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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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are there any negatives to having a Buyer's Agent? Plus a few more questions...
Our seller's agent does a lot of work as a buyers agent. Would there be any negative to us having him also be our buyer's agent?
What are the real benefits to even having a buyer's agent?
Would a seller's agent not want to also work as our buyer's agent--would we need to find someone else?
I figured I'd ask here before I ask him myself so I can get unbiased help. Thanks!
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Posted 7/9/12 9:38 PM  |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: are there any negatives to having a Buyer's Agent? Plus a few more questions...
I knowmany people who will say there are no negatives, but I strongly believe there are. Both homes I have purchased were high demand homes and I did not have a buyers agent (did not want one). I went directly to the seller's agent and I believe that is a big part of how attractive my offer was. The listing agent never had to split the commission, which IMO if there is another offer similar or the same as yours, yours is more attractive to the listing agent to push for.
I always refused to work with buyer's agents. I preferred to look at houses myself, learn comps myself, and contact listing agents directly. I did all the work myself and it paid off IMO. I also bought in 2 high demand areas so I think that plays a role.
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| Posted 7/9/12 10:18 PM |
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marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
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Re: are there any negatives to having a Buyer's Agent? Plus a few more questions...
Posted by Goobster
Both homes I have purchased were high demand homes and I did not have a buyers agent (did not want one). I went directly to the seller's agent and I believe that is a big part of how attractive my offer was. The listing agent never had to split the commission, which IMO if there is another offer similar or the same as yours, yours is more attractive to the listing agent to push for.
The listing agent is required to present ALL offers to the seller. So if 2 people bid $300k, and only 1 of them has a buyer's agent, the listing agent can't say "hmm let me hold off on presenting this offer because I don't want to split the commission."
To the OP, I don't see any negatives in having a buyer's agent unless, of course, this particular agent isn't good at their job. But if you know of someone reputable or if someone comes recommended, I think it's generally a good thing to have your own representation.
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| Posted 7/9/12 10:49 PM |
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marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
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are there any negatives to having a Buyer's Agent? Plus a few more questions...
PS- I don't see why your listing agent can't be your buyer's agent for your new home. The pros of having a buyer's agent are that you have representation. You have someone to show you comparables and represent you in negotiations. If you don't use your own agent, keep in mind that the listing agent is a fiduciary to the seller, and not to you.
If you like your listing agent and he/she is familiar with the area that you are buying into, then why not.
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| Posted 7/9/12 10:53 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: are there any negatives to having a Buyer's Agent? Plus a few more questions...
Posted by marianne13
Posted by Goobster
Both homes I have purchased were high demand homes and I did not have a buyers agent (did not want one). I went directly to the seller's agent and I believe that is a big part of how attractive my offer was. The listing agent never had to split the commission, which IMO if there is another offer similar or the same as yours, yours is more attractive to the listing agent to push for.
The listing agent is required to present ALL offers to the seller. So if 2 people bid $300k, and only 1 of them has a buyer's agent, the listing agent can't say "hmm let me hold off on presenting this offer because I don't want to split the commission."
I know they must present all offers. I didn't say they would not. I said they would push for the offer that is better to them. They can stress all other positives of picking one offer over another.
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| Posted 7/10/12 9:34 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: are there any negatives to having a Buyer's Agent? Plus a few more questions...
Posted by Goobster
[
I know they must present all offers. I didn't say they would not. I said they would push for the offer that is better to them. They can stress all other positives of picking one offer over another.
first I will say I am both a big buyers agent and listing agent
but good god! I would NEVER push an offer that is better for me- and what seller with half a brain wouldn't see right thru that?
my job as the sellers agent is to get the best offer for the seller- NOT myself
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| Posted 7/10/12 10:20 AM |
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Re: are there any negatives to having a Buyer's Agent? Plus a few more questions...
I think using a buyer's agent can only help you.
Most listing agents don't sell their own listings, and if they are successful agents, they don't care. The whole reason they put listings on MLS is because they want to have other agents show and sell their listings, to maximize the chances of their listings being sold quickly. No one makes money unless a listing sells. Real estate agents pay significant dues each year to be part of the MLS system... we wouldn't do that if we planned to treat all listings as "exclusives" to sell them ourselves!
Also, as the buyer, you are the only person bringing money to the closing table. Out of that money, the seller pays their own agent, their attorney, the selling agent (if there is one). If you are paying all of these people anyway, wouldn't you want one of the people you pay to be someone who is working FOR you, to protect your interests?
I work with buyers both as a traditional selling agent and as a buyer's agent, but I always prefer to be a buyer's agent because I can do so much more for my buyer client, advising them on comps and an offer strategy, helping them do their due diligence. A selling agent can show you homes and present offers on your behalf, but they are limited in what they can really do for you. A buyer's agent can provide much more in the way of services.
Feel free to FM me with specific questions!
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| Posted 7/10/12 10:53 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
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Re: are there any negatives to having a Buyer's Agent? Plus a few more questions...
When DH & I originally started looking to buy a house, we didn't have an agent - but I am so so glad that we had one by the time we found the house we wound up buying. I never would have wanted to negotiate directly with the seller's agent - she was a nightmare to deal with (lied about the taxes on the house - TWICE!), so having our agent call her out on that and dealing with the rest of the negotiations was the only reason we now have that house.
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| Posted 7/10/12 1:39 PM |
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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
Name:
My anchor when I get tossed
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are there any negatives to having a Buyer's Agent? Plus a few more questions...
I never thought NOT to have someone on our side, so I am so glad we did because she's been helping me get through some challenging issues.
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| Posted 7/10/12 2:45 PM |
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Re: are there any negatives to having a Buyer's Agent? Plus a few more questions...
Also, even if you choose not to hire a buyer's agent, I think it makes sense to work with one dedicated agent to help you find a home (versus going to each listing agent for every house you are interested in).
You, as a buyer, can still work with one particular agent (in a traditional, broker's agent capacity) even if you don't enter into a buyer's agency relationship with that agent. (Many times, an agent who is working as a buyer's agent wants you to sign a contract with them that they are your exclusive agent). I still think the best option for buyers is to find an agent they are comfortable with and then work with them as an exclusive buyer's agent. But if that arrangement is not for you, then I would still work with a one agent.
That agent can do all of the legwork of calling to find out the status of houses you are interested in and scheduling appointments. This will save you a lot of time and energy, and it's just more efficient to go see 4 or 5 houses a shot with one agent then calling a different agent every time you want to see a house or have questions about a house and working around different listing agent's scheduled. And you would be surprised how many listing agents don't call buyers back (which is an unfortunate statement about my profession!). And those listing agents you do encounter will probably try to get you to go view other properties with them, if you don't like the listing you called them on.
Plus, if you work with one agent, as opposed to going to different listing agents, that agent will get to know and understand your criteria. If she sees a new listing or knows of something coming on the market, she can let you know right away. An agent can give you the inside track to info not available to the public (or before it becomes available online).
There's no reason the listing agent for the house you are selling can't be the buyer's agent for your new home if you want him to be and he wants to be. He may not want to be if he's exclusively a listing agent and doesn't want to work with buyers. And you may not want him to be if he doesn't know the area you are looking to move to. But otherwise, it's fine (and make sense, since he already knows you and your situation).
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| Posted 7/10/12 2:57 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: are there any negatives to having a Buyer's Agent? Plus a few more questions...
Posted by DumpsterBaby
I never thought NOT to have someone on our side, so I am so glad we did because she's been helping me get through some challenging issues.
I really see my role as a buyer agent post contract as the hub of the wheel- there are so many things that happen AFTER you find the house that you really need someone who does this all the time to manage the "chaos" and get everyone back on the same page
from issues with the inspection, the apprasial, the seller, there are so many people invloved and issues come up all the time- having the right team to resolve them quickly is the most important thing
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| Posted 7/10/12 3:06 PM |
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