Why Having a Buyer's Agent is So Important

If this is your first time buying Sierra Vista homes there may be a lot that is unknown to you. But even those that have been through the process before may not know all there is about a buyer's agent.

Buyer's agents are exactly what it is; an agent for the buyer. This is sometimes also called a selling agent because it's the agent that brings the buyer to the house and completes the sale. The agent that lists the home for the seller is considered the listings agent but is sometimes referred to as the seller's agent (not selling agent).

The best thing about a buyer's agent that most first time buyers don't realize is that it costs the buyer nothing to use the services of a buyers agent. How do they get paid then? By the seller of whichever home the buyer chooses.

Here's how it works: When a homeowner decides to sell, they enlist the help of a listing agent to market and list their Sierra Vista home. That agent advertises the home to the best of their ability in the hopes of drawing other agents with buyers and of course actual buyer's themselves.

When a listing agent draws up a contract with the homeowner, they agree upon the amount of commission that will be given when the home is sold. This commission is typically split between the agent listing the home and the agent that brings the buyer. If the same agent that lists the home is the agent that brings the buyer, that agent receives all the commission. You can see why listing agents don't want you to have your own buyer's agent as they will receive all the commission.

So as a buyer, you are using a buyer's agent that will only get paid if you find the right home for you. They have no hidden agenda to sell a particular home. They only have your best interest at heart and strive to make sure whichever home you choose is negotiated for the best terms at the best price. Buyer's agents do all the work for you. They negotiate the best price, terms of the offer and are the mediator between you and the sellers. Buyer's agent also must keep your personal financial situation confidential unless required by law at some point in the negotiations. This could include letting the lender know you are qualified for a certain amount.

So let's put this into practice. Let's say you are a buyer and go out to look at some open houses without the assistance of a buyer's agent. You view a home that is sat by the listing agent. That agent asks you if you are working with any other agent and you say no. That agent then lets you tour the home and you decide to make an offer. You tell the listing agent you really like the home a lot. The house is listed for $300,000. The listing agent asks if you have been pre-approved by a lender and you say yes, up to $315,000 so this fits into your budget. When the listing agent asks how much you want to offer, you think about it and offer $260,000 because the home has been on the market a while or there are some issues you may need to address at a later time.

This listing agent now takes the offer to their sellers with the valuable information that you can afford full price and you love the home but are offering less. The listing agents knows you will probably buy the home for closer to full price anyway so the seller counter offers for $290,000 and shows you the offer. The listing agent may say that the seller just can't go any lower. This is information you can't know for sure because the listing agent has been working with the seller all along. So because you don't want to loose the home, you agree to the higher price and the listing agent gets the full commission.

Now let's see the same scenario with a buyer's agent by your side. You tour the open house, with or without your agent but tell the listing agent you are working with a buyer's agent. They cannot solicit you at this time. Then you go back to your buyer's agent and tell them you want to offer $260,000. The buyer's agent presents this offer to the listing agent with no more information other than a pre-approval letter from a lender for the exact amount of offer. No more. The buyer's agent doesn't even mention how much the buyer loves the home. Remember, this is not deceitful at all. It is merely a business way to do this.

When the seller sees the offer, they have no knowledge of the buyer's financial or emotional status. They are fearful that the buyer may back out and they don't know if the buyer can actually afford anymore so they accept the offer as is.

In this case, having a buyer's agent just saved you $40,000!

We hope now you can understand that having a buyer's agent is kind of a no-brainer. Since the buyer doesn't pay the agent and the agent works solely for the benefit of the buyer there is really no reason not to choose  to work with one.

Please give us a call anytime for more information or to get in touch with a buyers agent in the Sierra Vista real estate area.

Other Useful Resources: 
For full service brokerage provisions in Wenatchee homes consider the Hess Team. With experience and seasoned marketing in Leavenworth homes and real estate you can be sure your real estate transaction is taken care of. Your source for all Wenatchee WA homes and real estate.

Linda Michaud is your source for a complete Alamogordo homes site including current Alamogordo real estate listings, market analysis, buyer and seller information and all Alamogordo agent representation. For all homes in New Mexico and Holloman AFB housing contact Linda Michaud.

Better Homes and Gardens real estate is your source for all Las Vegas homes for sale including Summerlin NV homes for sale, Henderson NV foreclosures and Las Vegas short sales. With access to all the current listings in Henderson NV homes for sale, BHG Desert Properties can help any buyer find their dream home. We offer agents specializing in Las Vegas foreclosures and all Summerlin NV short sales.

RE/Max Seaside Properties offers our buyers and sellers all listings in Whidbey Island real estate and has brokerage services for those looking to buy or sell on Whidbey Island. Check back often for all updates on Whidbey Island homes and properties.