Buying a house this year? Think about using a Realtor who is a Buyer’s Agent.

Q. I am buying a house this year.  What is the difference between a Buyer’s Agent and Seller’s Agent?

A. All Realtors are obligated to disclose to you any hidden property defects known to them, no matter who they work for.  A Seller’s Agent is hired by, paid by, and works for the seller. They may only discuss the physical property itself, unless otherwise authorized by the seller.

Because a Buyer’s Agent works for you, not only are they obligated to share with you the Seller’s situation and motivation, they can disclose specific pricing information relative to their opinion of what the property is worth, what price you might offer, settle at, etc…  A Buyer’s Agent will typically be paid for out of the commission agreed upon to be paid by the Seller so there should be no out of pocket expense to you.

What if you’ve hired a Buyer’s Agent and purchase a property “For Sale By Owner”?  You’ll have your own agent to negotiate on your behalf, draw up the contract and follow the transaction through completion.  You will also owe your agent whatever commission you contractually agreed on, however most of the time you agent will be able to negotiate directly with the Seller to have the Seller pay them a commission on the sale thereby alleviating you of any cost.

Many Realtors now work as either Buyer’s or Seller’s Agent, depending on the needs of the customer.  The most knowledgeable Buyer’s Agents are the ones that have had specific training in that regard – don’t hesitate to ask them what training they have had!

Should you need a referral to a great agent in your area do not hesitate to ask.

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Published in: on March 1, 2010 at 10:29 am  Leave a Comment  

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