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Mary Beth Mo…, Real Estate Pro in Wellesley, MA

I have a Question for buyers. Do you feel that you can get a better deal on a home if you are not represented by a buyers agent?

Asked by Mary Beth Mosher Grimm, Wellesley, MA Fri Apr 27, 2012

I will come back with my opinion.

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Answers

7
Betsy Hargreaves’ answer
I always feel that by getting another source of input and experience you are protecting your own interests. There might be the smallest piece of information that can sway your decision.
0 votes Thank Flag Link Wed Jul 17, 2013
BEST ANSWER
No I don't think you can. The commission with the listing agent has already been negotiated with the seller and listing agent. All you would do is put extra $$ in the listing agents pocket. They might give a tiny bit back to you as an incentive but that's small compared to the rights & obligations you'd be passing up by not having a buyers agent working for you.
0 votes Thank Flag Link Fri Apr 27, 2012
Here are reasons why it pays to work with a real estate agent...
1.You’ll have an expert to guide you through the process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.

2.Get objective information and opinions. Real estate agents can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

3.Find the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

4.Benefit from their negotiating experience. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5.Property marketing power. Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a real estate agent, you do not have to allow strangers into your home. Your agent will generally prescreen and accompany qualified prospects through your property.

6.Real estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.

7.Real estate agents have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. Real estate agents, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.

8.Buying and selling is emotional. A home often symbolizes family, rest, and security — it’s not just four walls and a roof. Because of this, home buying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.
1 vote Thank Flag Link Fri Apr 27, 2012
Yes, respectfully, I do think you will more likely get a better deal or at least get your offer more attention because the listing broker will keep more of the $, and will be more prone to take your offer or field your offer than if they have to split it. Its against the law, but people tend to do what is best for them financially. The concept that the buyers broker helps you save money isn't necessarily true for people who do their homework, a buyers broker also wants to make some $ and the more time they spend with you, the lower the amount they make relative to the time they spend. If I like a property and have a buyers broker, they may be more inclined to get one to settle in on something and move to the next deal. If you're clueless, you should absolutely have a professional involved, but in the age of the internet, it's easy to do your homework. I don't think there's enough value add to justify the % of the total a broker makes- but that's a separate issue. Bottom line is that you do better by making your offer directly once you've pulled comps of recently sold houses and researched the neighborhood vs. your benchmarks/needs.
0 votes Thank Flag Link Sun Jun 10, 2012
All really good points. Scott 's point is where I was coming from. Buyers think they get a better deal if they have no agent for the seller to pay. Reality is, the contract between seller and his agent is all ready negotiated when their contract is signed. I wish buyers would read this . THey need to realize that for their big purchase, they should always have an agent to represent them. thanks mb
0 votes Thank Flag Link Mon Apr 30, 2012
I can tell you that I have dealt with some buyers that will answer that question with a resounding yes. Even after explaining the benefits of working with a buyer's agent and that it would cost them nothing.
Sometimes a little knowledge (or the thought that you have it) could be a dangerous thing, especially now with the internet.
A buyer was asked the same question you ask here said that he went directly to the listing agent because he (the listing agent) did not have to split his commission (he knew this much about how we cooperate with each other) and this will get him a better deal and position on the negotiations even knowing that that listing agent was working for the seller. A lot of us do our best to educate the consumer and some will listen and some will not bu tin my experience they will be much better off being represented.
Web Reference: http://www.wenrealty.com
0 votes Thank Flag Link Sat Apr 28, 2012
Nice commentary Fred.... It will be interesting what buyers think.

I see a lot of problems where buyers do not understand "agency" thinking the listing agent works for them, where in fact their job is to sell you the home for the most amount of money, the seller is their client and the sellers best interest is represented by the listing agent.
0 votes Thank Flag Link Fri Apr 27, 2012
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