< bloginfo('name'); ?>

New York City - 12th Street and 3rd Avenue

Carrie, a home buyer and seller from Philadelphia, Pennsylvania had this weeks most viewed question on Trulia Voices - Can someone please explain this buyer agent thing to me please and why any buyer would want to do it? The conversation has grown to over 40 comments…..Let’s dive in to see what our community had to say.

Thoughts From our Trulia Voices Real Estate Community

First to answer was Dale Archdekin, a Coldwell Banker real estate agent from Philadelphia, Pennsylvania said, ” Hi Carrie, let’s put it this way…you wouldn’t go to court and expect the opposing party to represent you as well would you?

Buyer agency grew out of the need for buyers to have equal representation in real estate transactions. Previously agents only worked in the best interest of the seller. A seller’s agent negotiates for their client, holds their information in confidence, and so on. Buyers need the same professional services

Usually the commission paid to a buyers agent is paid for by the seller, but buyers can elect to pay their agent for their services as well.”

Bonnie Tegge, a Prudential Decker Realty real estate agent from Virginia Beach, Virginia said, “A Buyer needs separate representation to make sure his/her needs are met in a contract to purchase. This would be separate from the agent who listed a particular house you might be interested in. To have representation by a buyer’s agent means that you will have your best interests taken care of. If it were the agent who had a listing you wanted to purchase, they would be also taking care of their other client’s interest-the seller. Possibly, your situation could be used against you in this way. Not with a buyers agent. And the plus? You don’t pay your agent’s commission. That is paid by the seller at the closing of the property.

You are MUCH SAFER having your OWN REPRESENTATION - someone who will fight for you and protect you as well in the transaction.”

Pat and Nancy Zollo are real estate agents from Keller Williams in Horsham, Pennsylvania who said, ” the short and sweet answer is that a Buyer Agent represents YOU and can work to get you the best deal. A sub agent technically is working for the Seller.”

Renee Porsia is a real estate agent from RE/MAX Action Realty in Philadelphia, Pennsylvania who says, “Great question Carrie. I am very passionate about buyer agency. To give you just a short history of how buyer agency came about, many years ago when sellers listed their homes, they hired their Realtor to list and represent their best interests but the buyers didn’t have anyone to represent their best interests.

In 1988 this changed when buyer agency was created. Today, a buyer has the same opportunity to hire a Realtor to represent their interests as sellers and it levels the playing ground.

A buyer can hire a buyer agent by simply signing what is called a Buyer Broker Agreement. All of the buyer terms are explained within the agreement which includes how the buyer agent will be paid and by whom. Typically when a seller lists their home they have already decided how much they will be paying their Realtor and the buyer agent. So, the buyer agent typically gets paid out of the fee the seller agreed to pay when they listed their home. On rare occassions, the buyer agent COULD be paid by the buyer if the home is a For Sale By Owner and the owner refuses to pay your buyer agent. No matter what, before you sign the Buyer Broker Agreement all of that will be decided by the buyer and agent…….”

Christopher and Stephanie Somers are Remax Affiliate real estate agents from Philadelphia, Pennsylvania who said, “You have started a very passionate discussion. I would strongly recommend reading Renee’s posts.

Basically, a buyers agent is your quarterback. Do you want a rookie or a Brett Favre to navigate you down the field to score ? Or another analogy - when you have surgery done do you want the experienced doctor or the one in med school. Or if you are getting divorced, when you want your husbands attorney to represent you ?

The states added buyer agency for a reason - it benefits the consumer. So in Pennsylvania, you can have your own agent as a buyer, have the listing agent but a dual agent or do it on your own. The point being why would you when the seller pays the real estate commission ? Also, would one perform surgery on them self ?

Hope that helps : ) Bottom line, when you purchase a property, get a strong buyers agent !!!! : ) That way, you will have your own representation… your own quarterback, your own doctor… I think you get the point !

Carrie followed up with everyone and said, “Thank you to all of the Realtors who answered my question. I think I get it now.”

My Thoughts

There was a little heated back and forth from other buyers, sellers and agents but overall our community of real estate agents did a fantastic job of answering Carrie’s question. Buyers agents are an invaluable resource for home buyers. They will help guide and advise you throughout the entire home buying process. Don’t you want someone looking out for your best interests?

Popularity: 10% [?]