What is a Buyer's Agent?

  More and more buyers are getting their own agents to help them find a house, negotiate the best deal, and close with the least amount of hassle. These agents, called Buyer Agents, are licensed real estate agents. They have access to all of the usual resources used to find houses, including the Multiple Listing Service (MLS), as well as sources not usually known to the general public. But there is one very big difference between Sellers agents (Listing Agent who works for the SELLER) and Buyer Agent: the Buyer Agent represents the buyer and is legally bound to get the best deal possible for the buyer.

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What's more, a good Buyer Agent actually turns the tables on the seller and the seller's agent by digging up facts on the house and the seller's position that can work to the benefit of the buyer with his/her firm always try to find out things like a house's past selling price, time on the market, offers received, how much similar houses are selling for and even how anxious the seller is to make a deal -- information most sellers would like to keep hidden and the Listing Agent Legal responsiblity to withhold. If you feel the Listing agent is going to break the law and give you (as the buyer) information to get you the best deal - think again. 

Why do I need a Buyer's Agent?

Any information that might give a buyer more leverage -- like a seller's imminent job transfer, or the fact that the sale is part of a foreclosure -- is fair game. These are the kinds of things traditional agents have always done for sellers, our job is to level the playing field for our Buyers."

As you might expect, many traditional real estate agents don't like the idea of a Buyer Broker fighting for a lower price. But the trend toward equal representation is proving unstoppable. Consumer advocates (including Money magazine, The National Home Buying Institute, and syndicated real estate columnist Robert Bruss) have gone on record urging consumers to seek buyer representation in purchasing a home.

Who represents you?

 In the traditional way of selling houses, both the agent who lists a house and the one who brings a buyer to the table are legally working for the seller. Confusion often arises because many buyers believe that the agent who shows them houses works on their behalf. In fact, subagents of the listing broker—often they are agents who work for another office—also act on behalf of the seller.

Both agents are required to get the seller the highest possible price. Even if "your" agent learns that the seller is willing to cut the price or pay some of the closing costs, you may be kept in the dark. At the same time, information you give to "your" agent, such as how much you really can afford and how soon you need to buy, must be reported back to the sellers, giving them a negotiating advantage.

In this system, the deck is stacked against the buyer.

Save Money. Here's How

A buyer's agent will save you money and time. Your agent can save you money by haggling on price, pressing sellers to fork over the costs of home repairs in the closing contract, or asking lenders hungry enough for your business to shave points or cut fees such as document preparation charges.