Is a buyers agent any different than a realestate agent? (incentive, negotiating)

[jakec1313]

My wife and I are looking to build a home (our first home) in a new sub division and we have already talked to a sales agent from the home building company but we didn't try to get the house for any less than they were asking. If I find a buyers agent would they be able to help me get the price of the house lowered and if so how do I find a buyers agent? Are they any different than a realestate agent? PLEASE if you have any info let me know!

[Derek ATX]

Yes, in most cases a buyers agent will enable you to get a better price and make sure you are protected in the process. The sales people that work for the builder are exactly that, they work for the builder and have no responsibility to look out for your interests. At some point in the transaction they will make you sign a document explaining this.

A buyers agent is a real estate agent. The "buyers" part just indicates who they are representing. So, for example, If I was selling a clients home I would be the sellers agent, more commonly referred to as the "listing agent". If I had clients and was showing them around trying to find them a home I would be considered the "buyers agent".

Some might say you don't need a buyers agent to purchase a new home and this is true, however I equate it to going to court without an attorney. I do a lot of work in a new community here in Austin with new homes being completed every day. I have met a lot of potential clients and many of them have bought without using my assistance and many of them have used my assitance. The one thing I can tell you is that more than half of the ones that didn't use my assitance ended up calling me somewhere in the process of their home being built or their transaction asking for my help. Once the deposit is put down I can't do anything, they went into the transaction unrepresented and it has to stay that way. Some worked it out with their builder, some worked it out with attorneys, some lost their deposit and weren't able to buy the home because they went out and bought 10K in furniture a month before their closing and blew their D/I ration and weren't able to get a loan anymore.

Yes some may say I'm bias, but I think that it is better to be protected and pay less money for your home.

Derek

[rmorton]

Originally Posted by jakec1313

My wife and I are looking to build a home (our first home) in a new sub division and we have already talked to a sales agent from the home building company but we didn't try to get the house for any less than they were asking. If I find a buyers agent would they be able to help me get the price of the house lowered and if so how do I find a buyers agent? Are they any different than a realestate agent? PLEASE if you have any info let me know!

A buyers agent is a Real Estate Agent who represents the buyer in a sale of a property. If you already talked to the sales agent in the home center and you did not register as having a Real Estate agent they will probably not let you bring your agent and pay him his commission.(there are exceptions) When looking to purchase a home you should have a buyers agent (a good one) because he (or she) will be working to help you get the best deal. Also they know of many more communities and houses that are available. You can search the internet and look at all the new home books you want , it still takes a personal visit to really see what is out there. Especially now with all the inventory. Pick up a local property magazine in the supermarket or canvass friends . You will be suprised that one of them may alrealdy have a relationship with a realtor. Good Luck.

[jakec1313]

Thank you for the info.

[Silverfall]

I also wanted to throw into this thread that there are also Exclusive Buyer Agents (called EBA's). I am not one, but an EBA NEVER lists a home, they only represent buyers. I personally feel being a listing and buyer agent (but NOT in the same transaction) is best, since I understand the process from both sides.

A buyer agent is mearly a real estate agent that ONLY represents the buyer during that transaction. An Exclusive Buyer Agent is an agent that represents buyers only, all of the time.

[opequon]

You can also hire a home inspector, and other specialists to go over details of the property and the building details before settlement. Presumably you checked other home prices and decided that your contract price is fair. Once signed, you probably can not change any aspect of the contract, but you may be able to hold the builder to the highest standards of building. This may be worth more in the long run, than 1 or 2 percent lower price initially.

[007 license to sell]

Originally Posted by jakec1313

My wife and I are looking to build a home (our first home) in a new sub division and we have already talked to a sales agent from the home building company but we didn't try to get the house for any less than they were asking. If I find a buyers agent would they be able to help me get the price of the house lowered and if so how do I find a buyers agent? Are they any different than a realestate agent? PLEASE if you have any info let me know!

A buyers agent is a licensed realtor, they primarily represent the buyer.
A listing agent or a realtor for a builder represent the seller.
New home builders realtors can represent you but that isn't a good idea, it's like using the same divorce attorney thinking your going to get treated fairly.
Even though a realtor isn't suppose to be biased either way, let's be honest it's hard to serve two masters.

New home builders are hurting and they are negotiating, you should use and buyers agent just because they should know the questions to aske depending what state your in some states require a seller to pay a transfer tax fee and builders are expempt from that but your realtor would know to ask for that ,they may not get it but if you don't know to aske you may have taken more money off the table you have to pay.

Warning though if a buyers agent brings you to a site and doesn't ask for
lowering the price or asking if you can have an outside appraisor, if there is any incentives if so what. You have a buyers agent that just takes the clients to a new home builder and drops them off. Your buyers agent should be following up with the lender,the builder, the walk thru, and the escrow company. YOur agent should go to closing with you to make sure that the contract hasn't changed since the original agreement.

Hope this helps