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03/05/2008 08:13:39 PM · #1 |
Ok, so it's been a while and I'm looking at properties again.
Why do I need a buyer's agent? |
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03/05/2008 09:28:43 PM · #2 |
The job of the buyers agent is to look out for your best interest. In my line of work I've talked to quite a few people that would have benefited from someone doing just that. A buyers agent can basically tell you things that a sellers agent can't.
Think of it as going to court with a lawyer. He or she is a trained professional and (hopefully) knows more about real estate laws and practices then you do.
When my wife and I were house shopping over a year ago our agent was willing to point out things in neighborhoods that a sellers agent probably wouldn't have.
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03/05/2008 10:30:54 PM · #3 |
| Plus the buyer's agent doesn't usually cost you money since they tend to split the commission the seller's agent would have gotten anyway. |
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03/05/2008 10:57:34 PM · #4 |
I concure with the other posts.
We used a buyers agent and it was an excellent experience.
They found us a house that was put on the market in probate. Undervalued, and with a motivated seller, we bought our house.
No regrets.
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03/05/2008 11:02:30 PM · #5 |
My question is why not???
Here, at least, buyers agents are free to use for you, have easier access to getting you into houses, can see the private remarks that you cant see, and do look out for your best interests, because, if you are happy with them, next time you need to move, they expect your business.
I just gave notice, and am leaving a job at a real estate office. I am not an agent by any means, but I would DEFINATELY use one!!! |
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03/06/2008 09:18:29 AM · #6 |
| Thanx all. Exactly what I was looking for. |
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03/06/2008 09:30:23 AM · #7 |
| We used a buyers agent when we purchased our house, Worked out quite well as we had two very pushy agents that were trying to force houses we didn't like down our throat, our buyers agent had contacts at other agencies and we found this house because of her. I think she got 5% of the closing cost which was paid by the previous owner but can not remember for sure. |
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03/06/2008 12:01:04 PM · #8 |
It's been a while since I was an agent, but the way it (really) worked was if I showed you a house by another broker I was a true buyers agent. If I showed you a house listed by my broker (company) then I was a dual agent, and if I showed you my own listing I was a sellers agent.
Since I never knew what you might want to look at, I had to be a sellers agent all the time. See, I was an agent of the seller FIRST, so if you told me how much money you had to put down or other issues that a seller might want to know, I had a legal obligation to tell the seller (my seller anyway).
Most of the time you find a an agent by calling on one of THEIR listings, or at least one of their broker's listings -so they start out as a seller's agent or dual agent. Dual agent represents both sides, so essentially can't really tell either one anything about the other side - kind of pointless if you ask me.
So the way agents ended up doing it was to be no one's true agent - they just became an advisor on how the process workes and a glorified paper work shuffler.
See, agency is a legal concept that goes back to the middle ages and has LOTS of legal history to it. Back in the old days there were no phones or other communication existed that didn't take a long time, so an agent WAS you, for all intents and purposes, so there is all kinds of issues on loyalty and the like (fiduciary repsonsibilty is one term use a lot)
An seller's agent has a legal obligation to tell the seller anything and everything they know about you - how much you can spend, how much down payment, credit score, other houses you've looked at, what your willing to go up to in price, etc. So you tell your buyer's agent this and look at that agents' listing...you're screwed.
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