"One of the MOST overlooked Money Savers in the buying process "The Buyer's Agent"
The Many Benefits Of Using A Buyer's Agent....at ZERO cost to you!
It’s important that you choose an experienced agent who is there for you. Your agent should be actively helping you find potential homes, keeping you informed of the entire process, negotiating furiously on your behalf, and answering all of your questions with competence and speed.
Now, for the best part....In most cases having a Realtor represent you literallywon't cost you a dime. Agency in the state of SC is structured to make sure both parties are treated equally and fairly. There is a standard commission in place when an active listing hits the market and whether or not there is an agent on both sides the same commission is still paid by the seller. It's just a matter of whether or not the listing agent will split with a buyer's agent or keep the full commission for themselves. Negotiating the price aside, do you think a listing agent can fairly fight on your behalf through the inspection process? Kinda like having the same attorney in a case between a defendant and plaintiff, huh? Thinking about it this way you may see the reasoning behind the South Carolina agency guidelines.
Here's a simple example breakdown:
6% Commission ALREADY in listing contract (paid by seller)
3% for Buyer's agent
3% for Listing agent
If listing agent represents both sides in what's known as "dual agency" in SC. He/She would then be entitled to full 6% commission. THIS DOES NOT CHANGE JUST BECAUSE YOU USE ONE AGENT!
So, your first step from here should be finding an agent who represents you and not the seller. Agency guidelines are in place to help you! Don't waste hard earned money by working against the system. It's generally just a misunderstanding of the process. However, it's my due diligence to educate my clients and help keep as much money in their pocket as possible.This is beneficial during the negotiation process. If you are working with a buyer’s agent, he or she is required, by law, not to tell the seller of your willingness to pay more. In addition, he or she is also focused on getting you the lowest asking price. Not only will this process save you money with the negotiating itself, but also give you access to important info such as HOA's, rules & restrictions, operating budgets, taxes, flood plains, property disclosures, etc.
Also, when you use a buyer’s agent, you will see more properties. Not only are they plugged into their Multiple Listing Service, but they are also actively finding homes that are listed as so called "pocket listings", or homes that sellers are thinking about listing.