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.
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: