Home Buying in Lakewood>Question Details

Yaniv Waknin, Real Estate Pro in Jackson, NJ

What the benefit of using buyer agent?

Asked by Yaniv Waknin, Jackson, NJ Thu Jul 18, 2013

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My NC Homes Team’s answer
You'll save time and money and it shouldn't cost you anything. You're essentially hiring an expert who will analyze values more effectively than you can on your own, and whose job it is to advocate solely on your behalf. I have attached a link below that goes into much greater detail about the advantages as well as how to find a great buyer broker regardless of where you're buying property. Their not all the same, as in any industry 20% do 80% of the business and the other 80% aren't worth working with. Why settle for anything but the best?
0 votes Thank Flag Link Fri Jul 19, 2013
So Chad - "A buyer's agent works in the best interest of the buyer, increases the chances of winning a bid"

How so? What do you do that increases your chances to "win the bid" how is what you do different then say if the listing agent or a dual agent presented an offer? Is there a cape involved? Is the seller overwhelmed and impressed? Is the money different?

The rest of it.. is common..we all do these things as a buyer’s agent -or- as a dual agent.

HHmm... wouldn’t the listing agent have a better handle on the "current market" in the area since they lasted the house and would have to have done their due diligence on the property?

I totally understand the rules of agency backward and forward. But here on the internet people want to get very antsy in the definitions of the roles, when in fact in real life.. The "rules" are there and of course, followed, but really do not factor into transactions very much in reality.

It just bothers me that agents make these claims on how much they do.. when in fact.. it really “ain't so”. People sell themselves as "exclusive buyers agents" and outright lie to people that they WILL get them a house for less money. When it is not true.

Agents use these titles as a hook to get clients. I don’t like that.

Agents in New Jersey could be buyers agents, sellers agents and disclosed dual agents depending on the client and how the any situation presents itself.
1 vote Thank Flag Link Thu Jul 18, 2013
It makes absolutely no difference at all.

In NJ we are all buyers’ agents and sellers agents with the possibility of acting as a dual agent until the designation is made.

A lot of people who deem themselves as “exclusive buyer’s agents” tend to tell their clients that they guarantee will get a home for less than other agents. Baloney. It is just how they bait their hook to entice a prospective buyer into believing something that is not true. Buying a home is not a “fight” it is two people selling and buying something. There is no “fight”

The seller is going to sell his house at the price he will accept in a negotiation with any agent, buyers agent or listing agent. There is no magic that any one agent can proclaim that they will get you a better price for the home. Even acting as a dual agent the agent will "work for you" with the best interest to complete and facilitate the transaction. It happens all the time and there are rarely issues.

Aside from the initial discussion when taking a listing or taking out a buyer and explaining the rules of agency the subject is never approached as my clients come to me for professional service as a buyer agent, listing agent and dual agent. 99.99% of these listings and buyers understand that I act as a buyers or sellers agent with the possibility of acting as a disclosed dual agent. It is explained, understood and agreed to. I have NEVER had a seller list a home and say.. oh John, there is water in the basement, oh John there is a dead body in the attic don't tell anyone.. nonsense. Rather, they usually offer all information to help make the deal run smooth. Sellers want to sell their homes. Buyers have inspections.. things come up, buyers agent, dual agent any agent. There is no "fight"

Again, it makes no difference at all, The key is finding an agent you feel comfortable with, someone that is knowledgeable in selling as well as listing homes. Rely on that knowledge. This is not rocket science and it is not a fight. Find an agent that knows their stuff.

But of course, if you came to me as a buyer.... I would be your "buyer agent" unless you wanted to purchase one of my listings, then we would be in dual agency.
1 vote Thank Flag Link Thu Jul 18, 2013
A good buyers agent will help you find homes that you may not know about because the Realtors may find about homes before they come on the market.

An Experienced agent has been a thru a lot more real estate transaction and can help should any issues arise during a transaction.

Depending on type of purchase can help you with the C of O, appraisal, home inspection, advice on other vendors you may need like movers, insurance , mortgage
Once they know what you are looking for they can preview homes for you and save you the time of going to see them.

Should provide you with the most accurate CMA so that you can make an educated offer.

May be able to negotiate a better deal for you or help you get a hot listing that has multiple bids because a connection they may have with the listing agent or even the seller.

And all this is for free because you do not pay the commission the seller does.
0 votes Thank Flag Link Fri Jul 19, 2013
A good buyers agent will help you find homes that you may not know about because the Realtors may find about homes before they come on the market.

An Experienced agent has been a thru a lot more real estate transaction and can help should any issues arise during a transaction.

Depending on type of purchase can help you with the C of O, appraisal, home inspection, advice on other vendors you may need like movers, insurance , mortgage
Once they know what you are looking for they can preview homes for you and save you the time of going to see them.

Should provide you with the most accurate CMA so that you can make an educated offer.

May be able to negotiate a better deal for you or help you get a hot listing that has multiple bids because a connection they may have with the listing agent or even the seller.

And all this is for free because you do not pay the commission the seller does.
0 votes Thank Flag Link Fri Jul 19, 2013
A buyer's agent works in the best interest of the buyer, increases the chances of winning a bid, and assists with various facets of the transaction. It is incredibly important for a Realtor to know the current market and what is important to the client.

Regards,
Chad Roberts
Broker/Salesperson
Realty One Group
0 votes Thank Flag Link Thu Jul 18, 2013
There are so many benefits to have a buyer's agent. It really is in the buyer's best interest to have representation. A buyer's agent knows exactly what is going on the market better than the buyers does. They are real estate agents that they are in and out of properties all the times.
Negotiations: when you are negotiate the purchase of a home, you are generally negotiating with the listing agent. This listing agent has fiduciary obligation with the seller to secure the best price, conditions and terms.
Lending problems: You need to be able to know what kind of financing you can get on the properties that you are considering to purchase. For example, some loan products will not work with specific complexes for various reasons.
Not hiring a buyer's agent it does not make sense when you are dealing with one of the biggest investment of your life. The savings are not nearly as great as most buyers are thinking.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
0 votes Thank Flag Link Thu Jul 18, 2013
Follow this link to find out real estate agency relationships in NJ

http://activerain.com/blogsview/1196551/buying-a-home-at-the…
0 votes Thank Flag Link Thu Jul 18, 2013
Yaniv, thanks for the question. No benefit if you are able to see all the homes you want, have the time to seek out and evaluate FMV, know the areas and market values of homes in various sectors to negotiate your best deal, have a prequal lender letter or proof of funds letter in hand, completed contract to purchase with applicable disclosures, backup attorney in case a deal goes wrong through negligence/omission, so forth and so on.

After purchasing my first home many years ago before becoming a broker, and without representation, I quickly realized that if I had worked with a competent and experienced real estate agent I could have saved myself hours of fraustration and hardwork. There is far more to it than is realized. Good luck to you!
0 votes Thank Flag Link Thu Jul 18, 2013
The benefit of having a realtor as a buyer well in a transaction there are two sides and two different interests and two different goals.

Goal of a Seller: to sell the home at the highest possible price
Goal of a Buyer: To buy a quality home at the absolute lowest price in the best condition for the dollar and the best terms

Now with that said if you don't have a buyer agent who is the person that will help you to have your interests in this fight. Not just your interest but experienced informed interest to get you the best home at the best dollar. Not to mention that an agent should be able to assist you with the process as well and guide you through it. Much like your accountant would help with taxes or your surgeon would perform surgery. That agent is there to hold your hand and walk you through the entire process. Basically be the navigation system through the journey.

Now if you walk in blind without someone who has your interest you may buy a home that looked okay but didn't get a home inspection because the seller agent said hey we have one of our own and they used a friend instead of a neutral party (Not sure how often it happens) Also that's a knowledgeable party to discuss things out with and help you put your questions or decisions in perspective.

Can I refer you to anyone in the area? We have agents out there who are great with buyers and can assist you along your way.
0 votes Thank Flag Link Thu Jul 18, 2013
A buyers agent will always have your back in the transaction. Will always watch out for your best interest, make sure your negotiations are done fairly and help you through the steps there is to buying a home.

Melissa Silva
201-527-7313
realestate.mel.s@gmail.com
0 votes Thank Flag Link Thu Jul 18, 2013
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