Property Buying Agent In Valencia
What Exactly Is A Property Buying Agent in Valencia?
A property buying agent in Valencia (buyer’s agent), like in other countries, is a real estate professional who guides a buyer through the home-buying process. A buying agent has a legal obligation as a purchaser’s representative in a real estate transaction to protect the buyer’s interests and work to achieve the best deal possible for its client.
Listing Agent Vs. Property Buying Agent in Valencia
Typically, two real estate agents are involved in a real estate transaction: a buying agent and a listing agent. The buying agent represents the buyer’s interests, whereas the listing agent represents the seller’s interests.
By finding listings and representing the buyer in transactions, property buying agent in Valencia will assist the buyer in navigating the real estate landscape. The listing agent, on the other hand, is in charge of listing a property on behalf of a seller. A listing agent, also known as a seller’s agent, is obligated to protect the seller’s interests by negotiating the best terms for the sale of the property.
Buying a home directly from a listing agent creates a conflict of interest. Because commissions in Valencia are split between the buyer and the seller, the listing agent has an equal responsibility to represent both the buyer and the seller.
In reality, however, this never occurs. Listings are difficult to come by, and in the current market, there are far more buyers than sellers, so it is natural for the listing agent to prioritize the seller’s interests before considering the buyer’s needs.
This usually results in buyers’ inability to negotiate prices, request special terms, obtain additional services, and, in many cases, obtain complete property information.
What Services Does A Property Buying Agent in Valencia Provide To His Clients?
A property buying agent in Valencia is responsible for acting as a resource for their clients by guiding them through each step of the home buying process . As a result, a buyer’s agent typically handles the following duties:
- Initial consultation – the buying agent will inform the client about the Valencia market, different areas, prices, and potential problems that may arise during the purchase process. It is a necessary step in the process that saves both time and money.
- Finding listings: At the start of the process, the buying agent will inquire about the buyer’s needs and preferences in order to determine what their ideal home looks like. This information will be used to find suitable properties. As new listings come on the market, the agent will notify the buyer of any properties that meet their criteria.
- Scheduling viewings: The buyers will go through the listings their agent sends them and select the ones they want to see in person. The agent will then work with the listing agents (or the sellers if the home is for sale by owner) to schedule a time for the buyers to tour the property.
- Questioning and answering: The buying agent will typically accompany buyers to all viewings, use their expertise to advise on the specific property, and ask the listing agent or private seller questions that the buyers may not know to ask in order to gain more insight into the seller’s circumstances and the property’s condition.
- Pricing consultation: Once the buyers find a home they like, a property buying agent in Valencia will ask the listing agent if there are any disclosures on the property (potential issues that the seller must disclose to buyers) that could affect the home’s desirability or pricing. The agent will then conduct a comparative market analysis to determine an appropriate offering price for the property based on relevant properties on the market. After the analysis is done, the agent will recommend that the buyers make a specific offer.
- Negotiating with a listing agent or a private seller: After making an offer on behalf of the buyers, the buying agent will negotiate the price and terms. The agent will notify the buyers of any counter offer made by the seller and will consult with them on whether to accept or modify it. The buyer’s agent will also advise clients on ways to improve the competitiveness of their offer, such as eliminating contingencies or adjusting the closing date.
- Recommendations for additional real estate professionals: The buying agent will advise and guide the buyers through the closing process. They may refer other real estate professionals, such as real estate attorneys, architects, inspectors, and so on, prior to the closing date to help expedite the closing process and ensure the buyers’ interests are protected.
Who Covers The Cost Of A Property Buying Agent?
Property buying agent in Valencia represents the buyer’s interests and is paid by the buyer. Finding a property usually necessitates extensive research as well as a great deal of experience and knowledge, and there are obviously costs involved. The contract usually specifies the timeframe for which the service is provided as well as the fee for the aforementioned service.
Listing agents enjoy working with buying agents because their clients arrive prepared, and there is a good chance that the property they are selling is something the buyers are looking for. As a result, they are willing to split the buyer’s commission. A good buying agent will take advantage of this opportunity to negotiate a lower price for his client rather than getting paid half of the commission.
The fee consists of three parts, the consultation fee, the search fee, and the fulfillment fee.
The initial fee is paid before the consultation. If contracted with the search fee, it is payable upon signing of the contract, and included in the price.
The search fee is payable upon the signing of the contract.
The fulfillment fee is payable upon the transfer of the property.
This is the initial fee for a one to one and a half hour interview with the buyer, either in person or via the internet. During this interview, a buying agent will explain to the client the purchase process, the state of the local market, different areas, pricing structures and trends, Spanish property specifics, and many other aspects required for a safe property transaction. This is a stand-alone service; the buyer may choose to request only this service and then continue his search on his own. If the contract is signed, the consultation fee will be included in the overall fee.
Search for a home
The search begins after the contract is signed and the initial consultation is held. It is done according to the buyer’s specifications, and the options are presented along with the buying agent’s comments. A couple of meetings can be held between the contracted parties before a decision is made and viewings are scheduled. The search will continue until the agreed-upon time frame expires.
Purchase of a home
Once the buyer has found the property he wants to buy, the buying agent will begin negotiating and, if the buyer so desires, will involve other professionals in the process. At this point, the buyer’s agent will advise the buyer to hire an independent lawyer in Valencia, as having a lawyer involved in the purchase process in Spain is absolutely necessary. This fee is paid separately to the lawyer and is typically around 1% of the purchase price (+21% VAT). The buyer may choose to use his or her own lawyer, but he or she must ensure that the professional involved is completely independent of the listing agent and the seller of the property.
A buyer can contract each service separately, choose only the initial consultation, or the initial consultation and the property search without going through the buying process, or sign up for the full service.
What are the advantages of hiring a property buying agent in Valencia?
If you are a serious buyer, it is a free service. All of the fees will most likely be less than the negotiated discount, which you would never be able to obtain on your own.
It is a time-saving service because you immediately have on your side someone who is knowledgeable about the market, prices, and areas, as well as professionals who you may use to complete or supplement your purchase.
It is a worry-free service. – You will avoid the frustrations of extensive property search in the market as massive as the one in Valencia.
It can also be a remote service – you can get a property buying agent in Valencia to start working on your behalf while still overseas, and arrive in Valencia with listings lined up for you, saving not only time, but also money, because your visit can be cut down in time significantly.