June 24th, 2007 by George

I’m looking to buy a home. I can go to realtor.com, look at the listings available in my area of interest, find a home I like, and request a showing.

But, who will be showing me the house? The answer is… the seller’s agent.

This is where a potential conflict of interest can occur. The seller’s agent has a fiduciary obligation to the seller and is required to look after their best interests. This is where the conflict of interest can arise. If the seller’s agent is obligated to the seller, who is looking after your interests? Sure there are roles, termed dual agency, for example, that can be put into place, but is the best manner of approach?

Why not hire someone who will look after you and your interests in a potential transaction? By hiring a buyer’s agent, you have someone who as the same fiduciary obligation to you and is required to do what is best for you, exclusively.

What are the benefits of hiring a buyer’s agent if you are looking to purchase a home?

1. The buyer’s agent is paid by the seller. That’s right, you get someone who is experienced, ethically bound, and is working for you, yet you don’t have to pay them anything. The seller is contracted to pay a commision (e.g. 6%), which will be split by the seller’s agent and the buyer’s agent.
2. The buyer’s agent is experienced in the home buying process. That means, when you have questions, (What are the HOA dues?, What am I financially obligated to at closing?, What is an ARM?) you have a direct pipeline to those with the answers.
3. The buyer’s agent works for YOU! Therefore, let them do what they know best, for you. No need to get swamped in a mountain of paperwork, frustrated with learning the system, or putting your trust in people who may not have your best interest at stake. A signed contract will make this enforceable, and if you are unhappy with their performance at the end of the contract, you can either go with another agent, or work alone.
4. The buyer’s agent has access to all homes for sale. They know your likes and dislikes, which can save you time in weeding out certain homes that don’t fit your criteria.

The buyer’s agent is experienced, paid by someone else, and works for you. Why not use their knowledge in the home buying process?

You can find some additional information on the dontrenew.com website here

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