Most home buyers believe they can walk into any open house and if they like it, choose to buy it from the agent listing the home. While this is acceptable and legal, it's not always the best practice. Here are some reasons why having an agent work solely for the buyer is a smart idea.
1. The listing agent works for the seller not the buyer
When a buyer does buy through the listing agent it's hard to determine who that agent is really working for. Because the seller has the upper hand on the agent the buyer's best interest may not be the top priority.
2. A buyers agent can keep all the necessary cards in the buyers hand and not disclose anything that can hurt the sale.
For Example: Say the buyers have been approved for a home loan of $300,000 and have found a home for $290,000 that they really love. But the home has been on the market for some time so they are going to offer $275,000. The buyers agent presents this to the sellers without informing them that they love the home and can actually afford more. If the sellers knew this, they would probably come back with a higher offer knowing they could get it.
This information in no way harms the buyer or seller but is simply a negotiating strategy to help the buyers. Because the buyers agent works solely for the buyer, their confidential financial information is kept close. Now the sellers are not sure how much the buyers can afford and how much they like the property so they may very likely accept the offer as is.
3. Buyers agents cost the buyer NOTHING!
That's right! Using a buyers agent literally costs nothing to the buyer. So how do they get paid? Whichever home the buyers do choose to buy, that seller will split the commission with the listing agent and the buyers agent. So even though the buyers agent is happy to help the buyer find a home, they really only want the buyers best interest in the home and not a particular home they are trying to sell.
There is really no reason not to use a buyers agent. It cost nothing to the buyer, they negotiate on the buyers behalf and handle all the legal jargon and contracts to make sure the transaction is done correctly with the buyers best interest at heart.
Contact us below to find a buyers agent that is right for you! We have agents that specialize in all areas of Island county real estate and Oak Harbor homes.