What If I Wait Until Next Year to Buy a Home?We recently shared that national home prices have increased by 6.7% year-over-year. Over that same time period, interest rates have
Should I Sign A Buyer Broker Agreement With A REALTOR ®
Buying a home is one of the most important and largest financial decisions made.
A savvy Home Buyer takes into careful consideration the Buyer's Agent they select to take them step-by-step through the process.
After a Home Buyer selects a Realtor to represent them in the purchase of a home, the paperwork begins with a number of documents a Buyer's Agent sends to their client for signature.
One of these documents is a Buyer/Broker Agreement - also known as a "BBA".
Should I sign a "BBA" (Buyer/Broker Agreement)with a Realtor?
No doubt, out of the 30,000+ Real Estate Agents licensed in Northern Virginia, there are some Agents who do not present and ask for a signature on a "BBA". However, let this be the first clue to potential problems throughout the home buying process.
Realtors who work on a full-time basis, run their real estate business on a professional level, focus on reducing a client's risk, and are adamant about protecting a Buyer's best interests will, indeed, present a "BBA" for signature.
Signing a "BBA" is the official start to a home search as it establishes fiduciary responsibility and loyalty to one another.
In some cases, Home Buyers are hesitant about signing a "BBA". That’s understandable. The document is 4 pages long with a lot of legal-style, confusing language.
"BBA" - more of an "engagement" than a "marriage".
Facts about a "BBA" - Buyer/Broker Agreement:
The State of Virginia requires written notice about agency relationships "at the time substantive discussions begin regarding specific real estate property."
A "BBA" is standard operating procedure in the State of Virginia.
A "BBA" establishes and formalizes the business relationship between an Agent and a Buyer. It allows a Buyer's Agent to have in-depth discussions, full disclosure, and communication regarding properties.
Until a "BBA" is signed, technically, Agents "work for the Seller".
For a Home Buyer, this is detrimental to their search. In the pursuit of a property to purchase, Home Buyers need to have their best interests protected, not the Seller's best interests.
A "BBA" is an Agreement between Buyer and Buyer's Agent that establishes loyalty to one another.
A "BBA" establishes a beginning and end date. Those dates are negotiable. The termination clause allows a Home Buyer to give notice to their Agent should they decide to end the relationship and go in a different direction.
Many Home Buyers think of a "BBA" as more of an "engagement" than a "marriage". With written notice, it can be terminated with little fanfare or drama.
Bottom line: each party deserves and needs their own advocate to represent them and work in their best interest throughout the entire home search and purchase process. A "BBA" protects the best interests of a Home Buyer.
Do Buyer's Agents Charge for Services?
Yes, some Realtors charge for their services in the form of a retainer fee. Some charge a cancellation fee if a "BBA" is terminated.
The Toll Road Living Team DOES NOT CHARGE a retainer fee or cancellation fee. Our Team receives compensation for our efforts when we successfully get our clients to the settlement table.
At settlement, Sellers pay the agreed upon commission to Keller Williams Realty/Reston.
Seller paid commissions are divided into several pieces, usually 4 to 6 different ways. Buyer's Agents (joyfully!!!) receive a percentage portion of the commission as compensation for their efforts on behalf of the Home Buyer.
Toll Road Living Agents work FREE OF CHARGE with a signed "BBA" that establishes loyalty to one another in the pursuit of real estate goals.
The Toll Road Living Team takes each signed "BBA" seriously and works hard to make the home buying experience an exciting adventure with a positive outcome.
Having raving fans that refer the Toll Road Living Team to others who need assistance with selling and/or buying real estate is a top priority.
Keller Williams Realty and the Toll Road Living Team will do everything possible to ensure a successful, stress-free home purchase for you.
- The Toll Road Living Team truly cares about YOUR needs and finding the best home for YOU and your family.
- We ensure you have all information needed to make informed decisions about the purchase of a home.
- Team Members will always act in a responsible, fiduciary manner focused on a positive outcome.
- Our Team of consists of real estate professionals to assist you step-by-step throughout the process.
- As an associate with Keller Williams Realty, we have the opportunity to work with the most up-to-date, high-tech real estate tools to find the right property.
- We engage high-tech platforms to efficiently process transactions to happy and successful closings.
How can we help you get started on your home search?
Toll Road Living Will Help You Find The Way Home!!!
Keller Williams Realty - Reston
Toll Road Living Team
How much "Buying Power" do you have in today's market?
Ask Rich at Caliber Home Loans 240-372-6284. Or check out Rich's online loan application CLICK HERE.
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