Home Buying in Glastonbury>Question Details

MRTCPA, Home Buyer in Connecticut

If I have identified a home that I am interesed in purchasing and a price that I am comfortable with,

Asked by MRTCPA, Connecticut Thu Feb 19, 2009

what are the benefits of a buyer's agent?

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MRT,

This question by you in minutes behind your last one of "am interested in contacting the listing agent on a home" are similar in scope. I'll pose some food for thought for you this way:

- A Seller's Agent owes 100% fiduciary responsibility to his selling client.
- Yes, sometimes someone (like you) comes along and requests the selling agent also represent them. Complete fiducialry responsibility is owed them as well.
- With written consent by both parties, an agent is certainly allowed to be on both sides of the transaction. Colleagues here have mentioned Dual Agency and hopefully you understand it well.
- Your thought process perhaps may be on saving a percent or so if you use the same agent the seller is using. That should not be the driving force.
- While that is perhaps possible, the Dual Agent is then put into a position of doing the best they can for both the Seller and the Buyer.
- Personally, I like to step away from a dual side by asking a co-agent to step into my shoes to represent one side in order to maximize the benefit to both parties. But, we all operate in different fashions. You have to do what is comfortable.

I'll sum up my own read on all this with:

... a very good agent, particularly with savvy negotiation skills, can help a client on the sales side of their home by as much as gaining 10% more than an average agent, and on the purchase of a home in saving them as much as 10% more than working with an average agent.

Recommendation?
You've certainly heard all the benefits here by my good colleagues in what a Buyer's Agent will do for you.
Interview a couple and choose someone. You picked out the special house you love. Now pick out an agent, other than the Seller's Agent, who will roll up their sleeves for you and work extremely hard to negotiate the best transaction for you and see you through the myriad of issues that also need to be done to consumate the buy for you.

I'll throw my hat in the ring, but also venture out in a Macy's kind of way and say others here answering your several questions are quite good, and a special recommendation for considering Britt. (I'm sure she'll return the favor some day of my passing on some accolades back my way. Won't ya?) Ha!

Good luck. I would be great if you came back after you have a completed deal and let us know the outcome of what you purchased, who you used, and why the choice.

Ralph
Web Reference: http://www.RalphOvalle.com
1 vote Thank Flag Link Thu Feb 19, 2009
Your own buyer's agent will:
- research the home for you (town records)
- research comparable properties (what has sold, what is selling) and if the price you're paying is reasonable
- will attend the inspection with you and help you to negotiate repair items
- bring to your attention defects in the property but also point out the benefits
- refer you to competent contractors and other service providers
- manage the purchase for you by making sure everything is done on time and will guide the process along
- attend the closing with you to make sure everything goes smoothly
- be there after the sale to make sure everything is to your satisfaction

The listing agent's job is to get the house sold for the most amount of money so they aren't going to do anything to help you get a better deal.

Yes, a buyers agent is technically free because you don't pay for their service out of pocket. But the agent commission is a factor in the sales price so ultimately, a buyer does pay.

There really is no reason not to hire your own agent - why pay for a service that you don't get.
0 votes Thank Flag Link Thu Feb 19, 2009
One of the best benefits of having a buyers agent is you actually get to say things like " I'll have my people call your people" .
0 votes Thank Flag Link Thu Feb 19, 2009
http://www.prudentialct.com/buying_resources.asp

This is the link to the buyers resource page. It might be helpful to you.

Amanda
860-916-2744
0 votes Thank Flag Link Thu Feb 19, 2009
I have saved hundreds of thousands of dollars for my buyer clients over the years. That is the benefit!!
Web Reference: http://www.carlguild.com
0 votes Thank Flag Link Thu Feb 19, 2009
Your agent will play an important role in helping you, the buyer, find and get into your dream home. Many agents hold themselves out to be "Buyer's Agents" but they may not be. Here, you will find some tips and information on how to tell whether your agent is really right for you.

A good agent will be clear. This means you will know clearly and concisely what services he/she will be providing you, what his/her relationship is to you and he/she will be getting paid.

A good agent is unbiased. This means that you will never feel pressured into approving or disapproving any one specific property you are shown, especially because it may affect your agent's compensation.

A good agent is meticulous. This means that your agent will spend time and effort determining a fair and reasonable price on the property you are considering. Your agent should review comparable sales in light of inventory levels and the economic environment as well as considering your individual property's attributes. This also means that all your documents (whether being submitted or received by you) will be proofread and reviewed to insure against errors and omissions.

A good agent is a good negotiator. This means that you will not feel alone and abandoned when it comes time to negotiate with the seller and his/her agent.

And finally, a good agent uses his/her resources. This means that your agent, who is more knowledgeable about the real estate industry than you are, will use his/her resources to help you get the best value in home inspectors, appraisers, repairmen, decorators or any other "expert" advice and opinions you may need.
0 votes Thank Flag Link Thu Feb 19, 2009
An experienced buyers agent will take you through the entire process from finding a house through the negotiation process to closing in a seamless fashion. They will answer all your questions, quide you, deal with your home inspectors, mortgage lender and attorney in a professional manner bringing you to the closing table in a timely fashion.

Amanda
860-916-2744
Amanda.prudentialct.com Click on buyers - then the process.
0 votes Thank Flag Link Thu Feb 19, 2009
There is no benefit NOT to having a buyer's agent. The full commission will be paid out regardless--if you work directly with a seller's agent, he/she will get both sides of the commission. A buyer agent has your best interests in mind and educates and guides you through the process, which is a tricky one! I was born and raised in Glastonbury and would be happy to answer any further questions you have. bmiglietta@prudentialct.com
Web Reference: http://www.teamMIG.com
0 votes Thank Flag Link Thu Feb 19, 2009
As the other answers touch on, the primary advantage is that he/she is your advocate. And remember: There's a lot more to buying a house than price. There are various terms and conditions. There can be lots of hidden "gotchas." There's a lot of behind-the-scenes activity. A lot of issues can come up--the home inspection, the pest/termite inspection, the review of the condo or HOA documents--that can negatively affect you. You need someone on your side as your advocate and watchdog.

Hope that helps.
0 votes Thank Flag Link Thu Feb 19, 2009
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Oh yes....and they are FREE! The BEST part! They also have access to all the properties for sale in CT that are listed with other Brokers. :) !
0 votes Thank Flag Link Thu Feb 19, 2009
They are an advocate for YOU and ONLY YOU. They educate you and guide you in the right direction They will do the rescearch to make sure your making the right offer and not over paying for a property. They will negotate on your behalf, terms that are acceptable to YOU when you both are sitting down to write an offer.

Once the contract is accepted, they will facilitate the transaction, making sure things run smoothly and help you iron out bumps along the way.

Make sure you interview at least 3 Realtors before you pick one, to be sure they are going to treat you fairly and provide due diligence through out the whole transaction.

Any questions, I am here! :)
0 votes Thank Flag Link Thu Feb 19, 2009
The benefit of a buyers agent is that you get their expertise and experience for FREE. You may be comfortable with the price of the house you are looking at but a buyers agent will know if the price is reasonable or if there is something better that is available for you. Remember, the buyer does not pay a commission, the seller pays the comission. The sellers agent will gladly sell you the house even if he or she knows of a better deal since they work for the seller. Get yourself a buyers agent. The also have access to the MLS system You don't. It won't cost you anything. -Steve
0 votes Thank Flag Link Thu Feb 19, 2009
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