Buyer needs an agent?

Question

A property is being sold by someone we know. They asked if we had an agent. Maybe they did not and wanted ours to be dual. Maybe they had an agent and hoped we did not to save 3% by using their agent or maybe their agent could be dual. Or they may have wanted the sale with no agent. The steps are locate a property, title search, agree on price, buyer inspection, seller disclosers, appraisal, closing. A lawyer we talked to said they could handle the title search and likely the closing. Our lender will do the appraisal, and as buyer were would pay the inspection and request the seller to supply sellers disclosure documents. Since the house was repaired and was a rental for many months, it must be liveable so we would not expect any serious issues from the inspection but who knows. So why do we need a buyer's agent if the seller has one or the seller does not want one involved at all? This person has sold several properties so they know alot about how to price a property so in a way they don't need an agent. If they want one either theirs or mine or a dual then they would likely just adjust their price up to accommodate the commission. Question is why do we as buyer need an agent based on the above scenarios.

Update:

3 off topic comments and one that includes things we don't need.

mindcrime828 · Accepted Answer

A buyer's agent works on your behalf, and for your best interests.  The seller's agent is there to work for the seller only.  A buyer's agent can help guide you through the process, negotiate price and other points of the contract on your behalf, point out possible pit falls you may miss being inexperienced in real estate, and even provide you options for lenders, insurance, title companies, etc.  If you end up not wanting to purchase that home, your buyer's agent then can assist you with your search as they have access to the full MLS listings and can setup viewings for you.  Best of all, a buyer's agent is at no cost to the buyer as they simply split the commission with the selling agent when you purchase the home.

realtor.sailor · Answer

Your post is somewhat confusing. You say "property being sold by someone we know." But the wanted "our agent to be dual." "Our lender would do the appraisal..." It's the buyer's lender! Are you the buyer, seller or just an interested party?

Elaine M · Answer

So ask them.  Trying to guess, without any information,  is useless.

Chief BaggageSmasher · Answer

If you want to take your chances, then go ahead with no agent.
If you have the time to waste organizing everything, then have fun. If you miss something important, then you are the one who will lose out.
The fact that the buyer does not want an agent should be a major red flag that there are things wrong that only an agent may find.

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Buyer needs an agent?

4 Answers