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Is a buyer's agent pretty much any agent who has no personal interest in the house(s) I'm looking into buying? For instance, if I had no agent, found a house on the MLS and contacted the agent representing that house and asked them to sell it to me, that would be NOT having a buyer's agent (not too mention a conflict of interest!, though I know it happens)? What do people do if the agent who has been showing them houses happens to suddenly have one that you like but that they are representing as the selling agent?
A buyer's agent is one that is representing the buyer. A "personal interest in the house" usually means they have some part ownership of the house. In some cases, as you mentioned, the "buyer's agent" and the "seller's agent" is the same person. In my state, that is called dual representation. *Edit* As long as the agent isn't an owner of the property, this if fine. If the agent is the owner, they should not try to represent the buyer also, for obvious reasons.**
I don't know if it is handled the same way in all states. In Idaho, the agent has different things that they can or can't do and can or can't say to the buyer and seller if they are representing both parties. Because of that, the seller has to agree at time of listing that if a dual representation were to arise, they would allow their agent to represent both parties. Some sellers won't allow it, which means you would have to find your own agent or not be represented at all.
A buyer's agent who is only representing you is going to be able to tell you (and in fact is usually obligated to tell you) any material facts that they know about the house that they found out from any reputable source. They can help you find comps, coach you on what they think the seller would take for a price, etc.
On the other hand, a dual representation agent can't help you come up with a price, and may not be able to tell you everything they know, because they also represent the seller.
For example. Lets say your agent in a small town hears through the grapevine that Seller X has their house on the market for $200k, but knows it is overpriced, and would take $160k. If your agent is only representing you, they tell you that. If they are representing both, then they can't. (They also have to beat their seller for shooting themselves in the foot, but that is beside the point).
It isn't unethical to represent both parties, as long as both parties know that is what is happening and agree to it. It does change the agent's part in the negotiating process into more of just one of facilitiation.
...What do people do if the agent who has been showing them houses happens to suddenly have one that you like but that they are representing as the selling agent?
Either work with your agent in a dual agency role with limitations as explained by Lacerta, or ask your agent to refer another agent to you that will only represent you in this situation.
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