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Do we need our own real estate agent? Or is a lender and the sellers agent enough?

Profile picture for snarkle
Contributions: 1
1st time hme buyers, in Georgia.  Been working with a lender and pre approved for this property.  We will probably make an offer on it soon, we have only communicated with the sellers agent about it.  do we need our own agent or an attorney, to make sure we have covered everyting, and asked all the relevant questions?
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October 15 - Covington
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Profile picture for FriendshipProperties
Real Estate Agent

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Contributions: 660
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Since April 2009

I would work with an Agent who has purchased REOs b/c often the sellers agent will try to make you sign 'Addendums' that waive all your contingencies and require you to put down very high down payments.  It would also help to recognize repair costs.
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October 16
Profile picture for jkonstant
Real Estate Agent
Contributions: 1505
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Since May 2009

You certainly can buy directly from the listing agent. All buyers should have an attorney. All buyers. Depending on where you live, listing agents can represent both parties. While in practice this seems a little off, in reality they are no really representing anybody. If both parties consent, the single agent acts as a transaction broker with the parties representing themselves. Do not be misled that a listing agent can only work for the seller. This will depend on the agency relationship you create with them. If they ask you or are obligated to only represent the seller, then yes, since you are a first time buyer, hire your own agent. But remember, you should still have an attorney.

If you need a buyer's agent to assist you, please contact me so I can randomely pick one out of the phone book and have them pay me for the referral.

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October 16
Profile picture for Ofe Polack
Real Estate Agent

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Contributions: 149
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Since October 2009

I will be very happy to put you in touch with a buyer agent, who could represent your interests.  I suggest that you should wait until you have a buyer agent to put an offer on the property.  The buyer agent will visit the property with you and guide you from beginning to end.  Please click on my photo directly if you want me to put you in touch with a buyer agent.

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October 15

You should 100% have your own representation as the listing agent's duty is to the seller.  Typically a real estate agent may be the best bet given they are typically paid by the seller and attorney fees would be paid by you.  If you are interested in hearing more let me know as I may have a program that benefits you.

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October 15
Profile picture for MikeEmery
Real Estate Agent
Contributions: 2474
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Since December 2008

You should have your own representation -be it a real estate agent or attorney.

The agent that is handling the listing has an obligation to the sellers to get the most amount of money and best terms for the seller. If you rely on the listing agent he will not be able to give you advice as to price and strategy because he is also working for the seller.

Just make sure that the seller is willing to pay commission to your agent (which is the typical situation when you buy a home).
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October 15
 

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Question Do we need our own real estate agent? Or is a lender and the sellers agent enough?
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