Use a Buyer's Agent? Why would you NOT use a Buyer's agent?

Why not use a Buyer's Agent? Would you use the other guy's attorney in a court proceeding? I think not!

I know, I harp on this now and again, but I just can't wrap my mind around it. Why are people afraid of enlisting the help of a Buyer's Agent? Let's look at a list of some of the duties we deliver to you, the Buyer:

As Agents for the buyer, the Buyer's agent and the Broker have fiduciary duties to the buyer that include loyalty, confidentiality, full disclosure and reasonable care.

Hmmm, sounds like a win-win for a Buyer, right? Well, then explain why some Buyers, when looking to buy a home will only work with the Seller's agent? They drive around and call off of the signs, and yes, some of those calls have come to me, and they think they are doing what is in their best interest.

That Seller's agent represents the Seller. Their job is to look out for their Seller, not you the unrepresented Buyer. Now, that does not mean they will be dishonest, it just means they are working to benefit their client, not you. That seller will still pay the agreed upon commission, they will just be paying it all to their agent instead of splitting it with your agent. You know, the seller pays both the Buyer's and the Seller's agent.

Oh, I get it - Buyers think they can get a better deal by working with the Seller's agent. Sometimes that is true. If the seller's agent and their broker both agree to take a lesser commission, then in theory the Buyer could get a better price. How much are you really saving? 2%? You might have been able to save that and more by having an agent look out for you and your interests. Do you think that Seller's agent is going to work hard to provide you all of the comps and educate you on the area and what this home should really sell for? Maybe. Maybe not. Remember, they aren't representing you.

What about limited or dual agency? Sure, it happens. But, know that it is limited. The agent has fiduciary duties to both the Seller and Buyer. The agent cannot provide both Buyer and Seller undivided loyalty, full confidentiality and full disclosure . For example - being limited or dual, the agent may not disclose to either party any information likely to weaken the bargaining position of the other - like the highest price the buyer will offer, or the lowest price seller will take. It' s kind of like going to court and having the other attorney represent you too. Can't imagine doing that! Yet, with the largest purchase most people will make, they trust that the other agent will do them right.

In Park City Utah, I am your Buyer's Agent
Heather Feldman
heather@parkcityhousehunters.com
435-731-0803