes on the market including those listed with the Multiple Listing Service (MLS), For Sale By Owner (FSBO), and Internet homes. 2. You will see only homes in the price range you request because we are working for YOU! 3. You will only be shown homes that meet the criteria you specify, since we do not have listed properties for sale we don't steer you to those properties first. 4. We will point out any problems we might see or suspect as a potential problem when showing you homes. 5. You will be advised of proposed road construction, flood plains, air traffic patterns, septic tank concerns, environmental hazards and much more. 6. You will be shown what other homes have sold for in the neighborhood you are considering to determine if the subject home is a good buy or over-priced. 7. You will receive our expert opinion about what would be a good price to pay for the home. 8. We will negotiate to get you the best price and terms. We will not hesitate to suggest walking away from the deal if the seller will not be reasonable in their negotiations and price demands, or if the seller refuses to do the necessary repairs after the home inspection has been completed. 9. We are knowledgeable about potential problems that could arise from contract to closing and we will steer you around them for a smooth and stress free closing. 10. After closing we will always be one phone call or email away. Our relationship does not end when the final document is signed. MetroStar® will continue to serve you AND anyone you refer my way.               Again - Who Pays the Buyers Agent? In 95% of all our home purchases; the seller pays the commission. In the other 5% we will negotiate with the seller (usually only in a For Sale By Owner or Auction) so that you’ll have professional and knowledgeable MetroStar® representation at no cost to you, by your side at all times. MetroStar® truly appreciates the opportunity to serve you.   The uniquely positioned and qualified -- MetroStar®   The Buyers' Home Buying Resource™  buying premiere properties ... at the lowest possible price!!™  636.386.2000 Finding Your Dream Home™ MetroStarUSA@hotmail.com email us your dream home list -- today  Thank You for your consideration of retaining our services.

The climate of the real estate industry is changing. In the old days, less than 20 years ago, all real estate agents worked for the seller, and even agents working with the buyers did so in the seller's best interest. But things have changed. New laws and regulations are in place so that today, buyers can work with any Realtor of their choice and pay for their own representative via the transaction proceeds. Yet, many fail to take advantage of having their own representative help them through the arduous home buying process. According to the National Association of REALTORS (NAR,) four out of five homes are sold through a real estate professional. But, says the National Association of Exclusive Buyer Agents, less than fifty percent of buyers go to the closing table represented. The National Association of REALTORS® puts that same number even higher. According to its most recent buyer/seller survey completed in 2000, 79 percent of homebuyers purchased a home through an agent, but only 51 percent were represented by an agent at closing. Why would anyone undertake the most expensive transaction of their lives without a representative to help them? Chalk it up to old-fashioned buyer thinking. Some buyers don't know how treacherous the negotiation and transfer of a home can be. Many buyers, particularly while using the Internet, enjoy the relative anonymity of shopping for homes alone. They like to find homes online and then drive by the homes they find for an in-person peek. Some buyers may believe that if they find the home they want online, that they don't need a Realtor. Realtors are for finding homes, aren't they? Not anymore. That's out-of-date thinking. It was the NAR, among other early Internet pioneers, that pushed to put homes on the Internet in the first place. Were they trying to put themselves out of work? No, they were trying to automate the home search process because that is the most time consuming for their clients as well as members. Even so, not every home reaches the Internet. Some Realtor associations claim that as many as 1/4 of listings are never posted on the Internet for a variety of reasons, including reluctant sellers. Other homes sell so quickly, the listing agent never bothers to post the home. How does that work? Realtors network among themselves and "hear" about homes from other agents. They let their buyers know which homes are coming on the market, enabling them to make early offers before the home reaches the multiple listing service where the homes are listed for all agents. The fun only begins with the selection of a home. There are still weeks and sometimes months of work left to do. First there is your offer to manage. Sellers are adversaries, with opposite goals from you. They want the most money and the best terms. You want to buy for the least money and your idea of best terms. Realtors serve as intermediaries to make sure your offer is presented without delay, rancor, or misunderstandings. Then you have competition to worry about. In many markets your offer won't be the only offer on a home. Your Realtor knows what "it takes" to get the home you want. Once your offer is accepted, your Realtor manages your transaction to make sure that all the many players who have a piece to contribute from lenders to appraisers, inspectors to closing agents, are all doing their jobs and supplying their "piece" of the transaction at the appropriate time and place. The real estate transaction has become more complex, not less so. With the aging of American homes, for example, the discoveries of health hazards such as Radon, asbestos and lead in paint have created much more liability for sellers and buyers. A Realtor can help buyers navigate the maze of disclosures and inspections which assure the home they are buying is safe. Your Realtor sees to the details that you may not think about. S/he is experienced at picking up the nuances of contract language. What if you are relocating from another state? Customs differ. It may seem okay to you to pay the seller's closing costs, but if that is not customary in your new area, you may be over paying. A Realtor will step in and tell you what goes on your side of the ledger and what is paid by the seller. S/he will also keep her ear to the ground. Overhearing that the neighbor installed a new fence after the seller purchased the home may be a fact of only mild interest to you. "Good," you think. "At least I won't have to repair a fence on that side yard for a long time." But to a Realtor, that is a heads-up to get a survey performed pronto. What if the fence "accidentally" encroaches a few feet into your yard? This needs to be determined before closing or you could lose some valuable real estate. Buying a brand new home? The home should be under warranty, but having a Realtor at the table will assure total accountability from the builder. S/he will insist that you get a title search done even if the property was a corn field before the development was bulldozed. S/he'll insist on an independent inspection to make sure your home was built to "code." Remember, without a Realtor by your side, the builder represents his/her own interests, not yours. Those are just a few of the jobs your Realtor will do for you as a buyer's agent. Take advantage of having your own representative so that you have the same advantages as the seller - equal representation, under the law.