WORKING WITH CLIENTS AS A BUYER'S AGENT
                                              by Debbie Foy, ABR, CBR, CRS, GRI

Having gone through extensive training to earn my accreditations as both an ABR (Accredited Buyer's Representative) and a CBR (Certified Buyer's Representative), it's fair to say that a major part of my time is spent serving as a buyer's agent for many of my clients. 

When I represent the buyer, I have a fiduciary duty to provide the highest level of care to that buyer and to represent his or her interests throughout the home-buying process.  Even though commissions for the buyer's agent are still usually paid from the seller's proceeds, the exclusive buyer's agent has a fiduciary duty to represent the buyer and not the seller.

The purchasing process begins with a thorough assessment of your needs and resources.  The first thing we need to determine is if now is the right time to buy, or would it be in your better interest to wait because of anticipated possible changes in financial, job, or other circumstances.   I will want to know whether you have thought through all such questions before we actually enter the market.  At this point, I will likely recommend some lenders for you to talk with, unless you've already begun this process.  This will help determine what price range is reasonable for you and what your "comfort zone" is for monthly housing expenses. In today's housing market, I strongly recommend getting pre-approved rather than just pre-qualified for a loan.  Pre-approval means that a lender has reviewed all your financial documentation and is offering you the loan, subject to a satisfactory appraisal of the property.  Pre-approval is very often necessary in order to compete with other buyers who have pre-approved loans or are prepared to pay all cash.

You may already have a specific idea of where you want to look and what types of condos or homes you like.  Or you may want to check out different areas and neighborhoods.  As your buyer's agent, I will be happy to give you a personal tour of what is currently available on the market and what's recently sold in the areas you're considering.  I may also suggest other areas you might not even be aware of which could fit your needs.  During this first and subsequent tours, we will begin narrowing down areas, the price range, and types of properties that fit your needs, taste, and priorities.  You will also be learning about the relationship between list price and sales price for various types of homes and getting a sense of values in your preferred neighborhoods.

Once we have a good idea of what we're looking for, we'll then begin zeroing in on possible candidates.  With the type of market we've been seeing in the last year or so, it's quite possible that what you want might not be immediately available.  If this is the case, I will track new inventory as it comes on the market and that I learn about through my personal and company networking.  I may also canvass a particular area to see if an owner is interested in selling.  By this time you should be pre-approved for a loan, and ready to move quickly when you find the right property.

When presenting your offer, my goal is to get it accepted in what is often a very competitive negotiation process.  Although price is usually very important, the highest offer isn't always the one that is accepted.  There are ways of competing that increase your odds of being the winning candidate.  In the highly competitive markets of 1998 and so far in 1999, all my buyer clients have gotten the houses or condos they bid on, even though there were between one and ten competing offers, and not through price alone.  And, in fact, there are times when I may even suggest not competing for a property if I think the price might be bid up too high.

Once I've helped you secure a solid purchase contract, I will then begin tracking the process carefully to make sure that all contingencies are dealt with promptly and that any issues which might arise regarding property conditions, negotiated repairs, financing, or property disclosures are resolved smoothly and efficiently.   My goal is to make sure that there are no uncertainties when you enter the title company or closing attorney's office to close on your sale.

I also keep in contact when possible with all my clients through the years and am often called for recommendations of contractors, designers, repair people, tax experts, or other assistance when issues come up regarding their property.  I am pleased to say that much of my business is repeat and referral business.  As your buyer's agent, it will be my goal to earn and deserve that same level of confidence.

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