Buying Real Estate - You may want a Buyers Agent.

Over the years I have been asked numerous times what is a buyers agent. Simply put I say this: Imagine walking into a court room and having 2 lawyers sitting at the plaintiffs table and none at yours. Would this make you comfortable?

When buying real estate it is a similar situation. Unless you specifically enter into a written agreement with a licensed professional, that agent represents the Seller (meaning they are not at your table). I won't begin to imply that you can't get a fair deal if you choose not to use a buyers agent but given the choice of using one or not, I would choose to use one.

I have always said that the listing agent is the best qualified person to talk to if you inquire about a property. Why? Simple... they have the most knowledge of the property, they know the seller's motives and they can get you answers the quickest. That said you can still notify the listing agent that you are being represented and they should be fine with that.

In fact agents prefer to know right up front if you are working with a specific agent. It helps them determine how to best help you. So when is the right time to hire a buyers agent? I would say in the very beginning. A Buyers agent has resources not available to the average buyer.

You will typically find a property quicker, negotiate a better price and close more smoothly than if you choose to go it alone. If you are comfortable with the process than you may not need to specifically bring in an agent after the fact but find someone you are comfortable with early in the process.

FREQUENTLY ASKED QUESTIONS ABOUT BUYER AGENCY

Q - Do I need a buyer's agent in order to purchase of a home or property? Absolutely not...if you are comfortable with a purchase or have has previous experience you certainly don't need a buyers agent.

Q - What is the difference between a "traditional" agent and a buyer's agent? The difference is in the buyer being a customer or a client. The 'traditional' agent works with you as a customer. When you are a customer, you are without representation, much like buying a boat, car, or when shopping in general. The agent or salesperson assisting you is employed by and works for the seller and is obligated to get the highest price and best terms for the seller. This agent or subagent should be honest and disclose all material facts about the property, but must work in the sellers best interest at all times. When you become a buyer client, you are fully represented. You actually hire an agent to professionally advise and represent you. Your agent will then work in your best interest to gain the best price and terms for you- using proven techniques to negotiate the lowest price possible. Only a Buyers Agent can legally negotiate on your behalf.

Q - Will I save money using a Buyer's Agent? In some cases, yes you may save money using a buyer's agent. For example if you are uncomfortable negotiating it may be advised to hire a buyer's agent. If the transaction is complex, it certainly would be beneficial to hire a buyer's agent. Generally you will not save money nor will it cost you more to use a buyer's agent. In most cases, this is a free service which requires you to enter some type of Buyers Agency Agreement. Many people simply choose to use one for piece of mind.

Q - I am working with the listing agent, is that agent a Buyer's Agent? Generally, unless you have entered into a Buyer's Agency Agreement with that agent, no that agent represents the seller. Just be aware not to disclose any personal information to that agent that you wouldn't want the Seller to be aware of (in negotiating for instance). All agents whether representing the seller or buyer must be fair and honest with you but are not required to disclose certain information such as the Seller's motives for selling. Each Agents responsibility is spelled out in the Agency disclosure form.

Q - If I am comfortable with the listing agent, should I hire a Buyer's agent? No, not necessarily. As long as you are aware of the fiduciary responsibility of the agent (whether it is to you or the seller) you can use who ever you are most comfortable with.

Q - Are all Buyers Agents the same? Absolutely not... like in any profession, there are those who specialize in the field and those who do not. Also there are certain Realtors who have specific training in Buyer's Agency for example the ABR designation.

Q - When I walk into a real estate brokerage and ask for help, are they working for me?

Generally...No. Numerous consumer surveys have indicated that buyers and sellers of real estate have been confused as to who represents whom in the transaction. Most Buyers mistakenly believe that the real estate agent who is "showing" them houses are working for them. But in fact, unless you actually hire an agent, in writing, to represent you as your Buyers Agent, ALL other agents work for the SELLER.

As a Buyers Agent I can assist you with all your real estate needs so feel free to contact me anytime at 231-218-5199.