Reason #10 - Listing Agents work for the SELLER NOT for you as the BUYER
Listing Agents have a legal obligation to disclose all known information about a BUYER and to get the highest price with the best terms for the SELLER
The Other 9 Reasons To Have A Buyer's Agent
Reason # 9 - Listing Agents are legally obligated to withhold information from you as a BUYER.
Listing Agents cannot share with a buyer what purchase price a Seller might accept or reasons NOT to buy a property since disclosing this information is not in the best interests of the SELLER
Reason # 8 - A Listing Agent can ONLY work as a Limited Agent when working with both, a BUYER and the SELLER on the same Property
A Limited agent can share information with you as the BUYER about what other comparable properties have sold for. But a Limited agent is not obligated or allowed to explain the other comps when the price or purchase terms on the other homes do NOT support the SELLER’s price and terms.
Reason # 7 - A Buyer’s Agent MUST BECOME a Limited Agent to work with you as a Buyer whenever the Property is listed by them or by the Agent’s Managing Broker.
When you call the phone number on the sign in a yard, window or advertisement, but don’t talk with the Listing Agent, there is still a real possibility that the home was listed by the Managing Broker of the Listing Office. When that happens any Agent, legally tied to that office/Broker, MUST automatically become a Limited Agent to work with you as the BUYER. And just like in reason three above, a Limited Agent can NOT fully advise the BUYER as they normally would if they were a Buyer’s Agent.
Reason # 6 - Only a Buyer’s Agent is 100% legally and ethically obligated to put the BUYER’s interests first.
This means only A Buyer’s Agent is legally obligated to get the lowest Price with the best terms for you as the BUYER.
Reason # 5 - Only a Buyer’s Agent must 100% of the time recommend a qualified, independent home inspector who will solely represent your interest’s as the BUYER’s verses those of the SELLER.
Reason # 4 - While ALL Agents must disclose everything they know, good and bad, about any defects or conditions of a property only a Buyer’s Agent is legally and ethically obligated to share 100% of what they also know about the value or marketability of a property you want to purchase.
Reason # 3 - Only a Buyer’s Agent can advise you, as the BUYER, regarding what an initial offer should be, how much to counteroffer during the negotiation process, and ultimately what is a good purchase price for a property.
Only a Buyer’s Agent can help prepare a Purchase Agreement that is worded to address your best interests as a BUYER.
Reason # 2 - A Buyer’s Agent can save you as the BUYER thousands of dollars during the negotiating process.
When a BUYER works with a Buyer’s Agent the SELLER does NOT have access to information like how much mortgage you have been pre-approved for, what other homes you may have looked at and what you might be willing to pay for the SELLER’s home .
Reason # 1 - Over 95% of the time a Buyer’s Agent sales commission is included in the sales price, and a similar commission was also part of the sales price of most comparable sales used to set value on the property you want to purchase. So this amount, owed to your Buyer's Agent for 100% Representing ONLY YOU, typically gets paid by the seller as part of your closing.
So, with your Buyer’s Agent’s commissions being paid by YOU as part of the purchase price and by the SELLER at closing, it just makes sense to have an experienced Real Estate professional, who has a legal and ethical obligation to work ONLY for YOUR best interests, on your side .
When interviewing REALTORS®, your goal should always include being represented by a REALTOR® who has great Experience and Expertise that is relevant to your needs and an agent who will be available based on your schedule.
The best place to start your search is interviewing Agents who are Top 20% Producers both within their brokerage and the local community of Agents.
If you want to save the 25 Questions and Answers to use for interviewing Buyer's Agents, just download the free pdf.