Many home buyers often think that by calling the agent on the yard sign on a home that they are interested in will result in getting the best deal by working with the same agent. When in fact it may have the opposite results you were hoping for.
The real estate agent that lists a home, puts the sign in the yard and the lockbox on the front door is already in a contractual agreement with the seller of that property. That agreement states that the agent will represent the seller’s best interests as well as work to get the best price possible for their home.
If you contact the listing agent and schedule a showing, their first obligation is to the seller and they are required to do everything possible to sell you that house, just like a car salesperson does when you walk onto the car lot. And the meat of the matter is that you won’t get a better deal by working with that agent simply because the total commission was negotiated and written in to the contract before you ever saw the house. That means, if you were to place an offer on that same home with the listing agent, that agent would get both sides of the commission.
In Texas, if a real estate agent represents both the buyer and seller on a single transaction it is called an intermediary relationship. And although it is perfectly legal and even ethical, is it fair to either party?
In other words, if you were being sued would you hire the same attorney that is representing the person that is sueing you? Probably not! So why would you hire the same agent representing the seller of the home you want to purchase?
Once you decide to purchase a home, find a buyer’s agent that specializes in your area. A good buyer’s agent should act as a personal shopper for the biggest investment of your life. They will explain how the home buying process works, help you find the best loan program and locate the best priced properties to buy that fit your needs. A great buyer’s agent will negotiate the best possible sales price for you, not for the seller.
And the best part of finding a buyer’s agent is their services are FREE to you the buyer! Keep in mind that “Representation is Key…” so make sure you are comfortable with your agent!
For more information and tips on becoming a home owner go to www.McKinneyHomeListings.com or call the McKinney Real Estate Team at 214.799.0774.