Tony Hager, Realtor - Your Lubbock Buyer Agent

Many buyers in their search for a Lubbock home, often get mislead or have the feeling that they are being represented. They, like many home buyers before them, believe that the Agent with whom they are working with on a daily basis represents them and their interests. Without the proper disclosures and a written contract, this is actuyally quite the opposite.

The Agent, unless specifically disclosed otherwise, represents the seller in any transaction for the sale of a home. It is that Agent's fiduciary duty (where their loyalty lies) to protect the seller's position at all times.

Buyer's Agency, however, may be an option available to you. Simply put, it allows the Agent with whom you are working to be your representative and to put your interests above all others.

Example 1: You see a house advertised in the newspaper, a home magazine, or the Internet. You contact the Listing Agent (this is who will be advertising the home) and make an appointment to see the house. The Agent is friendly, informative, and tells you what you believe to be everything about the house. You in turn tell the agent everything there is to know about your purchase requirements, what you can afford and how quick you need to purchase. Guess what The Agent you have spoken to represents the seller, not you, and can now use all that information you shared in the sellers best interest and not yours.

Example 2: You are working with an Agent, who shows you 15 different homes over 3 weeks. You and The Agent have coffee together, and in time they learn all your children by name as well as all of your personal likes and dislikes, but does not offer Buyer Agency. You feel comfortable with the Agent, revealing important personal information. Without Buyer Agency, "your" Agent represents, and owes loyalty to, each and every one of those 15 sellers--not you. Any information you reveal to the Agent must be relayed to the sellers.

So the Agent represents the seller and not me. Is that a big deal?" Maybe not, but it is important to understand that if the Agent represents the seller, they cannot reveal certain things to you, as the buyer:

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.
Any conversations that the seller and the Agent may have had.
Any information that could be detrimental to the seller, or give you, the buyer, an advantage.

Buyer Agency turns the tables. If a Buyer's Agency agreement is struck between you and the Agent, it is you, rather than the seller, who has the representation from the Agent with whom you are working. If you are represented by a Buyer's Agent, some of the potential benefits include:

The Agent can develop a CMA (Comparable Market Analysis), revealing at what price similar properties in the area have been listed for and sold for.
The Agent can reveal to you any information about the seller that the Agent has been able to ascertain (unless this information was obtained under a separate agreement with the seller from a previous transaction). This may include reasons for selling, potential concessions, or other information that may be to your advantage.
Information about property value trends that may influence your decision about a certain area can be relayed to you.

What does all this mean? Is it necessary to have a Buyer's Agent? No. Thousands of home buyer's have been well served dealing with the seller's Agent. (For years, it was 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.

If you would like representation in your search for a Lubbock Home or would just like to discuss your options under no obligations, give me a call and I will answer any questions you may have. My expertise in data extraction will help give you the tools you need to make an informed decision on your next purchase of Lubbock Real Estate.