1st Time Buyers

1st Time Buyers


What’s the Difference Between Buyer’s Agent & a Seller’s Agent?

To the Buyer, the difference is huge. If the Realtor you are working with is a Seller’s agent, then you are a customer. As a customer, you can move on to another agent any time you wish. There is no contract between you and the seller’s agent.

As a customer, you enjoy the right to confidentiality, however the Seller’s agent is limited in the actions they can undertake for you. They must, by law, respond honestly to any questions you have about the property and real estate market and are also required by law to disclose any material adverse factors of which they are aware. 

However, when all is said and done, the Seller’s agent’s job is to structure the transaction to the Seller’s benefit. Including trying to get the seller the highest price for the property possible. 

If you work with a Buyer’s Agent, you are a client. This is a very important difference! As a client, your agent will respond honestly to all questions you have about a property, and will also disclose any adverse facts they are aware of.

A Buyer’s agent can do things that a Seller’s agent cannot. For example, your Buyer’s agent can complete an analysis on the property you are interested in, and tell you if the pricing appears to be accurate & how it compares to other listings in your market before you make an offer. A Buyer’s agent can create a price negotiating strategy that keeps your interests in mind, as well as point out reasons not to buy a particular house.

To make it easier to see the difference between Seller agents and Buyer agent representation, check the chart below.

 

Services & Duties Provided Seller’s Agent Buyer’s Agent
Arrange Property Showings
Assists with Financing
Provides Accurate Information
Explains Forms & Agreements
Monitors Escrow & Closing
Exposure to Entire Market:
Both Listed & Unlisted Properties
Gives Advice & Counsel
Completes a Thorough Analysis of the
Subject Property-Before You Make an Offer
Promotes & Protects Your Best Interests
Negotiates Best Price & Terms for You
Points Out Reasons Not to Buy
Writes Offer with Your Best Interests in Mind