Q: I?m a first time home buyer in rural Ontario, Canada. I don?t have a buyers agent yet. Went to an open house and I am VERY interested. The house has been on the market for 3, almost 4 months. It is vacant, the owners have relocated out of town. Also, the listing agent is the father of the owner (interesting?) My question is: should I get my own buyers agent? Or try to work out a deal with the selling agent? I?m not sure how commissions work. But I would think the selling agent is taking a low commission? I thought it might be best for both parties if a commission didn?t have to be paid to a second agent. Thoughts? Advice? Thank you so much!
?Dreamer, Ontario, Canada
A: y advice is to have your own agent representing you. In my opinion it is never a good idea for the listing agent, especially one who is related to the seller, TRY and represent you too.
You need someone on your side completely dedicated to you. In the long run you will have a lot less to worry about by having a professional agent working for you and you alone.
Find out who the top three agents are in your area, interview them (just a seller?s interview their prospective agents), and choose the one that best fits your style and needs. Then let them go to work FOR you.
The commission will probably be the same whether or not you have an agent. The seller pays the commission and it is part of the listing agreement. So the commission amount is already set.
Good luck!
Jim Guido is a Realtor? with California Real Estate Internet Group in San Clemente. CA.
A: You SHOULD get your own agent to represent your best interests. First, you are a first-time home buyer and, as such, would be at a HUGE disadvantage when negotiating to buy the house. Second, the listing broker is the seller?s father. Would you really expect him to be impartial and treat you (or any stranger) the same as he would his son/daughter in a negotiation? The listing broker is almost certainly offering to pay a fee to a buyer?s agent, and that has already been considered in the asking price. You will not benefit if the seller or the listing broker do not have to pay a second agent. The smartest thing you can do is hire a buyer?s agent to represent your best interests. The worst thing you can do is trust the seller?s father/listing broker to treat you fairly.
Phil Lunnon is a Realtor? with Lunnon Realty in Lakewood, CO.
A: You SHOULD get your own agent to represent your best interests. First, you are a first-time home buyer and, as such, would be at a HUGE disadvantage when negotiating to buy the house. Second, the listing broker is the seller?s father. Would you really expect him to be impartial and treat you (or any stranger) the same as he would his son/daughter in a negotiation? The listing broker is almost certainly offering to pay a fee to a buyer?s agent, and that has already been considered in the asking price. You will not benefit if the seller or the listing broker do not have to pay a second agent. The smartest thing you can do is hire a buyer?s agent to represent your best interests. The worst thing you can do is trust the seller?s father/listing broker to treat you fairly.
A: No it doesn?t work that way.The commission has already been agreed to by contact in the listing agreement and will be split between the listing agent and the buyer agent. The listing agent is bound by his fiduciary responsibilities to fully represent the owner of the property and to get the highest price possible for the owner. This puts you at a disadvantage right from the start. You will not get a better deal! You will likely pay more and be represented less?or not at all! Do yourself a favor and get a really good buyer agent.
Dorene Slavitz is a Realtor? with The Real Estate Group in Culver City, CA and Torrance, CA.
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Related posts:
- We Found Our Dream Home During An Open House. Do We Need A Realtor Or Can We Work With The Seller?s Agent?
- What Are The Advantages And Disadvantages Of Working With The Seller?s Agent To Buy A Home?
- Does The Buyer Have To Work With The Listing Agent?
- Can A Buyer Offer Additional Commission On The Side?
- Who Pays The Realtor Fee If The Buyer And Seller Use The Same Realtor?
Source: http://www.realtor.com/blogs/2012/07/27/do-i-need-my-own-buyers-agent/
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