When you’re driving down the road and you see a cute house for sale, many people assume (falsely) that they will get a better deal if they just call the agent listed on the sign. But many times, that is not true.

The main reason this assumption is wrong is that the listing agent is working for the seller and they have a fiduciary responsibility to their client. This means that the listing agent is legally bound to get the best deal possible for the seller. Even if they know that the seller is desperate to move and is willing to take $20,000 less than their asking price, they can’t tell you this. If you ask the listing agent if the price is negotiable, they will just tell you to make an offer and they will present it to the seller.

When the listing agent also handles the buyer side of the deal, its called dual agency. This great for the agent because they get to keep both sides of the commission. However, it doesn’t give them much incentive to get a lower sales price for you. What you need is someone who is working solely for you. You need a buyer’s agent.

A Buyer’s Agent Will Guide You Through The House Buying Process

A buyer’s agent will run comps on the property in question and help you decide on a fair price to offer, one that is supported by current market conditions. When they take your offer to the listing agent, they will offer these comps as documentation that support the price you are offering.

When you use the same buyer’s agent to look at several houses, they will begin to develop a feeling for what is important to you. They may be able to find the perfect house for you in an area you had never considered. Or they may have prior knowledge of a house you are interested in and can tell you why it probably won’t work for you. If you want to look at several houses in one day, the buyer’s agent will schedule all the appointments so you are able to move from one to another without wasting time backtracking or criss crossing the city.

A buyer’s agent will point out flaws in a property that you may not have noticed or even known to look for. A good agent will open every door & crawl space to check for hidden flaws. They can help you look for mold or pest problems that might have been covered up. They are trained to look for things like water damage on the ceiling or cracks around windows and doors. While you are busy falling in love with the house, a good agent will be pointing out all the things you need to be aware of so you don’t let your emotions override your good sense.

Its All About Who You Know

Most buyer’s agents that have been working in an area for any length of time will have developed a list of go-to lenders. In many cases, they will use different lenders for different types of loans. If a buyer’s agent makes a recommendation to you about a lender, they normally have a good working relationship with that lender and know they will do everything in their power to make the deal work.

A long-time buyer’s agent will probably also have a list of other contractors they know and trust. Often when you buy a house, it will need things done to it before you can move in. If you want the whole house repainted, you’ll need someone trustworthy to do the work. If there are plumbing or electrical issues, the buyer’s agent probably knows just who to call to get the job done.

The Buyer’s Agent’s Main Job

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One of the main jobs of a buyer’s agent is negotiations. They will do all the haggling back and forth for you. They will argue for a lower price or insist that certain repairs must be done before the closing. They will often be the voice of reason, telling you when it is in your best interests to fight for more or accept what is offered.

When you have settled on a price and contract is signed, you may think that is the last you will hear from your buyer’s agent but nothing is further from the truth. They will continue to work behind the scenes, coordinating schedules with the bank’s appraiser, the home inspector and various other people who need to do their part before the deal closes.

It’s Closing Time

Your agent will also work closely with the title company to make sure they have everything they need for the closing. They will set a closing date and time that works for everybody involved. They will accompany you on a final walk-thru to make sure the house is just as it is supposed to be and that all contractual repairs have been made. Most will also go to the closing with you to ensure that everything goes smoothly and to answer any questions you may have. When all the papers are signed and you are holding the keys to your new house, you will be glad that you chose to work with a buyer’s agent.