Purchasing a piece of property can be a very complicated process. It can take months to find the right house, and then another couple months for the transaction to close after an offer has been accepted. Most people will only go through a couple real estate transactions in their lifetime. If you do anything only once or twice, it's very easy to make a mistake. That is why it is very important to use representation from a buyer's agent. We have been through hundreds of transactions and know how to avoid mistakes that could cost you thousands of dollars.
The best part is that it's absolutely free to work with a buyer's agent. The buyer's agent's commission is paid from the listing agency's office for bringing you as a buyer. Since the seller pays the same amount of closing costs whether or not you have a buyer's agent, there's no advantage to being unrepresented. Using a buyer's agent is almost like using a free defense attorney if you had to go to court. Our duties include:
A common question we get is, "Why are there two different agencies involved in the home sale process?". We like to educate our clients on the differences between a buyer's agent and a listing agent.
Properties are listed on the open market by a "listing" or "seller's" agent. The listing agent has an exclusive contract with the owner to sell that property. With that contract comes a fiduciary duty to the seller. The listing agent is legally obligated to act in the best interest of the seller in every situation. If a potential buyer goes directly to a listing agent without any representation, they end up working with someone who isn't on their side. A buyer can make mistakes such as talking openly with the listing agent that they're willing to spend up to a certain amount. That listing agent can tell the seller, affecting the buyer's negotiating position negatively. A buyer's agent represents only the buyer. They hold a fiduciary responsibility to the buyer and will always act in their best interest throughout the transaction.