I see and answer this basic question countless times on Zillow, Trulia and other real estate websites that are a daily part of my business, and I guess what surprises me the most is just how often these questions are posted by homebuyers. What's obvious to me is apparently not so obvious to all.
Be Weary Of Dual Agencies
Homebuyers do you honestly believe that one agent will do a great job getting you, the best possible terms and prices while at the same time their getting their Seller the same?
Dual Agency is designed to end run Buyer Agency and was bought about by pressure by state Realtors specifically for one purpose; to keep all the commission with one agent in complete and utter disregard for the contractual obligations made to their buyer and seller clients to do what was in their best interest.
Agents who blather on about being neutral moderators are simply speaking out of both sides of the mouth and in former lives were liekly snake oil salesmen. (I can already hear the moaning and complaints I'm going to inevitably hear from other Realtors as they try to justify their actions)
Always Seek The Help Of A Broker
I've been a full time broker long before Buyer Agency ever existed, and I can tell you when one agent is working both sides the only one well represented is the agent. Buyers and Sellers in this situation are totally unrepresented and left to fend for themselves. The only thought the agent has when presented this opportunity is as follows. "What do I need to do to get these two knuckleheads to agree to a deal so I can keep all the money" Any Realtor who tries to tell you otherwise is simply not being honest with you or themselves.
Do yourself a huge favor get a Buyer Broker who has the policy of not working both sides of a single transaction. Get someone with experience (At least 5 years in the business and at least 12 verifiable closed transactions a year. The more years and the more successfully closed transactions a year the better. Don't waste time on untrained, inexperienced agents, you certainly wouldn't want an inexperienced untrained doctor operating on you so why would you want to have someone not experienced help you with what will likely be the largest financial transaction of your life.
Remember: A good buyer agent will have extensive local knowledge.
It typically cost you nothing to work with a Buyer Broker, while it's possible you might incur some cost, typically the Seller will pay your agent at the closing table. I have never been paid directly by a Buyer.
How Much Do Buyer Brokers Cost?
A good Buyer Broker will help guide you through the entire process. They can offer extensive resources for inspections, lending, legal counsel etc and most will be there long after the closing.
The Listing Agent has a responsibility to the seller of that particular home, where a buyer agent should not care what home you buy as long as it is right for you.
For more information about buying please get in touch with our team. Whether you're just looking to ask a question or would like to know where to get started with your next home search,
Posted by Larry Tollen on
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