Is it ok to use the listing agent when buying a house? No! More and more often we’re seeing first time home buyers contacting listing agents through sign calls, internet postings, etc, to view homes and write offers. The listing agent has a fiduciary responsibility to the SELLER, and no matter how hard they may try there will always be a conflict of interest when practicing dual agency.
What’s dual agency? Dual agency is when a real estate agent represents both sides of a transaction. Many agents like to do this because they get paid twice, but it is not in the best interest of either client. First time home buyers need an agent on their side that will represent them solely and fully.
How much does it cost to hire an agent? In the state of Washington both listing and buyer side commissions are paid by the seller, so the buyer pays NOTHING for their representation.
So why would first time home buyers choose to NOT have their own agent? There is no reason first time home buyers shouldn’t have their own agent representing their best interest. Some people feel like real estate agents are just salesmen. It is true that some agents are salesmen, but there are many out there that are educated professionals and advocate for their clients. You may just have to interview a few to find the write one.
Don’t make the biggest financial decision of your life without getting educated! If you would like to find out more about how to interview real estate agents, or the home buying process in general please go to our Calendar/Reservations page and sign up for one of our FREE First Time Home Buyer workshops.
[...] do I make sure I have representation? We’ve written past blogs about Who The Listing Agent Represents. Dual agency (working with the listing agent) is something you want to avoid like the PLAGUE, [...]