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We are ready to purchase our new home in Dallas. We did the homework and narrowed our listing to 5 houses and got the MLS report from agents we contacted earlier. So now we are debating if it is nessesary to hire a buyer's agent. A friend who's also a realtor told us that a good buyer's agent will do research on the current market, point out downsides of a house and be a strong negotiator. However, just maybe my opinion, I doubt an agent will tell the whole truth of a house because if he does so buyer will offer lower price which makes it harder for him to negotiate. It seems to me that a buyer's agent is only making effort to close the deal. The higher price of final sale the higher commission for him.
Should I contact seller's agent directly or get myself a buyer's agent? Any suggestions would be greatly appreciated
Keep in mind the sellers agent 100% represents the seller and works 100% in their best interest, not yours.
Do you know the TX contracts, who pays for what and can handle the Inspection and it's negotiating repairs ? Do you know good builders from bad and what happens if you find foundation issues ? What is the customary "Option Period" and how much does that cost ?
These are just a few of the issues and questions to be answered. If you know all this you can handle yourself, if not get an agent. If you get an agent get a great one, interview several and see how much experience they have.
Did I mention it costs you ZERO $$ to get a buyers agent to work for you ?
So, whatta think ? Can you do it all yourself, generate a contract and protect your interests ?
Of course I'm an agent so I see the good bad and ugly of dealing with houses and other agents so I'll be a little slanted on an opinion.
BTW, a good agent does not need to "Research the Market". An agent who does a lot of business, lives, breathes the market and can tell you where it's at today. It's all very, very local. One area is always different than another and demand varies monthly and seasonally.
I'm not an agent nor even in the business and I agree that you can hire a buyer's agent and it won't cost you a cent, but could save you thousands. You need someone on your side. It's that important.
I have bought and sold many houses. I don't believe you save a single peso by not using a buyer's agent, and they are often much more effective in getting to the answers when obstacles fall in the roadway of the closing process. I have never had a buyer's agent that I felt was really, really working for me but at least you have someone in the mix pushing your contract thru to closing. And, as already said, you won't save money by NOT having a RE agent representing you. Using the same agent who has the house listed is a bad idea. That agent will absolutely NEVER offer to show you other similar properties and at least you stand a chance with a buyer's agent of getting one with the integrity to advise you of comps to consider for your viewing or offer considerations.
Yes, sort of..... The Seller pays his RE Company who then offers a % of that money in the MLS to a buyers agent to bring a good buyer. If there is no BA then the Listing Broker earns the whole %.
A good listing agent actually wants a Buyer represented by a GOOD agent. It just makes the whole transaction go better for all the parties with less risk of it not working out.
IMO, As a Sellers agent I'd rather deal with a represented buyer than a non represented buyer.
Most sellers will not reduce the price to reflect your not having a buyer's agent b/c their agent has to do the work of two and they should be compensated for it. I am a buyer and I think a buyer without an agent is like a lawyer who acts for himself - they both have a fool for a client. No one outside the "business" can keep up with all the requirements, which can change; it's a full-time job to do that. You would be doing it in your off hours.
In my recent viewing of houses with my buyer's agent, she pointed out some things which I had not noticed and told me a new piece of info - and I bought my first house in 1963. This will be my 5th house and I would sooner shoot myself in the foot than try to do it without a buyer's agent.
We are ready to purchase our new home in Dallas. We did the homework and narrowed our listing to 5 houses and got the MLS report from agents we contacted earlier. So now we are debating if it is nessesary to hire a buyer's agent. A friend who's also a realtor told us that a good buyer's agent will do research on the current market, point out downsides of a house and be a strong negotiator. However, just maybe my opinion, I doubt an agent will tell the whole truth of a house because if he does so buyer will offer lower price which makes it harder for him to negotiate. It seems to me that a buyer's agent is only making effort to close the deal. The higher price of final sale the higher commission for him.
Should I contact seller's agent directly or get myself a buyer's agent? Any suggestions would be greatly appreciated
Disclaimer: I'm not and never was a real estate agent. I just worked with a good one to find my house.
I would find an agent. Try to get some recommendations from co-workers or friends.
I get why you would feel that there is a bit of a conflict of interest if the buyer's agent is only paid upon a completed transaction, but a good agent doesn't try to railroad you in the first and most expensive house he or she can find. I'd also say the agent doesn't benefit from trying to hide things about the house--many will come out during the inspection or any subsequent follow-up. Others will be plainly apparent, like if the house is under the final approach for Love Field, or is next to a highway. A good agent will point things like this out or won't even show you homes like that. My agent was very candid about the pluses and minuses of houses we saw.
I also can see why you would think an agent isn't that useful at the outset. In the beginning, it really is more about researching and visiting homes and areas, and with the internet, it is easier for a layman to do that, though a good agent will pre-view homes for you, because it is very, very easy to misrepresent a home on the internet and have your time wasted with a pointless visit (for example, and this is somewhat peculiar to Lakewood, many supposed "3BRs" are really 2BRs with a converted attic. But you won't know that til you go look at the house). I know that when my wife and I looked on our own, we saw more than a few houses that just plain sucked, and I spent a lot of time trying to find really good ones. To me, the need for the agent really comes in when you're ready to make an offer, and afterward, when you need to go through the disclosures, negotiate the offer, do an inspection, or maybe a follow-up inspection, etc.
Also, contrary to what you might expect, you don't pay the buyer's agent... Really, the seller does.
Finally... how do you plan to get comps (not listings, but actual sale prices)? In Texas, you can't just go and get them on Redfin...
I think if you are comfortable with the process, and know the area and pricing, you can get a discount by acting on your own. I purchased my home with no agent, I negotiated for a 2.5% credit for closing and mortgage fees. I was able to buy down my rate by almost a point using those funds. Everyone says you don't pay for the buyers agent, you just don't pay them directly.
Ive heard the term buyer's agent, but how does that differ from a real estate agent, if any?
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