Home Buying in Detroit>Question Details

Ms J, Home Buyer in Detroit, MI

I am buying a house short sale and I don't have an agent, I am using the listing agent. Is it advised that I get my own agent?

Asked by Ms J, Detroit, MI Mon Oct 5, 2009

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The listing agent is representing the seller and their fiduciary duty is to that seller. They are obligated to be honest, treat you fairly and disclose any information regarding the condition of the home. They are not required to hold anything you tell them in confidence which might jeopardize your position. A buyer's agent is there to represent you during negotiations and to coordinate things such as inspections, appraisals and walk-throughs.

Since this is probably the single largest financial transaction you will make in your lifetime, you should ask yourself if you are comfortable entering into such a transaction unrepresented.

Many people feel that they can save on the commission by dealing directly with the listing agent. However, the listing agent has negotiated with the Seller for the amount of commisson that will be paid to get the home sold. They then agree to share a portion of that commission with a buyer's agent. They are under no obligation to reduce that commission should there be no buyer's agent. So in essense, you may not get a better deal, you will be unrepresented and the listing agent is still entitled to the full commission from the seller and since the listing agent is now doing double duty, they do not have a strong incentive to reduce their commission so that you get a better price on the home.

Keep in mind, that a buyer's agent gets paid their commission from the seller. So there is really no reason for you not to have your own representation.
1 vote Thank Flag Link Mon Oct 5, 2009
You get it, the answer is YES! If you have already entered into a contract you could ask the broker to assign you another agent as your respresentation. Fortunately you are dealing with the bank, so there is not as much negotiating that goes on with a traditional purchase. Good luck
0 votes Thank Flag Link Wed Oct 7, 2009
YES!!!

I highly recommend you partner with a Realtor and create a buying strategy and narrow your search which will save you time and money.

I have some great contacts in that area, please contact me via email or phone ASAP if you would like names.

Sincerely,

Chris Capps, Realtor
Residential Real Estate Specialist

cell 804.896.6945
office 804.740.1644 ext. 103
fax 804.545.7224
email chriscapps@oakstoneproperties.com
web http://www.chriscapps.com

It's Time to Expect More From Your Realtor

Licensed in Virginia, with contacts across the country
Web Reference: http://www.chriscapps.com
0 votes Thank Flag Link Wed Oct 7, 2009
At this point, even if you wanted to get your own agent, it's likely too late. You've already seen the home, made, negotiated and accepted an offer with one, so they're entitled to get compensated for working with you.
0 votes Thank Flag Link Mon Oct 5, 2009
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