Do you need a buyer's agent?

By Monique Belmer
NH Mirror Contributor

I have heard many reasons why it is not necessary for a buyer to hire a buyer’s agent to represent them. In the current market with such favorable conditions for buyers, let’s take a moment to dispel a few of the most persistent of these rumors.

Rumor No. 1: Hiring a buyer’s agent costs the buyer money.
The majority of agents who work with buyers do not charge a commission. The agent’s fee comes from the commission paid by the seller to the listing agent. Hiring a buyer’s agent often will save you money in the long run rather than costing you.

Rumor No. 2: A buyer will get a better deal on the home of their dreams if there is not a buyer’s agent to be paid.
This refers back to the answer to the first rumor. That commission is a set amount negotiated on the listing contract before a buyer even steps foot in the home. Contacting a listing agent to submit an offer rather than hiring an agent of your own doesn’t change the commission. Instead, the listing agent keeps the entire amount for handling both sides of the deal. The seller will pay the same amount in commission, completely defeating the mind-set that buying a home without representation will get you a better deal.

Rumor No. 3: You don’t need an agent to get through your transaction because your lender can provide any information you need.
This may be technically true but it doesn’t mean it is the wisest or smoothest way to purchase a home. A buyer’s agent will handle the innumerable phone calls and requests for information from the lender, listing agent, closing company/attorney, inspector, appraiser, etc. They will also coordinate all of these different professional services in order to keep your transaction moving steadily forward. They will track the requirements of the contract to be sure you do not lose out on the right home due to a late inspection response or loan commitment letter from the lender.

Buying a home is often the largest investment someone will make in their lifetime and is a way toward long-term wealth. A buyer’s agent is someone who works for the buyer and the buyer only. They are not beholden to the lender nor are they torn due to the duties owed to another party in the transaction. As such, they can focus on the best interests of their clients.

Not many of us would jump out of a plane for the first time without guidance from a professional, and buying a home is a jump one shouldn’t make without guidance either.

Monique Belmer is a buyer’s agent with RE/MAX Elite in Hooksett. She can be reached at 413-5038 or
monique@camibaker.com.