Even though we have already found a house we are VERY interested in, should we still get a buyer's realtor?

Question

..to represent us. Do we have to pay for a realtor when buying? Should we get one from the same realty company? I am very confused now, we are first time buyers and my other question did not seem to go over well. Any help would be appreciated.

Answer 1

Realtors can work for just one party, buyer or seller. Or act as dual-agent, and represent both the buyer and seller at the same time.

As a first time buyer, I would recommend you to find your own realtor, or real estate agent.  Your agent will be more likely to watch out for your best interest and if nothing else, negotiate a better price for you.

Theoretically a dual-agent needs to look after the benefit of both clients.  However, realistically, how easy is it to 'get the buyer the lowest price' while the agent works to 'get the sellers the highest price'?  The conflict of interest is obvious.  

Does dual agency happen in real life?  Yes.  

Is it always a bad idea?  not always.

Should you avoid dual agency?  If have choices, I would say yes.

Should you find another agent in the same company as the seller agent?  Not necessary at all.  You should find a good solid agent, whether the agent is in the same or different brokerage company.

Buyers typically do not pay their agents.  Sellers compensate both the listing (seller) agent, and the selling(buyer) agent.

Answer 2

No, but get a Real Estate Attorney.

Answer 3

Ironically, some people will get a lawyer for a traffic ticket but sometimes not get representation for the biggest monetary transaction of their lives.

You have nothing to lose and everything to gain by getting a good buyer agent. The seller pays their commission, and they do far more than just initially find the house. They can negotiate the price, advocate for you though the process of inspections, appraisal, title, and so forth, and heklp you with advice and troubleshooting throughout the process.

Having them costs you nothing, but not having one could result in a costly mistake.

Find an experienced, full time local agent with a proven track record and references. Do not go through this gigantic purchase without top notch representation.

Good luck.  

Answer 4

you should get a realtor.  buyers don't pay commissions, sellers do.  It is OK to get it from the same firm, but you don't want the same realtor.