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Mita, Home Buyer in Michigan

We are looking at a house that is agent owned. Should we represent ourselves or get a buyer's agent?

Asked by Mita, Michigan Wed Oct 3, 2007

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Hi Mita:

I would definitely get a buyers agent. You will be dealing with an agent who is selling his/her own house and his loyalty will, by far, to hmself and I won't blame him for wanting that. He will not be watching out for your best interest when he is trying to negotiate for best terms and conditions for his house.

Get a Reator will help you- the seller pays commission to the buyers agent, not you. This will be a win, win situation.

Sylvia



If you feel you need to negotiate, how are you going to do that through the agent/seller?
2 votes Thank Flag Link Wed Oct 3, 2007
Sylvia Barry,…, Real Estate Pro in Novato, CA
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Wow Mita: It's a resounding YES! This in no way reflects poorly on the agent/owner; it just makes sure the playing ground is level. If I were an agent/owner, I would want and encourage you to get your own agent.

It helps me just as much as it helps you - I would have to bend over backwards just to make sure I didn't slight you - it's much better to have someone in the know counsel and guide you.

Much luck on a successful transaction!
2 votes Thank Flag Link Thu Oct 4, 2007
Get a buyer's agent! It will cost you nothing and the listing agent/owner, as an agent herself, should certainly understand your desire to have your interests protected. Believe me, the seller will be protecting her interests; this is her field, after all. Do the same.
2 votes Thank Flag Link Wed Oct 3, 2007
Patti Pereyra, Real Estate Pro in Chicago, IL
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Mita - If the agent has th eproperty 'listed' then there will be commission for your Buyers Agent. IF not then it can be negotiated for either/or the both of you to participate in the commission paid to the Buyers Agent.

Should you get a Buyers Agent? - ABSOLUTELY - WHY? - Because the seller (agent owned or NOT) does not and cannot represent you via this fiduciary protection.

A Buyers Agent gets paid by the seller (or negotiated by them with seller and buyer possible participation) and you GET REPRESENTED - so YOUR interests are covered by that Buyers Agent - Get one!...Hope this helps...
1 vote Thank Flag Link Thu Oct 4, 2007
Do not get a buyer's agent if you know the market and our comfortable with negotiation. You should be able to get the seller to reduce the price by the amount the seller saves on not having to pay a buyer's agent 2-3%. This can mean a huge savings to the buyer. I have purchased all of my homes this way and saved thouisands.
0 votes Thank Flag Link Sun Oct 7, 2007
Get you a Buyer's Agent! You have everything to gain and nothing to lose.
0 votes Thank Flag Link Sun Oct 7, 2007
In Michigan you should have a buyers agent to represent you.
A sellers agent is required to look out for the best interest of the seller (highest sales price, etc..)
A buyers agent must look out for your best interest (best price, terms, etc... for you)
0 votes Thank Flag Link Sun Oct 7, 2007
The 2-3% commission the buyers agent wants comes from somewhere, don't fool yourself by thinking it's free it's not. If the seller is an agent he/she can keep the realtor company he/she works for outside the transaction. You should be able to keep most of that amount, but expect the seller to want something for taking on more responsibility.

I would only recommend this if you are 99.99% certain about what you are buying and also confident that having an agent would not help you get a better price.

I have done this myself.
0 votes Thank Flag Link Wed Oct 3, 2007
By all means please get an agent to represent you. The seller will be paying for the cost and it is important you have equal representation. Good luck.
Web Reference: http://pamwinterbauer.com
0 votes Thank Flag Link Wed Oct 3, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
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A buyers agent cost you nothing. The seller pays all commissions. A Realtor knows tons more than you.
0 votes Thank Flag Link Wed Oct 3, 2007
Get a buyers agent...you have nothing to lose and everything to gain. Give yourself time to plan a strategy of:
1) Price of property
2) Comparables that sold in the last 6 months.
3) Deficiences in the property
4) What is your lifestyle and how does this fit in to this house

Take the answers to these pointers to a possible buyers agent. If the person listens to your answers, then you may have the agent to help you.
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Wed Oct 3, 2007
Get an agent who will represent YOU
0 votes Thank Flag Link Wed Oct 3, 2007
I would hope that the owner agent would want you to get representation. The liability for the agent would not be worth it. I am trying to sell my home and will not represent buyer.
Web Reference: http://carriecrowell.com
0 votes Thank Flag Link Wed Oct 3, 2007
Yes, definitely get a buyer's agent. You wouldn't ask the wolf to guard the sheep would you? I am not saying that the agent owner is a wolf, but she is most certainly not likely to represent your best interest even assuming that she has best intentions. I always recommend that a buyers get their own agent to avoid even the appearance of inpropriety.
Web Reference: http://www.go2kw.com
0 votes Thank Flag Link Wed Oct 3, 2007
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
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