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Why is using the services of the “right” agent that important? Given that buying or building a home is probably the single largest purchase you will ever make in your lifetime, you need to give yourself every advantage possible! That’s why.
Home buyers can work with agents who represent the seller (listing agents), agents who represent the buyer (buyer agents) or agents who try to represent both the seller and the buyer (dual or designated agents, transaction brokers or facilitators are several names used to describe this type of service). Agents who represent the seller, by law, must look out for the seller’s best interest and work to get the highest price and best terms for the seller. Agents who attempt to work for both buyer and seller must remain neutral. They can’t give you any information which could be detrimental to the seller or hurt the seller’s negotiation position.
Seek out and use the services of a true “buyer agent”, someone devoted to protecting your interests fully throughout the entire process. But, beware of the buyer agent who takes listings and/or works for a large real estate company. They may already represent all the sellers who have their homes listed for sale with that company. If you are interested in purchasing one of the homes the company has listed, the agent you are working with may no longer be able to fully represent your best interests. The law may require them to change the status of their relationship with you to one that provides less protection and perhaps no protection for you if you continue to work with that person on a purchase of that particular home. If you are going to work with such a buyer agent, work with one who is with a real estate company that doesn’t have a high percentage of the listings in the area you are considering buying in to reduce the potential of your wanting a home listed with that company.
The good news is, there are home buying specialists available throughout the country who are devoted to looking out for the best interests of home buyers. They are called “true buyer agents”. A “true buyer agent” will guarantee to work in a buyer’s best interest. If they have a conflict on a property that you are interested in they will notify you in a timely manner and remove themselves from the transaction and refer you to someone else if you so desire. They will not revert to a dual or designated agency position which would compromise their legal ability to represent you unless you give your informed consent. A “true buyer agent” should be your first choice. They tend to be more attuned to home buyers needs and better trained and more experienced in protecting buyers best interests and in saving home buyers money, time and aggravation. Seek out the services of a “true buyer agent” and you are already half way home.
How do you find your best agent? Ask good questions and interview more than one agent before choosing to work with just one. Here are 20 questions to ask prospective agents to help you buy a home. The questions are also available in printable work sheets (see the panel to the left). If you are considering a purchase of property anywhere in the greater Albany, NY - capital region I would like the opportunity to be of service to you personally. If you are considering a purchase out of my area of service we can help you find qualified buyer agents in other parts of the country. Best Agents
#1) Do you, or the Company you are with, take listings or represent sellers? Nearly all companies and agents take listings and represent sellers. The larger the company and more dominate it is in a particular marketplace the higher the risk and greater the chance that you may end up interested in one of the “in-house” listings. Your position could be compromised if you decide to continue a purchase of such a listing through any agent with that company as they all represent every seller who has their home listed with that company. The law may require that agent to compromise or reduce their representation of you in the transaction. If you are using the services of an agent who doesn’t specialize with listings or who is with a smaller company, such a conflict is diminished greatly and they are in a better position to fully represent you on most property you might be interested in. Look for agents and companies who guarantee to look out for your best interest and who are in a better position of not having to limit their representation of you later by becoming a dual or designated agent. If you do accept dual or designated agency, make sure you fully understand it and give your informed consent. (Continue)
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