Housing Outlook for the Rest of 2020The average home price in Los Angeles County for the first 5 months in 2020 was $472,565 which is an increase of 13.5% percent compared to the average home
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Buyers Advice: Who’s Got Your Back?
If you’re like some buyers, you may be shopping for a home to buy without a real estate agent of your own. You don’t trust agents, and you want to shop on your own time at your own pace without some agent pressuring you to buy something you don’t want. They’re just salespeople right?
WRONG. A salesperson owes you service, but not loyalty, while a real estate agent owes loyalty to whomever they’re contracted to serve. In most cases that’s the seller.
If you call the listing agent on a property, go to see the property and decide to buy it, don’t expect the agent to represent your best interests.
Here’s how it really works. The listing agent represents the seller in a transaction and always has the seller’s best interest in mind. Anything you say to the listing agent is not protected and can be used against you in a negotiation. For example, you might inadvertently tell the agent that you’re relocating and have to find a home to buy in the next week. So when you make an offer, the seller’s agent may tell the seller that you’re motivated to buy quickly, making the seller less likely to lower the price.
If you don’t know that, you may also not know that you can hire your own agent who will have your best interest at heart and at no additional cost to you. Like the seller’s agent, the buyer’s agent is paid out of the transaction proceeds. A buyer’s agent represents you, the buyer, through the entire buying process by helping you get pre-qualified for a loan, negotiates price and terms of the purchase agreement, helps the buyer fill out all the disclosures properly, helps through the home inspection process and is also there after the sale is completed to take care of any problems that may arise.
For more information about how a real estate agent provides benefits through the home buying process, please contact Jack Lees at 818 262-0924.