Why You Should Use a Phoenix Real Estate Buyers Agent
Many years ago, the term “buyer’s agent” was unheard of in the real estate industry. The real estate agents all represented the seller. Even if an agent took the buyer around looking for homes, that agent’s duties were to the seller (though truthfulness was and is always a requirement).
The industry has come along way in its effort to make the home buying transaction a success for both buyers and sellers, and in order for that to happen, buyers are usually represented, and ideally, by their own buyer’s agent. A buyer’s agent has a fiduciary duty (kind of like a lawyer) to act in your best interest.
When you walk into an open house or call the phone number on a sign or from an ad, the agent that greets you or answers the phone is an agent of the seller (also called the “listing agent”). The seller’s agent markets the property for the seller and handles any negotiation for the seller.
However, the agent for the seller wants to make the sale and won’t turn you away because you are not represented. If you walk in the home you called about and absolutely love it, the seller’s agent can represent you as well in an arrangement called “dual agency.”
Though dual agency transactions do happen and often end up in a successful purchase, the buyer can possibly be at a disadvantage in several subtle ways.
- The buyer may not visit all of the properties that could have been of interest. The dual agent has a duty to his seller to push the seller’s property, not necessarily suggest other, perhaps better, properties to his client. However, a buyer’s agent usually does not have any financial incentive to push one property over another.
- The buyer may not pay the lowest price possible. A dual agent cannot disclose the price the seller is willing to take for the property, so recommending an offer price to the buyer gets to be a dicey situation. Many dual agents avoid the whole conversation altogether and simply ask the buyer “what would you like to offer for the home?”
There are several other situations that could possibly develop into a more complicated matter with dual agency. Why not try to avoid those problems by having your own buyer’s agent? Your buyer’s agent is paid for by the seller, so having separate representation is free to you, but may turn out to be invaluable.
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Though not guaranteed, information and statistics in this article have been acquired from sources believed to be reliable.
Category Phoenix Condo Buyer information Category Phoenix Condo First Time Homebuyer articles
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Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.
Last Updated: 2021-08-05 07:53:40