In most real estate transactions there is a Realtor for the buyer and a Realtor for the Seller. Each Realtor represents their own client. Many times when looking for a home, a first time home buyer will see a home they like and call the Realtor on the sign or the Realtor listed on-line as the Realtor for that property.
But generally, this really isn't a good idea for the buyer. That Realtor already represents the seller of that home and is under a fiduciary obligation only to the seller. Think of it this way, a listing agent is hired by the seller to work 100% for that seller’s best interests.
In a confusing and often not practiced compromise in Texas, the seller's agent, if engaged by the buyer as well, can decide to work for both. In this instance, that singular Realtor can then give no advice or counsel to either party. They just facilitate finishing the transaction.
I don't know about you, but I want an advocate for my home purchase (the largest purchase most people make in their lifetime), negotiating and looking out for my best interests.
It is better for a home buyer to have their own representation. And remember, the buyer’s agent commission is almost always paid for by the seller at closing!
So why NOT hire a Realtor to represent you 100% in buying a home?
If you'd like help buying a home in the Austin area, call me! I love working with first time home buyers!
This is the second in a series of tips and tricks for first time home buyers.
1rst in the series for First Time Home Buyers
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