BUYERS BEWARE — This Myth Could Cost You Thousands!

In my experience, the majority of home buyers tend to believe (incorrectly) that when it comes to buying a home, if you go directly to the seller you can somehow get a better deal than if you work with a buyer’s agent. Nothing could be further from the truth.

The fact is, it’s just the opposite!

If you buy a home directly from a seller, by law the seller’s agent must get the best deal possible for the seller, not the buyer. In fact, it’s the seller’s agent’s fiduciary duty to represent the seller first and foremost and to have the seller’s best interest in mind above all others.

On the other hand, when you hire a buyer’s agent to represent you (there’s no charge for this–the commission is paid by the seller) by law the buyer’s agent must do everything possible to protect you and get the best deal possible for you, the buyer.  It’s the buyer’s agent’s fiduciary duty to represent and negotiate for the buyer first and foremost and to have the buyer’s best interest in mind above all others.

So, as a buyer, if you buy directly from the seller, you may not get as good a deal and you are waiving your right to have a skilled buyer’s agent negotiate the best deal for you and to look out for your best interests. You are on your own. To make matters worse, there is no cost to you to have a buyer’s agent represent you. There’s no down side.

It makes sense that so many buyers believe, incorrectly, that they will get a better deal by going directly to the seller. The reason this is a myth, however, is that you don’t really work directly with the seller (unless the home is for sale by owner). As a buyer, you are really working with the seller’s agent (and most buyers simply don’t realize that the seller’s agent is paid to get the best deal possible for the seller, not you, the buyer). Even if you talk directly to the seller, the seller is being advised by his or her agent.

So, buyer beware. Enlist the free help of a buyers agent to protect you and represent you or you could needlessly be spending thousands of dollars more than you need to on your next home purchase.

Please contact me if I can answer any of your questions or if I can assist you with your next home purchase. You pay me nothing to represent and protect you in your home purchase.