Buyers can avoid paying a professional fee to a buyer's agent by working directly with the selling (listing) agent. However, this choice means the buyer won't have an agent specifically advocating for their best interests during negotiations. The following information outlines the potential risks and benefits of this approach.
The seller's agent, also known as the listing agent, represents the seller's interests. Their primary responsibility is facilitating the sale of the property and securing the best possible deal for their client—the seller. While they can provide valuable information about the property and the transaction process, their primary allegiance is to the seller.
The seller's agent is ethically and legally bound to act in the best interests of the seller. This means they cannot offer advice or recommendations that would favor the buyer's position. For example, while they can answer questions about the property or explain the offer process, they cannot provide guidance on how to structure an offer to get the best deal or negotiate terms on the buyer's behalf. Buyers seeking such advice would need to rely on their research or consult an independent professional.
Working directly with the seller's agent can save on the cost of a buyer's agent commission, which might be appealing to some buyers. However, it also means the buyer must be more proactive and informed. Without a buyer's agent, buyers might miss out on expert advice and negotiation tactics that could be beneficial in securing a favorable deal.
When a buyer decides to go directly to the seller's agent, they can still take measures to ensure their interests are well-represented. Here's how this process works with the inclusion of legal support:
To counterbalance the lack of advice from the seller's agent, buyers can enlist the services of a real estate attorney. An attorney can provide crucial legal guidance, including reviewing and interpreting contract terms, advising on offer strategies, and ensuring that the buyer's interests are protected throughout the transaction. This legal support helps buyers make informed decisions and negotiate effectively, despite not having their own agent.
The seller's agent can draft the offer on behalf of the buyer, incorporating the terms agreed upon. This administrative task ensures that the offer is correctly formatted and submitted, streamlining the process while allowing the buyer's attorney to oversee the legal and strategic aspects of the transaction.
While working directly with the seller's agent allows buyers to potentially save on commissions and receive logistical support, incorporating the expertise of a real estate attorney can ensure that the buyer's interests are properly represented. This combined approach allows buyers to navigate the real estate transaction with legal guidance while benefiting from the administrative support provided by the seller's agent.
Thank you for considering us for your real estate needs. Whether you’re looking for a dedicated buyer’s agent or are interested in a property where we represent the seller, we’re happy to provide the necessary information and assistance.