It is in the best interest for all buyers to have their own agent. Agents will negotiate the best price and terms for the buyer. The best thing about having a buyer's agent is that the services provided are FREE!
I have noticed that many people think they have to pay a commission to their agent when they want to buy a house. That is why many buyers try to find a house on their own. The seller is the party that pays the commission to the agents. The seller will pay a commission regardless to the listing agent. The listing agent represents the seller so they will not have your best interest in mind. To the listing agent you are just a customer. Their loyalty is to the seller, which is their client. Do you think the listing agent will try to get you the lowest price for the house if they are representing the seller??? NO! You need someone to represent YOU!
Most buyer agents will have the buyer sign an Exclusive Buyer Agency Agreement. This agreement states that the agent is representing the buyer in a client relationship, and the services that will be rendered during the agreement.
Buyer Agency Agreement
In most buyer agency agreements, the buyer's agent must do the following:
* Negotiate the best price and terms
* Protect the buyers information
* Show the properties to the client that fits their needs and budget
* Connect the buyer with real estate service providers: Inspectors, lenders, home warranty companies (unless you have your own)
The buyer also has responsibilities to the agent.
* Buyers should never give personal information to any other agent
* Buyers should work exclusively with their agent
* Buyers should not call other agents to show a property. Even if it to save their agent some time.
* Buyers should be very clear on their must haves and deal breakers to help their
agent find the right house for them..
Buying real estate is a big decision and a big investment. Trying to do it on your own can be very confusing. But most importantly, it can lead to costly mistakes. Have a real estate agent/broker work for you. Why not?? It's free!