Most consumers do not realize that the listing agent represents the seller. They go to open houses on their own, sign in with wrong names and telephone numbers and ask the agent information about seller's motivations.If the buyers are really serious buyers, they will benefit by signing a Buyer's agent contract.
The seller's agent will not divulge any information that the seller has confided in them.The agent's job is to get the highest price for the property.If the seller's are getting a divorce, they will not tell you about it, because you will make a low offer.They are only permitted to give you information that the seller has agreed to.If the seller has said they would list at say $350,000 and said they would go as low as $325,000 the agents will not tell you about it.They will give you a seller's disclosure about material defects but that is all.
A Buyer's agent is usually paid by the seller's agent based on an offer to cooperate, through the multiple listing service.You should read your Buyer's Agent contract carefully.If the agent is not expecting you to pay , why would you not want a Buyer's Agent to represent you?
Here are the advantages of hiring a Buyer's Agent:
1. The Buyer's Agent will show you properties that meet your set criteria and guide you every step of the way.Yes you can look on the internet, but the agent finds out first through the multiple listing.
2. The Buyer's agent will do a market analysis for you ,to help you determine a fair price, so that you will not overpay.
3. The Buyer's agent will negotiate good terms and price on your behalf. Some people think that the agent will try to sell a property at a higher price to get more commission, because the fees are a percentage of sale price.If you really calculate the extra fees an agent gets by selling for say $5000 more , it is negligible, ,compared with what the agent gets from referrals by helping a buyer get a good price for a property.
4. The agent can also represent you when you buy new construction. The sales person at the model home represent's the builder. If you are thinking of buying new construction and are thinking of hiring a Buyer's Agent,please do so before you go to the new construction.The agent should accopnay you on your first visit and register you.
5. You might be tempted to go to sale by owners, to save money. Yes sometimes the seller who sells on his own may not know market price and sell cheap.But most often they sell on their own to save the money and not to give you a bargain. If you do buy from a owner selling on his own, please get an attorney to protect your interests and make sure you get a seller's disclosure. Some real estate agents also help with paperwork for a fee..
Your home is the probably the biggest investment you might make . Wouldn't you want someone to represent you?
If you are looking for a home in Philadelphia area, Bucks or Montgomery counties please call me.I am an accredited buyer's representative and hold the ABR designation. If you are looking to buy anywhere else I will be glad to help you find a good agent.
Visit my web site www.GitaBantwal.com. and view 1000s of listings.
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Gita-I am glad I finally got the opportunity to read your blogs. You offer good advice. I always try to get customers that are buying to get a REALTOR. It is amazing how many do not realize that the seller pays the commission.