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Buyer Agency

What's so Special about a Buyer Agency?

It is a very common mistake of buyers to trust a real estate agent to look out for their interests. Unfortunately the agent is legally required to represent the seller's interests, not the buyers. Practically speaking, this means that the Agent cannot share certain information, such as:

  • The reason for selling.
  • Any concessions that the seller is willing to make.
  • Anything the seller may have mentioned to the agent in a conversation.
  • Anything that could hurt the seller's position, or give the buyer an advantage.

Buyer's Agency allows the Agent to represent the Buyer's interests, and not the sellers. It changes everything in the Buyer's favor. Everything they were required to keep secret they are now obligated to reveal. The benefit include:

  • The Agent can develop a CMA (Comparable Market Analysis) by looking at the selling prices for similiar properties in the area, giving the Buyer a powerful negotiating tool.
  • If the Agent is able to discover the reason for selling, any concessions the seller is willing to make, or any information gleaned from conversation with the seller, the agent can now tell you about it.
  • The Agent can give you information about property value trends that may influence your decisions.
In conclusion, a Buyer's Agent isn't necessary. Most homes, in fact, are sold by a seller's agent. However, it may be possible to get a better deal and more thoroughly protect your interests by hiring a buyer's agent. If it is something that's right for you, don't hesitate to use one.