Why should you have a buyers agent?
When you’re ready to buy a house, you should just go straight to the listing agent, right? NOOOO!
So a lot of people think that when it comes time to buy a home, they should just go straight to the listing agent and I’m going to give you an analogy that basically explains why you shouldn’t do that. OK
Instead of getting my own attorney, I’m going to go to the other side and see if the other attorney representing the other person will also represent me for a discount, and maybe I can get a deal... You wouldn’t do that, right? because it would be a conflict of interest.... It is a conflict of interest.
So when it comes to real estate, buy your most valuable asset. I highly recommend that you have your own agent representing you, and here is why.
When it comes to buyer agency, believe it or not, it was not a thing until the 1990s.
Prior to the 1990s, people were just going to the listing and guessing that there were problems. The listing agent was representing the seller and had a fiduciary duty to properly test the seller, not the buyer. Hence the creation of the buyers' agency.
So when it comes to getting a buyer's agent, the value of having a buyer's agent is not just having someone who can help negotiate on your behalf, it’s also going to help you when it comes to determining what you should write in your offer. Let’s just say that the house has been sitting on the market for a long time. You shouldn’t just go in and offer full price if it’s been sitting on the market for 90 days. Well, what price should you give them?
A local real estate agent will know exactly what fair market value is and will advise you on what you should write at... you go straight to the listing agent, they will say "well just give me full price... that will work just great won't it?"... So... Certainly not.No, it won’t work out great.
PS It is legal in Texas for a real estate agent to represent both the seller and the buyer as long as the sellers agree, but I have to tell you, even though it is legal, it is a conflict of interest.And there are a lot of real estate agents that follow me right now and won't like what I’m about to say, but double-ending deals... you can do it, but I don't think you should.
So I highly recommend that you have someone negotiating for you on your behalf, helping you with value, and lastly, making sure that anything wrong with the property-that maybe there is something in there that’s a deal killer-isfixed. Maybe there’s a broken foundation, maybe there are way too many repairs that you’re going to be comfortable with... Your agent will have your back and say we should walk away from this deal and find you a better one... That is the value of having a buyer's agent.
Looking to buy a home or have other questions ? Reach out!