A real estate agent may take on many roles in a real estate transaction but for a home buyer it is important to know which one of those roles, if any, benefits them.  Any real estate agent, unless otherwise agreed, is a representative of the seller in regards to the sale of a home.  As you may know, a seller’s agent or listing agent is the agent who has a signed agreement with the seller and has a fiduciary responsibility to act in that seller’s best interest. What you may not know is that any agent who shows you a home listed by a seller’s agent is by default, a sub-agent of the seller. In other words, this sub-agent works under the written agreement signed by the listing/seller’s agent. This agent may never have met the seller but when they enter into negotiations, the best interest of the seller is their legal and ethical priority.

A buyer’s agent offers to the home buyer the very same fiduciary responsibility a seller’s agent has to the seller but instead of protecting the seller’s interest, a buyer’s agent protects the buyer’s interest. Buyer agency gives the home buyer representation during the home buying process that they would not have had otherwise. A disclosure form explaining this relationship between you and your agent must be signed and dated to solidify the agreement.  A buyer’s agent’s duties would include sharing information about the sellers, the property and providing a comparative market analysis or CMA on the property so that you are aware what similar properties have been selling for in that area.  When you do not use a buyer’s agent you risk not having access to pertinent facts concerning your purchase or worse, misinterpreting the facts you already have access to.

Money magazine reported on a study done by U.S. Sprint which found that 232 of their relocating employees who used a buyer’s agent saved an average of 5% off the list price of the houses they purchased. Results will clearly vary but buyer’s agency is absolutely free so any savings is well worth it.  Unfortunately, most buyers are accustomed to seeing a “for sale” sign and calling the number on the sign to make an appointment.  In that scenario, the listing agent is representing the seller and also representing you, the buyer.  This is called dual agency.  Have you ever seen an attorney represent the defendant and the plaintiff in a court case? No.

Now that you have seen the many benefits of having a buyer’s agent your next question should be, how do I find one?  Admittedly, finding a real estate agent who you can trust and rely on throughout the arduous process of buying a home is extremely difficult.  Understanding this clear and urgent need, Neighborhood Housing Services has created NHS Realty Corp. to answer the call.  NHS Realty now offers Buyer Agency which allows for NHS Realty to show you listings and negotiate on your behalf for any home you are interested in buying.  NHS Realty understands your needs and will fight for them.  Call NHS Realty today at (212) 519-2583 or to send us an email Click here.