As a buyer, there are many benefits to having your own real estate agent represent you in buying process.
Some buyers don’t even realize that there is no fee to work with a real estate agent in our area of Connecticut. Here in lower Fairfield County, the seller pays the real estate agent fees and commissions. The buyer basically gets their own representation for free. Realtytimes.com reports that 89% of buyers in today’s market are using their own agent, up from 69% in 2001.
But why don’t buyers just represent themselves?
Most buyers don’t represent themselves because the buying process has become more complicated. Today’s market is filled with foreclosures, short sales, and many other situations where it helps to have the advice and guidance of an agent. How should I present my offer? What type of inspection should I do before closing? Should I ask the seller for any concessions or credits? These are some of the questions your real estate agent can help you answer.
Why should a buyer get their own agent when they can go directly to the listing agent?
Some people would assume work with the agent who has the property listed. This is certainly an option, and many homes are purchased using this method every year. If an agent represents both sides in a sale, they must disclose their dual agency to both the buyer and seller. However, one aspect most buyers don’t know, is that the listing agent has fiduciary responsibility to the owner or seller of the home, even if they represent both the buyer and the seller.
Having your own agent when buying a home, means that they are tuned-in to exactly what you want (or at least they should be). This way you only have to explain your situation, and what you are looking for in a home, one time. As you look at homes, your agent can narrow down the search criteria more and more until they find that perfect home for your situation.
For more info on “buyer agents,” check out this article from Realtytimes.com: http://realtytimes.com/rtpages/20120117_youragent.htm
For questions and information on Norwalk area real estate, visit www.ToddTurcotte.com
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