Did you know that 90% of homebuyers work with an agent? Here’s something the 10% of buyers who don’t use an agent should know: most experienced listing agents prefer if you have your own representation, as it typically yields better outcomes for both the buyer and the seller.
Many buyers think they’ll save money on the sales price by not using an agent, but this isn’t necessarily true. Not using an agent doesn’t mean the seller will reduce the price by the buyer’s agent commission. The commission agreement between the seller and their agent doesn’t change just because a buyer is unrepresented.
When a buyer is unrepresented, they may not understand the nuances of the contract or the sales process. This can lead to two outcomes: the buyer terminates unnecessarily, or they feel aggrieved due to their inexperience. Neither outcome is positive for the seller. While many unrepresented buyers purchase homes successfully, sellers need to understand all potential outcomes when evaluating an offer from an unrepresented buyer.
With changes in real estate transactions on the horizon, unrepresented buyers might become more common. A leading Colorado real estate attorney recently shared that this could mean more legal troubles for sellers.
The takeaway? Having an agent by your side not only helps navigate the complexities of a deal but also protects you from potential legal headaches. Don’t underestimate the value of expert guidance in real estate transactions.
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