As a buyer, there are many avenues for finalizing purchases, but only one type of arrangement is concrete. This arrangement includes the formation of an exclusive buyer’s agent agreement. Overland Park KS homes for sale are represented by seller’s agents, so this type of agreement is a prudent move for buyers.
Exclusive Buyer’s Agent Contracts Assist In Minimizing Purchase Fees
An exclusive buyer’s agent represents someone who is interested in buying property. An EBA’s main job is to work with sellers and seller’s agents to arrive at a mutually beneficial price for a property. In essence, the exclusive buyer’s agent actively seeks the best contract suiting an investor’s requirements.
The work of an exclusive buyer’s broker is virtually free. In most cases, nothing is owed from a buyer to an exclusive buyer’s agent until the final papers are signed. This is where the exclusive buyer’s agent agreement comes into play.
It is rare for an exclusive buyer’s agent to require the same fees and compensation as a seller’s agent. Instead, their compensation is often times derived from the portion of the contract that specifies affiliation with a firm. On the contract itself, a designated percentage of gross sales profits is determined to be the service fee for an agent’s work. This is usually a nominal fee between 2 and 5 percent of the gross sale price of the property.
This is a small price compared to the added expense of finding investment properties alone, or negotiating with a property owner outright. If an exclusive buyer’s agent is conscious of all elements of a property sale contract, the nominal agent fee will be included within the agreed amount of sale.
Venturing into the world of investment property buying requires a keen sense of spotting homes for sale that are worthy of purchase, plus having tools for removing liabilities associated with property deals. Signing an exclusive buyer’s agent agreement not only puts a professional in the buyer’s corner, but eliminates certain unseen obligations once the property purchase is finalized.
T.J. Lamb Real Estate is an exclusive buyer’s agency serving the Kansas City Metro area, including Overland Park KS and Blue Springs MO, meaning we only work in the best interest of home buyers, 100% of the time. Call us today or fill out our short form.