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Buying a Home, What’s the Difference Between a Buyers Agent and a Listing Agent
Buying a Home: What’s the difference between a Listing Agent and a Buyers Agent and why should I care?
By law, a Designated Seller’s Agent MUST “promote the interests of the seller with the utmost good faith, loyalty and fidelity” and MUST “protect the seller’s confidences…” A smart seller will hire a good seller’s agent to work for them in this fashion – As they should.
Listing Agent, represents the sellers
Buyers agent, (Selling Agent) represents the buyers
Why should I use a buyer’s agent, (Broker)?
The seller’s agent is only looking out for the seller. Understanding this, it is important to realize that what you say and act to a seller’s agent may compromise your ability to negotiate the best deal for you. If, for example, during an open house, you casually mention to the seller’s agent that your family must be relocated by the end of the month to accommodate the start of a new job, the seller’s agent, by law, must “promote the interests of the seller” by letting the seller know about your situation. As a result, the seller is now aware that you are somewhat desperate and must move quickly, thus compromising your ability to negotiate the best deal.
How does this affect your bottom line?
Remember, the seller’s agent is “promoting the interests of the seller… and protecting the seller’s confidences…” Usually, the interests of the seller consist mainly in getting the best price for their home within a given time period. Even if the seller’s agent knows the seller has enough equity and is willing to accept $10,000 less than the asking price and, in fact, the home may not be worth what the seller is asking, the seller’s agent cannot, by law, disclose that information to you. Without a real estate professional working hard on your behalf by providing you with experienced and accurate market information, you may end up paying more than necessary to purchase that particular home.
What’s Next?
Working with Tom Fine, a Windermere Real Estate Broker, has in-depth experience in home construction, remodeling and design, with this Tom’s knowledge helps buyers by explaining the good and bad aspects of homes. Tom looks at the construction materials, installation and finishes of these materials and he’ll explain why a home you are looking at is what you see a well built home or a band aid to mask hidden problems. Working with Tom as a buyers agent doesn’t cost you money, the buyers agent fee is paid typically from the sellers side of the transaction. So why not work with someone like Tom, with knowledge and experience to save you, time, money and energy. Contact Tom Fine, today to help Buy or Sell your home,
Tom Fine, Broker, CNE & SRES
Fine Homes NW, Inc.
Windermere Real Estate, Mercer Island
Direct: 206-434-6561
Email: TomFine@windermere.com
Properties For Sale, what I look for, are you looking at them the same way?
Every day I am looking at properties, for my clients (Buyers & Investors) all over town from Capitol Hill heading South thru Mt. Baker, Seward Park and then West to West Seattle and then NW, to Magnolia and Ballard. Don't get me wrong; I hit a lot more neighborhoods besides these.
What I saw and continue to see from some other Brokers is disappointing; these are listings that come on to the market and they are not prepared for the buyers. The sellers have one opportunity to make a first impression and when I walk up the house and grab onto a post to open a gate and the post is wobbly, I loose trust, then I say, well let’s see maybe that was overlooked. Then I see other items that make me nervous and concerned. These are minor items such as cover plates missing off electrical devices and poorly executed finishes. These are items that should have been addressed prior to putting this home on the market. Why? If these are not an issue then these items don’t turn off people.
As a professional I am coaching my clients on getting the best return for their investment and this means installing cover-plates on switches and receptacles, fixing a wiggly post for a fence and dealing with a heap fix to meet a code issue. Oh I forgot to mention, the house smelled! I work hard for my clients and my clients know that when I ask them to do something, they know it is in their best interest, not mine and for them to maximize their return, they do what makes sense.
I can see that several items feel thru the cracks for this listing, and I don't know where it was but I am glad to say I am thoroughly disappointed in what I saw. I saw another property that was on the market for a while and I can say the pictures online look great! The in person comments are, peeling paint and cracks in the walls. For a fixer upper, not a problem, but overpriced is what we see and this will attract the low ballers.
Look at the listing as what the buyer will see, the “Buyers Eyes”. Remember if a buyer sees items that don't look good, they start thinking what else is wrong with the house?
Don’t let the buyer drive the price down, get the price up.
Let me know if I can help you.
Tom Fine
Windermere RE, Capitol Hill, Inc.
