Important Things to Know About Buyer's Agents
If you are looking to buy a home soon, you might be considering using a real estate agent. They can help you find the perfect home, communicate with the seller and their agent, and even help you with the legal paperwork. However, this agent might also be working for the seller, so they aren't dedicating all their time to your home search goals. In this case, you might want to go with a buyer's agent, who only works for buyers and not sellers. Here are some things to know about buyer's agents.
You May Not Have to Pay Commissions
It's important to know that buyer's agent are paid through commissions. On the one hand, you don't usually pay them until you buy a house, but on the other hand, their commission cuts into your budget. However, there are some cases where the seller is actually going to pay their commissions and not you. That way, the commission comes out of the seller's final purchase price for their home, and not the amount you are paying for the home. While this is often true, it isn't for every situation, so it is good to find this out first when looking for a buyer's agent.
There Are Still Some Dual Agents
You should also know that while buyer's agents are supposed to only work for home buyers, some of them are still dual agents. This means they work for both buyers and sellers. While it is now becoming common practice to separate the duties so that they only help buyers, this is another thing you need to be aware of when looking for a good agent. When a real estate agent works as a dual agent, they might favour the seller since this is where their commission is coming from, so it could be important for you to find an agent who will only work for you as the home buyer.
They Can help You Find Unlisted Homes
Some sellers don't want to be bombarded by a lot of people calling them or driving by to look at their home, so they won't list their home publicly. Instead, they only use real estate agencies to list the home so that only approved agents will show the home to prospective buyers. When you work with a buyer's agent, you have the opportunity to see these homes first before the general public even knows the house is for sale. This is a major advantage of using an agent.