Here are 5 reasons you want to have a buyer’s agent, not the listing agent represent you when buying a home:
The Listing Agent Is Obligated to the Seller
#1 – The listing agent represents the seller and he or she has a fiduciary relationship with the home seller, not the buyer. This means the listing agent is legally and ethically obligated to the seller as a client, not to the buyer who is a customer.
There Is No Cost to You
#2 – As the home buyer, there is no cost to you to have a buyer’s agent representing you when purchasing home. In residential real estate the commission is usually paid by the seller whether or not there is a buyer’s agent involved.
Access to Data
#3 – Having a buyer’s agent gives you full access to the database of MLS homes. As a member of the multiple listing service (MLS), you and your agent can search homes currently listed along with historical data of any home that has been for sale or has sold over the past several years In fact the majority of 3rd party websites like Zillow and Trulia get their information and data from MLS.
#4 – As the buyer, a buyer’s agent will give you more leverage and negotiating power. Having a buyer’s agent helps you hold all the cards when negotiation with the seller. Remember, the listing agent represents the seller, not you!
Legal and Ethical Obligation
#5 – A buyer’s agent looks out for your best interest at all times throughout the process. Your buyer’s agent has a legal and ethical responsibility to represent your best interest. The buyer’s agent represents the buyer by promoting your best interest, disclosing known material facts, keeping confidential information confidential, and accounting for any money they handle in the transaction.