Home Buying in Elizaville>Question Details

Sy, Home Buyer in 10022

What is the difference between a buyer's broker & a seller's broker & the listing broker?

Asked by Sy, 10022 Mon Aug 16, 2010

As a buyer, what will specific information will be provided by a buyers broker that can not be gotten from a sellers broker?

If we signed a sellers broker agreement with someone, can it be changed so that person is now a buyers broker and what would the advantage to do for us a buyer?

Is there any disadvantage/ reason why a broker would prefer to be a sellers broker and NOT a buyers broker

Help the community by answering this question:

Answers

6
BEST ANSWER
A buyer's agent represents the buyer.

A seller's agent (or listing agent) represents the seller.

YOU ASK
As a buyer, what will specific information will be provided by a buyers broker that can not be gotten from a sellers broker?
ANSWER
Lots of strategy and advice. Basically, that agent's best efforts to acquire the property at the right combination of best terms and lowest price.

YOU ASK
If we signed a sellers broker agreement with someone, can it be changed so that person is now a buyers broker and what would the advantage to do for us a buyer?
ANSWER
If the agent agrees. However, keep in mind that you can have one agent representing you on the sale of your current home and another agent representing you on the purchase of your new home. Or you can have the same agent representing you both as you sell your current home and as you buy your new home. There are advantages and disadvantages to both. That's something you should discuss with your agent.

The one point to stress is that you need your own agent. It can be one agent, representing you both on the selling side and on the buying side. Or it can be two agents. But you need your own. Do not rely on the agent representing the other party to the transaction.

YOU ASK
Is there any disadvantage/ reason why a broker would prefer to be a sellers broker and NOT a buyers broker
ANSWER
Yes. Some agents prefer to represent sellers. Others prefer to represent buyers. Many are perfectly comfortable doing both. But, for instance, some agents don't like representing buyers because they end up spending hours and hours driving potential buyers around. It's very time-consuming. On the other hand, some agents don't like representing sellers because sellers can be very difficult--insisting on unreasonably high prices for their homes, for instance. Or not taking advice about cleaning and staging their home, or doing necessary repairs. Like I say, a lot of agents are quite happy doing either, and there's no right or wrong answer. What you have to do is talk to an agent you're considering and try to find out what they're most comfortable with, so you and they match up.

Hope that helps.
1 vote Thank Flag Link Mon Aug 16, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
A buyer's broker represent the buyer. This means that such a person can help you with your negotiations. For example, provide a market analysis to make sure you are not over paying for the property. Take into consideration trends in the market place such as short sales and foreclosures and other things that could have an effect on value in the future. The buyer's broker will help you to be realistic with your purchase for example reminding you of the need to keep resale in mind, because you would not want to get stuck with a property that would be hard to unload. How is this different than a seller's agent? the seller;s agent is concern with the property he or she is representing and not your particular needs or investment.


http://www.midhudsonhomevalue.com
0 votes Thank Flag Link Mon Aug 16, 2010
Real Estate terminology can often be confusing... sometimes even Realtors are confused.

Listing agent / broker = the agent or broker who represents the seller, and the property being sold.
Buyer's agent / broker - the agent or broker who represents the buyer... and NOT the seller or property.

Seller's agent (a confusing name.... ) when Realtors talk amongst themselves, we refer to the listing agent and the selling agent. So the seller's agent 'might' refer to the agent representing the buyer (I know, I know... don't get me started)... but to most NON-Realtors... the "seller's agent" means the person representing the seller... or the property being sold.

to answer the question that I think you're trying to ask... yes, there are may reasons and potential disadvantages for a buyer, if trying to buy a property by using the same agent who represents the seller and the property for sale. Search Trulia (or Google) for the term "dual agency"... there has been MUCH written on the subject... much to digest.
0 votes Thank Flag Link Mon Aug 16, 2010
Alan May, Real Estate Pro in 60201
MVP'08
Contact
Stay away from a sellers broker if your buying
because in NY they have to represent the the seller
not you the buyer.
I am a Accredited Buyers Rep.
My responsibility is to help you through the entire
buying process.
From setting up appointments,showing houses, pointing out any problems with the house,
putting in offers, negotiating final price, get you financing,attorney's and take you to the closing.
give me a call 518-788-5047
Lenny Brown
0 votes Thank Flag Link Mon Aug 16, 2010
Sy,

The listing broker almost always represents the seller, although there is "dual agency" where the listing broker is "neutral" providing representation to both buyer and seller, while maintaining confidentiality to both parties.

A seller's agent represents the seller's best interests, although that does not mean you can not have a successful transaction with a seller's agent. All realtors are held to a code of ethics and can not knowingly mislead a buyer.

In general, if you are a buyer, you are best served by having a buyer's agent who looks out for your best interests.

I live in Columbia County and have a New York State broker's license. I have 8 years of experience acting as a buyer's agent.

All the best,

Tom Lynch
Associate Broker, Berkshire Property Agents
Great Barrington, Massachusetts 01230
(518) 828-1158
0 votes Thank Flag Link Mon Aug 16, 2010
Sellers' Brokers are currently frowned upon...it puts the liability on the seller should the agent provide improper information that a purchase might be based upon.

Typically there are buyer agents and broker's agents.

If you are buying, definitely get a Realtor to represent YOUR interests...they will provide information a broker's agent will not provide. They will have a fiduciary responsibility to you and not to the seller.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Mon Aug 16, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer