This post about why you should use a Buyer's Agent was written by Nick T Pappas in Huntsville, AL. It is an excellent post explaining why buyers looking out for their interests. In this case, it was with new construction and a builder.
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Why Use A Buyer Agent In Huntsville Alabama?
A perfect real life example of why you need your own buyer agent.
When purchasing a home in Huntsville, Alabama particularly new construction you may ask why you should use a buyer agent and not the on-site builders agent. Your logic may be that you can save money by going directly to the builder...after all there's one less Realtor involved...right? Well if your goal is to purchase a home under the best terms and conditions, save money by not overpaying and have an advocate in your corner...someone representing your best interests through every step of the home buying process and not the sellers or builders best interest then you might want to consider your own buyer agent.
Look at it this way; the listing agent or builders on-site agent's job is to represent the seller's best interest which translates to reaching into the buyers pocket and getting the most money for the seller. Most builders do not allow their agents to represent the buyer and technically the listing or builder's agent has a fiduciary duty to the seller only! Using the listing agent is like a divorcing couple or people involved in a law suit using the same attorney...the attorney can't represent both parties fairly.
Real Life True Real Estate Story Gone Bad
I worked for several months with out of state clients showing them homes, providing market statistics, and offering them advice about home values in the specific area they were looking and, of course working in their best interest as always. When I was first introduced to them they told me that it was important that they didn't overpay and would be able to sell their home without losing money after being in a home for 5 years when retirement came around. Unfortunately my clients didn't like or agree with what I had to tell them especially when I advised against certain properties because they would be overpaying...they decided they would build new and deal directly with the builders on-site agent with the intention of saving money. The gentleman client said that his day job was to negotiate multi-million dollar contracts for the government and felt he didn't need my help with the builder...I think this may explain a lot regarding spending of your tax dollars in our government! Anyway, quoting the buyer exactly, additional reasons for building...and...reading between the lines why not to use me:
"I just have to deal with a builder not home owners
No appraisal from "XXXXXXXXX" Mortgage
We can get want we want
No home inspection"
All reasons why they absolutely needed a buyer agent!! Before you ask if I had a Buyer Agency Agreement the answer is yes and I let them out of it! Guess I'm not representing that money grubbing perception people have of Realtors very well.
Anyway, cutting through the rest of the muck, I think most Realtors know how this is going to end and it did! The buyers overpaid by what I estimated at the time to be $95,000 and who knows what was missed because of there being no home inspection and there was also the "no appraisal" issue. Fast Forward: The buyer for what ever reason had to sell the home 7 months after their purchase (not a distressed sale) for $128,000 off their original purchase price not including closing costs and attorney fees. Had I been involved they would not have overpaid and thrown away well over $128,000 on this home that originally sold just under $570,000!!!
I have no doubt that these past clients are reading this and I just want them to know that I wish them well and at the very least glad they got to live in the house they wanted for a while.
So Why Use A Buyer Agent In Huntsville, Alabama or anywhere else for that matter? Only if you want to save your hard earned money.
Originally published at.....http://nicktpappas.com/?p=3752
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