So, you’ve decided to do it. You’ve set a goal, set your budget and location, got pre-approved and you’re ready for it. You’re doing it. You’re going to buy a home.
Now what? A home purchase is a significant and expensive transaction with long-term implications. You want to buy wisely, at the right price and on good terms. But if you overpay for a home or buy one that involves more upkeep than you can manage, you may end up with buyers remorse.
In order to make the best decision on buying your home, you need to have the best possible information and guidance to make a well-informed decision from someone who’s fiduciary duty is to you solely. Using an Exclusive Buying Agent provides you with the level of representation you need to make sure you aren’t overpaying, overlooking the upkeep, or buying on bad terms. This also helps to avoid any conflicts of interest.
An Exclusive Buyer’s Agent is just that: a real estate professional branded towards representing homebuyers exclusively. Compare this with a dual agent, or sellers agent, who’s vested interest lays across multiple platforms—to the seller and to the homebuyer.
An Exclusive Buyer’s Agent will:
- promote and protect the interests of the buyer with the utmost good faith, loyalty and fidelity, by law
- educate you on local market conditions and the home buying process in general
- perform cost comparisons to protect you from overpaying
- negotiate price and terms exclusively on your behalf
If an agent gives you dual agency disclosure, they aren’t representing you. Conflicts of interest arise when a selling agent represents both the buyer and the seller, and still carries a fiduciary duty to the sellers, which means you don’t get the best deal possible. If you meet a seller’s agent at an open house, for example. and mention to them your need to relocate in one month’s time, that agent must promote the interests of the seller by law and inform the sellers of your situation, thus diminishing your negotiation power.