Over the course of this series, we have explored many aspects of buyer representation.  If you've missed any of the earlier segments, and would like to get caught up, you will find links at the bottom of the page to each previous post.  In the last post, the various methods of compensating buyer agents were discussed.  As important as it is to understand the compensation methods, it is equally as important to understand the role that each person plays during the course of the home buying process.

A successful transaction will occur when the buyer agent and the buyer clients work together as a team to achieve a common goal.  The home search should be a proactive process by everyone involved, which makes communication essential.  The more information that a homebuyer provides to a buyer agent, the more likely the homebuyer will be in finding the right home at the right price in the shortest amount of time.  In today's day and age, homebuyers have the ability to help guide the home search by spending time looking at homes online, and also by driving around neighborhoods of interest.

While it is the duty of the buyer agent to provide buyer clients with a list of homes that fit the homebuyer's criteria, it is quite possible that the homebuyer will discover homes of interest on their own.  It is important for homebuyers to remember to pass along any pertinent information to their buyer agent so that the buyer agent is given the opportunity to do the job that they were hired to do.  If a homebuyer with a buyer's agent does decide to view homes on their own, there are some simple rules that should be followed:

[1]        DISCLOSE YOUR REPRESENTATION - As a homebuyer, it is possible for you to walk into an open house that is being held by another agent, or even a "For Sale By Owner."  If you are represented by a buyer's agent, you should let the person holding the open house know that you have representation, and provide them with your buyer agent's business card.  At this point, they may or may not allow you to tour the home.  Even if you are allowed to tour the home, it is likely that you will need to return to the home with your buyer's agent before making any offers.

[2]        DO NOT DISCLOSE PERSONAL INFORMATION - Any agent holding an open house will have a fiduciary responsibility to the seller.  Agents are trained to ask leading questions to gather information, but you are not required to give any information that could hurt you in negotiations.  Seemingly harmless conversation can result in the agent learning information about the homebuyer that must be disclosed to the seller.  In the case of a "For Sale By Owner," homebuyers should also avoid providing any information that could be used against them in negotiations.

[3]        CURB YOUR ENTHUSIASM - This is the title to a clever TV show, but it also sound advice for all homebuyer, especially those that are viewing homes without their buyer agent present.  Aside from keeping personal information close to the vest, homebuyers should also keep an even keel when viewing homes.  If the agent representing the seller or the "For Sale By Owner" sees a great deal of enthusiasm about the home, they are likely to use this information when it comes time to negotiate.

[4]        GATHER AS MUCH INFORMATION AS POSSIBLE - Once a homebuyer has disclosed that they are working with a buyer's agent, and the person holding the open house has allowed the homebuyer to tour the home, the homebuyer is well within their rights to try and gather information that can help themselves in negotiations.  The key question is finding out the motivation of the seller.  A savvy listing agent will not disclose this information, nor will a savvy "For Sale By Owner," but there are a number of each out there that will offer up helpful information.  Any information learned should be passed along to the buyer agent.

At times, a proactive homebuyer will feel that they are doing the work of the buyer's agent, which may lead to questions as to why they even bothered to hire the buyer's agent in the first place.  In the next post in the series, homebuyers will learn that that most of the work that the buyer agent does takes place after a home is found.

Previous Posts In The Series:

Buyer Representation ~ CLIENTS vs. CUSTOMERS

Buyer Representation vs. Dealing Directly with Listing Agents

Buyer Representation ~ Finding the Right Home for the Right Price

Buyer Representation ~ Research & Disclosure

Buyer Representation ~ Addressing Buyer Concerns

Buyer Representation ~ Compensating the Buyer Agent ~ Myths vs. Reality

Buyer Representation ~ Methods to Compensate the Buyer Agent