Thinking about buying a home? Perhaps you have purchased a home recently. Did you work with a Listing Agent or Buyers Agent?
The majority of people don’t know the difference between a Listing Agent and a Buyers Agent. When a seller places their home on the market to sell with a real estate brokerage, the seller is being represented by the “Listing Agent”.
When a builder opens a new construction community with an agent sitting in the model home, that agent represents the seller/builder. Once you, the buyer, step foot into a new construction model home, the builders agent will not want to allow you the buyer to have representation unless you have taken your own real estate “Buyers Agent” to the new construction site along with you. You will often see signs posted on the front door giving notice to buyers that they need to enter along with their real estate “Buyers Agent”. Enter without your Real Estate Agent, you the buyer will not have representation. The builders agent will often tell you the buyer that you don’t need an agent as they write the contract. The truth of the matter is yes, they do write the contract, however, it is not in your best interest to enter into a contract without a “Buyers Agent” and representation.
Myth: Buying directly with a Listing Agent will save money as the agent can write the contract for less. It’s true the listing agent could possibly write the offer saving you the buyer some money as they will be getting the full commission being offered by the seller and could reduce their commission. The reality in buying directly with a Listing Agent is that they still represent the seller and you the buyer are on your own to negotiate the best price and identity financial issues with the property.
Purchasing a home with a “Buyers Agent” gives the buyer full representation. The Buyers Agent negotiates price, determines what the true “Market Value” is on a particular property prior to the buyer making an offer. During the transaction the Buyers Agent follows the transaction each step to assure closing happens effortlessly. The “Buyers Agent” gets paid by the seller at closing for providing this service to buyers.
If you or someone you know is thinking about buying or selling a home, call the Lakato Team to assist in the real estate process in Pinal and Maricopa County.