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Hi Tim,
From my understanding of your question, you are considering using a buyer's agent who happens to work for XYZ Realty, the same company (but not the same agent) who has the listing on the house you would like to buy.
If I understood correctly, I don't see any reason to not use this buyer's agent. He has no obligation to the seller or the listing agent - in fact, agents within the same company often compete for listings.
Make sure the buyer's agent has a successful history of representing buyers in your area - ask to speak with a recent client or two - it will make you feel more at ease with your decision.
Best of Luck!
Laurie Christofano
The Pych Team, Oak Park IL
Feb 20, 2009 at 5:47 PM
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Hello, Mr. Weaver!
In answer to your question, it would be in your best interest to find an agent at another brokerage. The listing agent would not be able to properly represent you since the agent is actually representing the seller. Therefore, it would be best if you found an agent that you feel comfortable with and you can trust with another brokerage. This agent will then be able to look out for your interests and will be able to properly represent you.
If you need any more assistance, feel free to contact me.
Brigita McKelvie
Feb 20, 2009 at 3:08 PM
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Any Realtor you use should provide you with information on comparable sales in the neighborhood before you make an offer on a property. Buyers want the lowest price and Sellers want the highest price attainable. The Realtor is generally in the middle, trying to find a price and terms that will satisfy both parties. If the Realtor is honest and knowledgeable; working with both parties presents a unity of interests, since both parties have to be satisfied with the transaction to proceed to closing. If the Realtor can't find a point where both parties are satisfied, there is no transaction and no commission. Using a single agent for both parties eliminates a lot of chances for miscommunication, and often results in a smoother, less adversarial atmosphere, where everyone's needs are carefully considered. You, as a Buyer, also have the advantage of working with an agent who (hopefully) has carefully researched the property and the neighborhood, and knows more about the house than most other agents.
These last few years of an unbalanced Sellers' market, followed by a tough Buyers' market, have given a lot of people the idea that there is a winner and a loser in every transaction. The reality is that there are always Sellers out there who ask too much for their properties and Buyers who try to buy properties for much less than they are worth. Most of these people often wind up not doing anything. An experienced, knowledgable agent is who you need to help you purchase a house. Find the best one you can, and don't avoid an agent just because they are the listing agent or in the same firm as the listing agent of a home you like.
Feb 7, 2009 at 5:15 PM
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Jessica thank-you for your response.
But,do you think another real estate agent from another firm, would we be better off in getting a better deal.
Feb 5, 2009 at 4:41 PM
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Hello Tim,
In response to your question, I'd like to hit upon the following:
When an apartment sells, half of the 6% commission is paid to the real estate company that brings in the Buyer and the other half is kept by the company listing the property for sale, representing the Seller.
But when the real estate company who lists the property also brings in the Buyer, that real estate company keeps both the sides of the commission.
This means that there is clearly a conflict of interest...as you buyer you want the lowest price possible and as a seller, you want the highest price. Having an agency who represents both has a fiduciary responsibility NOT to negotiate with either parties, therefore, you will be blind in determining what to pay for the property.
My advice would be to get in touch with a buyers brokerage firm. There is no commission paid by you(which is always good, it is paid by the seller.
I am sorry this is so long-winded...
Please let me know if i can be of any further assistance.
Feb 5, 2009 at 3:18 PM
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5 responses
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