6 reasons Buyers should not to trust the Seller’s agent
Looking to buy a home? Not working with your own agent?
YOU ARE MAKING A COSTLY MISTAKE!
“SELLER’S AGENT DOES NOT CARE ABOUT YOUR INTERESTS.”
You may think that the Sellers will reduce the price of their home, by the amount which they don’t have to pay your agent.
You are WRONG! Here is 6 reasons why.
1. You don’t have a crystal ball.
Simply, there is no way for you to find out if the sellers and their agent ever gave you a better deal. Without a crystal ball, you will not know how low or high high Sellers are willing to sell for!
2. Sellers are not stupid.
Sellers would like to get the maximum $$$ for their home!
3. Seller’s agent is the seller’s friend – not yours!
Think about it! Sellers hired this agent for a reason, very often because the Listing agent is a friend or even a family member. This same agent will probably buy them a new home as well. If that is true, the Listing agent is very likely already discounting the listing commission to 0.5 or 1%. It is true that most agents who double end a deal (represent both Sellers and Buyers) will usually have an agreement to get paid more. However, this does not mean that the Listing agent is willing to give the hard earned money to you. The long story short, the Sellers and the Listing agent have a developed relationship and the Listing agent will not likely be in your favour.
4. Sellers do not want to give you their money if they don’t have to!
If you try to get a better deal by dealing directly with the seller’s agent without your own representation, Sellers and their agent will likely only make it look like they gave you a deal. In fact, they will likely give you a discount which the Seller was going to give you anyway, and not that bigger discount that you think you are getting, (by the sellers not having to pay the cost of 2 agents). All properties are priced so that there is room to negotiate – you just have to know how much room there is to negotiate – an agent that represents you will know this!
5. You are probably overpaying!
Without your own agent to give you a professional independent opinion about the true value of the property, you are probably overpaying for the property.
A large majority of sellers are in denial about the true value of their property and believe their property is worth much more than it really is, but that doesn’t mean you should pay any price they list at. This is particularly important in BIDDING WARS, where you may be overpaying heavily because you don’t know which price you should stop at.
Although you may want that property badly, and are willing to pay anything just to outbid the competitors, you will likely NOT GET APPROVED FOR A MORTGAGE. When a bank appraisal comes in,the approved mortgage amount will be significantly lower because the property was overpriced. This could mean a lawsuit against you if you do not come up with the difference in the amount in order to close. A lawsuit not just from the Sellers but also from the people that Sellers have bought from because they likely will not be able to close on the property they bought either, as they relied on your closing. And it just gets worse from there. Having a qualified agent will result in an accurate property value assessment and can literally save you tens of thousands of dollars.
6. Use your own qualified real estate agent.
Buyer’s agents get paid by the Listing brokerage, which offer that fee to attract agents and their buyers. It is part of almost any MLS deal – take advantage of it! Why not let the Listing brokerage pay for your own agent, who will fight for you and your interests and represents only YOU!
If you are buying a home, let me help you buy it! I will represent you and your interest ONLY, and fight to get you the best possible deal on your home. 647-892-5007