What is a Buyer’s agent?
A buyer’s agent SPECIALIZES in working with people who want to BUY real estate.
What does a Buyer’s agent do for their client?
A buyer’s agent is focused on their clients wants/needs of finding the right home. The buyer’s agent negotiates with the seller on the selling price, facilitates the home inspection, negotiates contingencies and assists the buyer through the closing paperwork.
Who pays the Buyer’s agent?
The great news is that the services of a buyer’s agent are almost always FREE for the buyer. (some areas may vary) The buyer’s agent’s pay comes from the selling agents commission that was pre-negotiated and under contract when the seller agrees to list with their agent. The seller has committed to paying 6% (+/ -) whether you use a buyer’s agent to represent your interest or not. Not having a professional represent you does not theoretically save you or the seller any money. However, this process does net the listing agent a higher commission as they would not have to split it with another agent.
Who does the Listing agent work for?
The listing agent represents the best interests of the Seller INCLUDING getting the highest possible sales price. Many people mistakenly think that by working with the listing agent they will get a break on the price. This rarely happens as the Seller has hired the Listing Agent to represent them in getting the best price. If no other agent is involved, the listing agent gets to KEEP the co-operative commission even though they do not represent the Buyer first and foremost.
Think about this!
When this awesome and emotionally charged real estate adventure starts wouldn’t you want a buyer’s advocate there for support? These agents are there to help represent YOUR best interests and work to get YOU the best price/terms. I simply would not give up the opportunity for a seasoned, smart and experienced agent to assist me with this life changing event!
“Shopping without a buyer’s agent is like cooking a turkey without a meat thermometer; you might not know there’s a problem until you’re sitting at the table!"