What’s a Buyer’s Agreement on Lake Martin?

As of August, 2024, there are new rules that have affected the entire nation on looking at real estate. To tour a home on Lake Martin, you now have to have a signed buyer’s agreement. This spells out the terms of what the agent will be paid. It also says who will pay him or her.

So what is it like to work with a buyer’s agent at Lake Martin Alabama? I’m John Coley, and I am a real estate agent here on the lake. For this blog, I thought it’d be fun if we talked with Doug and Kristi. They have just closed on their house. I wanted you to hear from them what it was like to work with me as a buyer’s agent. 

Doug and Kristi’s Story

When sharing their story, Doug and Kristi explain how a buyer’s agreement on Lake Martin is different today than it used to be. “It is much more clear in this new setup, because it’s disclosed to you and makes you feel more comfortable through the process.” This is because you can begin to factor in expenses both on the buyer and seller sides when negotiating.

Doug and Kristi continue, “We would have agreed to have compensated you as working for us as our agent who is informed of the lake… when purchasing lake property you get into a lot of factors that are not your standard home in a neighborhood.” This is because people get caught up in square footage, property size, and the value and availability of waterfront properties. 

Doug states, “Working with a quality agent can help guide you through that negotiation process, and they can help you develop a starting point to get to where you ultimately want to be.” Doug and Kristi are experienced in real estate at Lake Martin. They’ve been through the process a lot. However, this was the first time they had to sign a buyer’s agency agreement.

What does a Buyer’s Agreement on Lake Martin say?

Their buyer’s agreement just said that it would pay me, John, unless the seller pays now. In their deal, the seller did end up offering a buyer broker commission.

I was excited to hear from them about it making the process clear for them, and it really was obvious who was working for whom. I was working for them as their agent, and they liked the clarity that it brought. They ended up getting a great house over on the Kowaliga Bay side of the lake.

In Conclusion

It was fun working for Doug and Kristi, so I thought you would want to hear what it’s like to work with the buyer’s agent. Check out the video above to hear more from them. You can also visit our YouTube page for more helpful videos about Lake Martin.

All across the nation now, if you’re a buyer, you do have to sign an agreement with an agent to even see a house. This doesn’t mean you have to pay that agent. However, it does mean you need to clearly describe what the relationship will be between the buyer and you. This is so that everybody can have that really clear going forward. 

If you have any questions about the buying process here at Lake Martin, then I’d love to help you out. My name is John Coley with Lake Martin Voice Realty, and I’ve helped hundreds of people look at thousands of lake properties over the years. I’d love to help you too. Give me a call at the number on the top of this page, send me an email, or schedule a Zoom call today. You can also reach me through our Contact Page. 

For more blogs about buyer’s agents, visit the links below:

Why You Need A Buyer’s Agent At Lake Martin Alabama

3 Tips for Real Estate Walkthroughs at Lake Martin Alabama