Home Buying in 25701>Question Details

kthpkns, Home Buyer in Milton, WV

Explanation of/need for a "buyer's agent?"

Asked by kthpkns, Milton, WV Thu May 9, 2013

I'm a first-time homebuyer who has been pre-approved for a USDA loan. I have found several qualifying homes in which I am potentially interested. Should I just schedule appointments to view the homes? Or should I first go to a realtor or buyer's agent and take them along for the ride? Will I be responsible for paying the buyer's agent if I do get one? Or is it okay to just go through the listing agent? I really have no idea what I'm doing...

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5
I would recommend that you go online and research agents you are interested in.
1 vote Thank Flag Link Fri Jun 6, 2014
Typically, you will not pay for the service of having a buyer agency, however, make sure you read the contract thoroughly. There are some that do charge a fee. Also, it is very common to include a buyer agent's fee in the event the buyer decides to purchase a "For Sale By Owner" in the event the seller refuses to pay the agent. This is a rare occurrence, but it does happen.
0 votes Thank Flag Link Fri May 10, 2013
Having a buyers agent is important because that agent represents you & looks out for your best interest. The listing agent will represent the seller first. The seller pays commission not the buyer - call me, ill be happy to represent you
0 votes Thank Flag Link Fri May 10, 2013
Hi, It's always a good idea to have your own agent representing you and your best interest. The listing agent of a property represents the seller and their best interest, always. Anything you say can and will mostly likely be used against you in a negotiation. There is no possible way to represent two opposing parties and truly have their best interest in mind. Typically the seller of the property will pay the listing agent a commission which they then split with your broker. If the property is a for sale by owner or not listed in the MLS the buyer could be responsible to pay their buyers agent a commission. All of this will be disclosed and agreed upon in the very beginning so you will know where you stand up front.

Good luck!

Chris
0 votes Thank Flag Link Fri May 10, 2013
Okay, lets see if I can help you here. If you are going to be making an offer in a home that is listed with a real estate agent, then the offer has to go through an agent whether you use the listing agent or your own. So, it is usually in your best interest to use your own agent. That way the listing agent isn't torn between two "conflicting" clients on the same property.

The good side here is that your agent will be paid through the seller's commission. If the seller will pay 7% commission, then the buyer's agent will get 3.5% of that. But, in some rare cases, buyer agents will attempt to get the buyer to pay the commission - don't go that route. Whoever you chose to be your agent may ask you to sign an agreement saying they are representing you - that is okay. Just make sure that the agreement says they will get paid through the listing agent's commission.

Happy shopping!
0 votes Thank Flag Link Fri May 10, 2013
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