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Is a buyer's agent necessary?

5 years ago

This will be my first home purchase, and while I've googled a bunch, I'm pretty lost as to what I'm doing. I was actually set to meet with a Realtor for the first time today, and then we kind of moved on from that particular home due to it needing too many repairs just from the outside. So I wrote to her early yesterday morning, canceled the appointment, but I did tell her I found another place, a condo, that had just gone up that same morning that I wanted to see. I knew it was going to sell quick. Everything is selling like hotcakes around here, and I didn't think I had time to waste.


so when I never heard back the whole day I finally called the seller's real estate company asking if I could set up a time to see it. We chatted and he told me they've had four offers, then asked if I have a buyer's agent, and I explained the situation of I tried contacting her, hadn't ever met her but never heard back. So he explained they have four offers and the seller is waiting until Monday to make a decision, but the fact that I don't have a buyer's agent could be an advantage because it can lead to some flexibility, where the other four offers have agents, is what he had said.


So while I am inexperienced, I know I can't trust everything the agents say about the offers they've had. With that said, I do think it's a really nice place, tons of upgrades, good location, and I think the asking price seems fair (slightly high for the development, but when I took into account all the upgrades, seems fair). I'm not really sure what those Zestimates you see on Zillow are, but it's the exact same asking price as the Zestimate. So I don't really feel like I would need to negotiate a ton as I think the price seems fair.


Am I doing myself a disservice by not having a buyer's agent with me? Isn't their role really just to help find you a place and negotiate the price, which if I don't need either of those things done, do I need one? Please advise!


***I should add, I did hear back late last night from the Realtor asking the address of the place I'd asked about and she would see if she could get us in today. Well, I've already got my appointment set up now, so do I really need her there? Also, I should probably add that if we don't get this particular place, we would get a buyer's agent, but the price just seems so fair on this one that we didn't think a lot of negotiation needed to take place, but we could be wrong.

Comments (7)

  • 5 years ago

    A buyers agent works for you the sellers agent does not. Buying your first home/condo is a big purchase and it is difficult to know what you don’t know, but need to ask. When buying a condo you need to review the docs see how financially strong the association is and understand all the restrictions. Although we have bought nine home we have never owned a condo when our adult daughter decided on her first home purchase a condo was her best option and her buyers agent has answered all the questions. My advice is take a deep breath find a buyers agent that will work for and you can communicate with and find a lender that will work for you. Also, ask a lot of questions and no such thing as a stupid question

  • 5 years ago
    last modified: 5 years ago

    Would you feel comfortable having the same lawyer work for you and the seller?

    Multiple representation is allowed where I live. But consider the comments here from the Provincial Registrar, which are applicable anywhere.

  • 5 years ago

    This agent isn't quick enough. Any necessity of using a Buyer's Agent really depends on what you know about the process.


    Personally, I go straight to a Selling agent when I am buying a listed property (though I prefer FSBOs or auctions), because I know what I'm doing. The Seller's agent will find your offer more desirable because he/she gets both sides of the commission as both Selling agent and Buying Agent. It's worked for me a few times. That agent told you the truth,and if you really wanted it, you could have done an offer then (but you should have a real estate attorney review it, since you are inexperienced (a couple hundred instead of thousands to an agent, who is not legally trained).


    Some disagree and feel like a Buyer's agent "works for them". But unless you independently pay said Buyer agent, all the compensation is coming from the Buyer's purchase of the property anyway. Whoever you choose, keep your business to yourself in terms of finances and thoughts about the property, and how high you would actually go on an offer. There are some - and I mean a fraction - of really professional agents who negotiate professionally and then there are a good many hacks who will say and do anything to get the sale done, whether or not it benefits you, like share how much you REALLY want it, causing more hardcore stances on the side of the Seller.


    I personally would just tell this agent you have already set up an appointment since you had not heard back from her, and you are doing this one on your own, but if it doesn't work out, you are happy to get back with her. Make sure the Selling agent knows this is a one time deal, if he happens to try to sign you to some Buyer Agent Agreement.

  • 5 years ago

    Many experienced agents in my hot market area are only taking on sellers, not buyers. Buyers require a lot of time and you don't always get a property. So no commission.

  • 5 years ago

    Seeing as how this is your first time buying, I would hire a Buyers agent. They can guide you through the process. You may not know everything there is to do. Don't go the Sellers' agent route. They have the seller's best interest in this business transaction, not yours.

  • 5 years ago

    I do as mcml, I always go directly to the listing agent knowing they want me over other buyers/offers. I'm also experienced so it works well for me. I'm right now sitting in a home that I did this with the LA who substantially reduced her commission to make our offer work.