Busting Myths of Home Buying – Myth #4 : You should work with the listing agent of the home you want to buy

Blackwood Real Estate Advisors September 12, 2018

It’s important to know that the listing agent works for the seller and has a legal obligation to tell the sellers everything you tell them. So be careful what you say in open houses, over the phone, or in person about how much you love the home or about your financial situation. The listing agent wants to sell that home and whatever you share could be used against you in negotiations.

 

Some people may think working with the listing agent will get you a deal on the home. But remember, commission to the buyer’s agent and listing agent are already determined before the home is ever listed for sale. You also could lose money by not having an amazing buyer’s agent who will give you expert advice and negotiate for you to get the home at the right price.

 

If you decide to choose the listing agent to represent you, they then become an intermediary to the whole party. This means that the listing agent cannot give you any professional advice or opinions. They also are not allowed to give advice or opinions to the sellers. However, keep in mind that their relationship was to the sellers first, so it would not be surprising, if something were to come up, that they could favor the seller in whom they had the relationship with first.

 

The other problem with this scenario is that you would be starting the buying process at a disadvantage…you wouldn’t have a professional advising you from the beginning. The best way to begin the home buying process before you ever get out and start looking at homes is to have a buyer consultation with the Buyer’s Agent you have chosen, so they can understand your needs and goals with moving so they can give you expert advice in purchasing the right home for you. I cannot emphasize enough how important this step is. Missing this step is a mistake that could cost you thousands of dollars as well as you could end up purchasing the wrong home. I will cover more on this topic later in another video because it’s such a crucial step in the home buying process.

 

The bottom line is, working directly with the listing agent is usually not in your best interest. I highly recommend you have a buyer’s agent in your corner before you start your home search, so when that right home comes along, you have an expert ready to help you. We would love the opportunity to earn your business and assist you with your next home purchase. If this sounds like something you’d be interested in, give us a call and we’ll set up a free buyer consultation.

 

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