Ed Silva of Waterbury, CT posted this wonderful post regarding Buyers using listing agents...
It's inherent in human nature to try and get a deal on a purchase.
This will always be the case in real estate as buyers will call the name on the yard sign believing they can get a better deal than if they use a buyer's agent to assist them.
The belief is that if there is only one agent in the transaction then the seller will lower the price, as there is only one commission to pay. Although this does happen if the seller and agent have agreed to a lesser commission if the property gets sold by the listing agent, more often than not if it can cost the buyer much more.
The primary loyalty of the listing agent is to the seller. Even though we know what their bottom line might be, we still need to get as much for the listing as we possibly can. When a prospective buyer asks ‘What is their bottom line?' we cannot spout the number.
Our job as a Dual Agent in this case, would be to give the buyer pertinent comparables and let their conscience be their guide.
When a buyer calls in their own agent on the transaction, they get an individual whose primary duty is to help them get the best deal they possibly can. The Buyer's agent will get far more aggressive with the homework. Property records will be scrutinized to see if the home has had a sale in recent years. Sometimes a trip to town hall is in order to see what the town records show for liens and encumbrances. If that shows little, then it allows us to discuss a lower offering price with the buyer, especially if the home has been on the market for a while and they can work with the sellers' anxiety to get the home sold.
A buyer's agent can often times get a client a far better deal than the small percentage of savings that the seller might be willing to give up with only one agent involved.
Homebuyers need to exercise sound judgment when making a purchase this large that if done wrong can have financial repercussions long after the closing.
When in doubt, get a qualified agent that will work to your best interests, it could be the best investment you will ever make.
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