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Please explain, What are the pros of having a "buyers agent"?

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Bellaocchi
Finally Free!

Member since 2/07

5684 total posts

Name:

Please explain, What are the pros of having a "buyers agent"?

It would not cost us anything..I am really confused with this whole thing..

Posted 4/20/07 1:08 PM
 
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alnem
This is gonna be a good year!

Member since 2/06

9562 total posts

Name:
Emily

Re: Please explain, What are the pros of having a "buyers agent"?

no you would HAVE to pay a buyers agent since they are working on your behalf.

a sellers agent you would not have to pay because they get paid by the seller. but then they would represent the sellers best interests in the transaction.

Message edited 4/20/2007 4:33:40 PM.

Posted 4/20/07 4:33 PM
 

AnthonysWife
LIF Adult

Member since 12/05

1201 total posts

Name:
Marisa

Re: Please explain, What are the pros of having a "buyers agent"?

We had a buyers agent when we bought our house. We did not pay him anything. He split the commission with the seller's agent. Both agents were payed by the seller. Seller was responsible for a 4% commission. Since there were two agents each one received 2%.

Buyers agent is looking out for your best interests and will ask questions of the homeowner that you may not think too.

Posted 4/20/07 7:22 PM
 

alnem
This is gonna be a good year!

Member since 2/06

9562 total posts

Name:
Emily

Re: Please explain, What are the pros of having a "buyers agent"?

Posted by AnthonysWife

We had a buyers agent when we bought our house. We did not pay him anything. He split the commission with the seller's agent. Both agents were payed by the seller. Seller was responsible for a 4% commission. Since there were two agents each one received 2%.

Buyers agent is looking out for your best interests and will ask questions of the homeowner that you may not think too.



i hate to say it but you paid the buyers agent without knowing. i'm a REA and there's no buyers agent transactions where the seller pays the fee. it was rolled into your closing costs somehow.Chat Icon

Message edited 4/20/2007 10:24:42 PM.

Posted 4/20/07 10:22 PM
 

pnm1654
Mommy to 2 boys!

Member since 5/05

4565 total posts

Name:

Re: Please explain, What are the pros of having a "buyers agent"?

A buyer's agent is paid by the buyer. If an agent splits a commission with the listing agent, he/she works for the seller.

Message edited 4/20/2007 10:38:25 PM.

Posted 4/20/07 10:38 PM
 

Jfrank1105
LIF Zygote

Member since 1/07

32 total posts

Name:

Re: Please explain, What are the pros of having a "buyers agent"?

You can call it what you want the buyer paying for the agent or the seller paying for the buyer the reality of it is that the selling broker gets a comm. on the house and so does the buyers broker regardless if it's a buyers broker or a regular real estate agent. You do not pay extra for a buyers broker the buyer brokers fee is neg. in the price of the house. if you bid 500K on a house and the buyer accepts they are accepting the price with the buyers brokers fee's built into the 500K. I do not see a down side to using a buyers broker, they are on your side...and why wouldn't you want someone that is on your side helping you look for a house that can disclose all information to you. A regular real estate agent is always in the best interest of the seller not the buyer they can't tell you to ask for CEO's and point out negatives of a house. I had a buyers broker and she was great FM me if you would like the info...

Posted 4/20/07 10:54 PM
 

AnthonysWife
LIF Adult

Member since 12/05

1201 total posts

Name:
Marisa

Re: Please explain, What are the pros of having a "buyers agent"?

Our buyer's agent split the 4% commission that the sellers's agent would have received if they were the only one involved in the sale of the house. At our closing the seller's agent was refusing to split his commission because he claimed our agent never stated that he was working for the buyer. The bank's attorney told the seller's agent that they would not close unless the agent's split the commission which was paid entirely by the sellers.

Posted 4/21/07 7:02 PM
 

alnem
This is gonna be a good year!

Member since 2/06

9562 total posts

Name:
Emily

Re: Please explain, What are the pros of having a "buyers agent"?

Posted by AnthonysWife

Our buyer's agent split the 4% commission that the sellers's agent would have received if they were the only one involved in the sale of the house. At our closing the seller's agent was refusing to split his commission because he claimed our agent never stated that he was working for the buyer. The bank's attorney told the seller's agent that they would not close unless the agent's split the commission which was paid entirely by the sellers.



well then in your instance you got a buyers agent without having to pay for it! your agent who was acting on your behalf should've had you sign a agency agreement stating which side they work for - buyer, seller, broker - and then that needed to be disclosed to the selling agent. in most cases, if he didnt disclose that he would not have been entitled to any commission at all. the rules of buyer agency are very specific, and if they are not followed properly, the agent will NOT get their commission. your agent got VERY lucky!

good deal for you guys though!Chat Icon

Posted 4/21/07 9:13 PM
 

anjerandunder
Positive thoughts worked!!!

Member since 6/06

1909 total posts

Name:
J

Re: Please explain, What are the pros of having a "buyers agent"?

the people who bought our co op used a buyers agent and we actually negotiated an extra .5 percent commission for the buyers agent as long as he got the price we wanted for the co op. the buyers didn't have to pay him we did. we didn't care though. i'd use one if i didn't already use a sellers agent.

Posted 4/21/07 10:57 PM
 
 

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