Not to ruffle anyone's feathers... but I'm new to this and I'm skeptical by nature.
I'm going to buy my first house and keep reading that a buyer's agent will have my best interest in mind and protect me from the seller's agent.
I have a hard time understanding this... aren't the buyer's agent just the same as the seller's agent in that the buyer's agent would want me to buy any ol' house so that they can collect their commision?
What does the buyer's agent get out of this whole process by getting me the best deal possible?
I'm probably totally off base, so please explain.
Thank you
2007-02-09 13:57:30 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
They would get the best thing ever for their business, a referal. As Realtors our business is dependant upon referals, if we do not have your best interest in mind you would never pass our business card onto anyone else and it is our legal duty. Agency is a legal term and we must have a fiduciary relationship. meaning the highest trust because the transaction is one of large funds and trust.
2007-02-09 14:09:23 · answer #1 · answered by david r 2 · 1⤊ 0⤋
Isn't that an oxymoron? Protect? We're not the police. Any agent that represent YOU, the buyer is acting as a "buyer's agent". Don't let some tell you they don't list property for sale, because they do. If you don't have something to sell in this business, you aren't in business.
My only suggestion would be choose a Realtor that has a designation, GRI, CRS, etc. This means they have been in business awhile, enough to be educated about certain aspects. Then select the one that you feel the most comfortable with. Sign an agreement to work exclusively with them. Remember in most cases the seller pays the commission. You can ask for them to put that in writing.
So let me ask you a question, if you found the house of your dreams, everything was perfect, would you NOT buy it because the Realtor you were working with actually had it listed too?
No ruffled feathers here. Hey good luck! And thanks for being one to jump off the fence!
2007-02-09 22:35:04 · answer #2 · answered by Alterfemego 7 · 1⤊ 0⤋
When you have a "buyer's" agent, the commission get split in half. When you DON'T have one, "seller's" agent get the whole commission. Sometimes seller's agent will try to sell the house to you in full asking price so they can get full commission. That's why it's better off if you have an agent. You don't pay them anyway, they get paid in commission paid by seller. Your agent will take care of paperworks, help you find the latest listings of houses.
I found my home using an agent. But he couldn't find homes in my price range, so I had to research myself. I found one and gave him the info. Agents could tell you if the listing is current and still available. They could also tell you how long it's been in the market, and he'll suggest you lower or meet the asking price. He could also do a market analysis for other houses sold around the neighborhood. He'll tell you if the seller is asking too much or is a good deal. For my agent, his son was an appraiser so it was better for me because they could appraise the house I am interested in.
I bought the house I researched online. And he gave me all the details. It was a fair deal he said, compared to other houses we saw in the neighborhood, which sells for higher asking price per square feet. I'm living in it now and enjoying it. So far no problems yet. I was also a skeptical buyer. I think one time I offended him because of my skepticism, but we can't help it. Buying a house is a big investment.
Well, good luck on your home hunting.
And I should tell you, if you don't know already, it's a buyer's market. Seller's are competing to sell their houses fast because not enough buyers. So you'll have tons of offers like discounts off, freebies. You're in control. I could tell you, the house we looked at before my home, is still for sale, and it went down almost $30K.
2007-02-09 22:32:50 · answer #3 · answered by formula350 2 · 0⤊ 0⤋
I purchased my house with a "buyers agent" who asked me what kind of house I was looking for, and then had a LOT of suggestions to keep me from buying in a neighborhood where I might not be able to sell it later if I decided to move... My agent filtered out the houses that I would not be interested in and then took me around to look at only the ones she thought I might like. Hmmm.. I'm still living in one of them today...
Oh... the Seller's agent and the Buyer's agent split the commission paid by the seller.
2007-02-09 22:03:55 · answer #4 · answered by ♥Tom♥ 6 · 3⤊ 0⤋
Agency can vary from state to state and the quality of representation will always depend on the individual agent.
When a buyer walks into my office, I'm looking to find them the right property. No agent in their right mind is going to try to force you into something that you don't want, because it's only going to cause problems later.
One of the key things about this business is referrals. We really want not only your future business, but that of your friends and relatives as well. That's what's going to lead to long term success and that's why most will do the best that they can for you.
I would encourage you to express these concerns to the agent you work with when you first meet with them. That way they can better explain the process to make you feel as comfortable as possible.
Best of luck to you on buying your first house.
2007-02-10 00:29:59 · answer #5 · answered by impftgenius 2 · 1⤊ 0⤋
By default, ANY real estate agent works for the SELLER of the house. WHY??? Because the seller pays the commission to the selling agent and to the buyer agent.
State laws probably differ when it comes to buyer's agents, but in Texas, this can be changed by the buyer's agent declaring up front to the seller and the seller's agent that he represents the buyer. He is still payed by the seller, but the relationship is disclosed up front
2007-02-09 22:06:56 · answer #6 · answered by snvffy 7 · 1⤊ 2⤋
You're right,m some agents might pressure you to buy so they get commission. But they should give you the best service and look out for you, to get your repeat business and to get future referrals. I recommend that you go with your gut instincts, if you feel like the person doesn't have your best interest in mind, find someone else. Agents come a dime a dozen.
2007-02-09 22:05:52 · answer #7 · answered by HBSL621 3 · 2⤊ 0⤋
REALTORs subscribe to a Code of Ethics, similar to a doctor or a lawyer.
With that, OUR needs come AFTER those of our clients! In other words, getting the best deal possible on a purchase is in our client's best interest... and it is irrespective to what the commission would be.
I'm sure there are a lot of REALTORs out there that believe as I do in that I got into this business because I enjoy being able to help people. Making commission is a byproduct of doing my job well.
I can go on, but I'll limit myself to that. If you want further interpretation, I'd be happy to speak with you or email.
Thank you.
2007-02-09 22:37:50 · answer #8 · answered by Art 4 · 3⤊ 0⤋
we just signed papers for our agent to sell our house.
there is a clause in the contract that specifies that the agent cannot relay information to the buyer or agent, that would be considered inside information.
your agent wants to get the best deal for you because they get a percentage of the sales...if that price is lowered, it costs them money......thousands of dollars
2007-02-09 22:16:12 · answer #9 · answered by Anonymous · 1⤊ 0⤋