Why You Should Use a Buyer Agent When Buying A Home

Dated: 10/17/2018

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I Love Buyers!

It's What I Do...

Why Should You Use a Buyer Agent When Buying A Home?

You're looking at lovely homes on 'ZilRealtowIn.com', contacting each list agent as you find one you love (and THAT one is under contract, TOO, isn't it? Sigh...) There's a rumor gone around for a long time that, if you just use the Listing Agent to purchase that house, he'll give you a rebate on the commission the Seller is saving. Well... Ok, there could be any number of scenarios, so I will just go with the everyday homebuyer of a nice subdivision home. I'll map it out:

You've seen the perfect house in 'ZilRealtowIn.com' and decide you can DO THIS THING! You know your credit is good, and you're renting now, so should be easy peasy. Call the Seller's agent to go view the home, make sure it's "The One". He/she meets you at the house, armed with a lovely brochure of all the wonders the owner has installed there during their time in it. The Seller Agent gushes over the loveliness. The Seller Agent has ONE JOB: To get that house sold for the highest and best price possible for the owners. To YOU.

Agent Ethics

The National Association of Realtors has a written Code Of Ethics that all under it's domain must adhere to, or be fined or penalized in some other way. Each state also has a code. The Seller Agent must adhere to this piece of it, in this circumstance: Article 1: "When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly."

This means that Seller Agent MUST keep focus on only HIS client, the Owner/Seller. You are what is called a 'customer', and a Realtor owes you only honesty of facts they know about the property. Some brokerages won't allow agents to do 'dual agency' (helping both sides) as it's a serious conflict of interest.

Let's say you want to make an offer on this dream house. Here are some key points to ponder:

  • The Seller Agent will not share prices of similar homes sold with you (but maybe,if they match or exceed their list price)
  • The Seller Agent will not help you decide on what price to offer
  • The Seller Agent will not be able to suggest vendors to help you with inspecting the home, or help interpret what is found
  • You may ask the Seller Agent to write up all the contract paperwork, and they can handily refuse. If they DO this for you, don't expect help with what to fill in, or expect any type of commission rebating. The paperwork can be the bear of the deal.
  • You cannot ask for opinions on anything related to the property
  • You might miss a contract deadline that would be a dealbreaker. If another offer comes in better, and they take that as a "Backup offer", you missing a deadline may mean the Seller can drop your contract and move on to the better one.
  • You cannot (usually not) expect any commission rebate to you. Sometimes, the Seller Agent may rebate some back to the Seller. Different brokerages vary on their policy.
  • You must be able to understand the contract language to some degree.
  • You will need to be proactive with your lender, inspector, and any other professional that concerns this house (usually your agent does all of that)

What does this all mean to you? It means this is like a trip to Las Vegas; you hope the odds come out in your favor at the end, but don't count on it. Did you overpay? What did that report really say in it? Did that line in the contract mean what you thought it did? What happens if it DIDN'T?

Your Buyer Agent can spend many hours organizing, writing, researching and coordinating all the different parts of the home purchase. Hours, as in more hours than you really think. A thorough agent makes sure there aren't any snags, missing information, missed appointments or deadlines. A good agent keeps you up to date on everything, even the bad stuff. But we try to cushion that so you don't have to use the fainting couch too often. Sometimes we can find a fix to the 'bad stuff' we need to tell you, before we tell you. It's our job. We devote our time to making sure you are as protected in the deal as you can be.

Do YOU have the time and knowledge to make sure you are protected? Find a great Buyer's Agent, and let them handle the driving. If you want that dream home, we want you to have it, and be happy with it for a long time. It's our job.

Hilary Meader
Realtor, GRI
FATHOM Realty DFW
p:888-455-6040  m: 214-585-9383
a:6841 Virginia Pkwy #103-448 • McKinney, TX 75071
w:YourTexasDream.com  e: Hilary@YourTexasDream.com
    
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Hilary Meader

You’re ready to buy or sell your home, but that means using a real estate agent. I consider myself an 'UnRealtor' - I'm in this for YOUR happiness. Professional yet personable. Let's meet! Some fo....

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