Why You Should Consider a Buyer’s Agent in Purchasing Your Tampa Home

When you visit an open house of a home listed by a real estate brokerage firm or call the number on the listing brokers yard sign, the listing brokerage, unless specifically disclosed otherwise, represents the seller in the marketing and sale of that home. That broker and any agents of that broker have a fiduciary duty to protect the seller's interest at all times.

If you are represented by a buyer’s agent, in a single agency agreement, then your agent’s responsibility lies in protecting your interests. This allows the agent with whom you are working to be your representative and to put your interests above all others, especially those of the seller.

Scenario 1: You see a house advertised in the newspaper, a home magazine, the Internet, or you call the number on the sign in the yard. You contact the listing brokerage/agent, who is advertising the home, and make an appointment to see the house. The agent is friendly and answers all of your questions about the house. Remember that the agent most likely represents the seller in a single agency agreement, not you.

Scenario 2: You are working with a Realtor, who shows you many homes over 2 months. The Realtor buys you lunch twice, knows your children and dog by name, but does not offer single agency representation. You feel comfortable with the Realtor, revealing important personal information. Without single agency representation, that Realtor is only providing a limited form of representation. You could be better represented by asking that agent for single agency representation.

If an agent represents the seller in a single agency form, that agent most likely will not reveal things that may be of help to you, the buyer, such as:

• The reason for selling (unless the seller specifically authorizes it)
• Any concessions, in price or otherwise, that the seller may be willing to give up.
• Information that could be detrimental to the seller, or give you, the buyer, an advantage. (Any agent, no matter the representation, is required to disclose all known facts about a property that may affect its value, however.)

Having a buyer agency agreement can more substantially protect your interests in a real estate purchase.

• Your agent can develop a CMA (Comparable Market Analysis), that will reflect what price similar properties in the area have been listed for and sold for.
• Your agent can also reveal to you any information about the seller that he or she has been able to get. This may include reasons for selling, potential concessions, or other information that may be to your advantage.
• Your agent can provide information about property value trends that may influence your decision about a certain area can be relayed to you.

Summary. Is it necessary to have a buyer’s agent? No. Many home buyers have purchased homes dealing with the seller's agent only. (This used to be the only way it was done). The important thing is to understand your options, so that you don't unintentionally accept less representation than you want.

Most buyers will feel better knowing they are dealing with an agent who represents them only and not an agent who is simply facilitating the deal between buyer and seller.