Home buyer representation means that you, the buyer, have a licensed real estate agent working for you, trying hard to get you the best price and terms in the purchase of a home. The best part is that home buyer representation costs you nothing.
In South Carolina there are basically two types of real estate agents:
Consider this, if you are working with a traditional agent and you tell the agent that you are willing to pay full price to get a particular house, the traditional agent is obligated by law to tell that information to the seller. So what do you think you will finally pay for the house? You can tell that same information, or any other important information to a buyer's agent, and the agent will not divulge it to anyone.
Since buying a home for most people is the largest investment they ever make, it certainly seems to make sense to work with someone who will work for you, the buyer. Only a buyer's agent will do that.
A thought to ponder - A traditional agent refers to a buyer as a customer, because the agent is trying to sell the buyer a house, preferably one of their own listings. A buyer's agent will refer to you as a client, because that agent is going to represent your interests in helping you buy a house. There is a big difference.
These relationships are governed by "The Laws of Agency". An Agency relationship is established whenever two persons agree that one is to act on behalf of the other and in accordance with the other's directions. When a client retains an attorney, an Agency relationship is established the same as when a seller lists a home with a real estate agent, or when a buyer asks my company to be his/her representative. Establishment of an Agency relationship carries with it several important duties that the person doing the representing owes to the person being represented. These important duties are: loyalty, confidentiality, obedience, disclosure, reasonable care and diligence, and accountablility. The importance of all this to the buyer is that all traditional agents owe these duties to the seller, while a buyer's agent owes these duties to you, the buyer.
My company does only buyer representation. We don't list or sell any houses and, therefore, we will show you homes that meet your criteria, no matter which real estate company has them listed. You tell us the criteria and we will look at every home on the market at that time, preview all of them before you get to town, and be prepared to show you only the best.