WARNING! WARNING! WARNING! WARNING! WARNING!
Even experienced home buyers misunderstand the roles and responsibilities of the real estate agents involved in a home purchase. The information on this page may be one of the most important insights you gain from our site, so please read on.
A signed Buyer’s Agency Agreement is critical if you want your real estate agent to put your interests ahead of their own interests and the interests of the seller. Many home buyers mistakenly assume the agent showing them homes is “their agent” because that’s the agent showing the homes. That’s a huge mistake.
Unless you’ve signed a written Buyer’s Agency Agreement, the agent who shows you homes is legally a “sub-agent of the seller’s agent” and their sworn duty is to negotiate the best deal for the seller (not for you, the buyer). Sounds crazy if this is the first time you’ve heard this, but it’s 100% true.
The only way to make sure your agent is truly “your legally designated Buyer’s Agent” is to sign a Buyer’s Agency Agreement. That agreement clearly requires your Buyer’s Agent to put your interests above all others and to negotiate the lowest price and best terms for you - the buyer. A good Buyer’s Agent like Custom Fit Realty will not only analyze comparable sales before you choose your offer price, but they’ll also do research like finding out about the mortgages and other liens against the property, and as many other details like the seller’s motivations which can all factor into how your offer is written.
The commission for a true Buyer’s Agent still comes from the seller, so it doesn’t cost a nickel more to have a skilled Buyer’s Agent looking out for your best interests.
Another common mistake is when a buyers thinks they’ll somehow get a better deal by dealing directly with the listing agent. That’s like a pro athlete using the team’s agent to negotiate his new contract. Sounds like a pretty bad strategy, doesn’t it? But that’s exactly what you’d be doing if you have the listing agent write the offer.
As a special bonus, Custom Fit Realty will give a cash rebate of between $500 and $1,000 after closing to any buyer that works with us as their official Buyer’s Agent. It’s just our way of saying thank you for making a smart decision.
Call Custom Fit Realty at 414-964-2400 to learn more about Buyer’s Agency and the home buying process.
