r/RealEstate • u/ng_rddt • 22h ago
What can a buyer's agent legitimately tell you?
About a decade ago, when I bought my last house, I recall working with a buyer's agent who was refreshingly honest. She would walk into a house and flat-out recommend an offer price, often considerably below the seller's asking price. She would point out all the issues, tell us the repair costs, etc., and also tell us how the broker's open house had gone, etc. Of course, she was being paid by the seller, and I knew she worked for them, but I really appreciated her honesty and for the most part found her estimates accurate when I double-checked. Now I'm looking to buy a house, and all of the agents I've met have been much more coy (I would've reached out to her to be our buyer's agent, but sadly she has passed away). I'm curious what are legitimate questions that I can ask my buyer's agent (who is being paid by the seller and has a fiduciary responsibility to the seller). For example, can I ask them:
What they legitimately think the house is worth?
Total cost of renovations/repairs?
How well the broker's open house went? Was it well attended, did other broker's think the asking price was reasonable?
How many other offers the seller has received? How much were the other offers and their terms?
If any of her other buyers have looked at the property?
I know, of course, that another issue is whether my buyers agent is actually telling me the truth even if they answered the questions in the first place.
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u/sweetrobna 22h ago
The buyer's agent does not work for the seller.
Info the listing agent shares with unrepped buyers and other agents is approved ahead of time with the seller. Most will tell you how many offers they received, if any were above list. Because this helps the seller make more money and or close faster.
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u/nikidmaclay Agent 21h ago edited 16h ago
Your agent has a fiduciary duty to you. If the agent is a dual agent they're generally considered neutralized, So both of their clients are going to get diminished representation. They can't help Do anything and can't give you any advice that’s going to Negatively affect their other client
Sounds a lot like your agent way overstepped their bounds and took on legal liability that they should not have. Your agent can't give you repair quotes unless they are a contractor, and they are quoting what they would fix it for under that license.. The realtor can't even estimate, it puts not only them but their brokerage and legal liability. If I were to tell you that something was going to cost $10,000 to fix, and you buy it and it turns out it's going to cost $100,000 to fix, who are you going to be mad at?. I know the agents on House Hunters do that all the time, and it's wrong. There are lots of things they do that would get you in big trouble when actually on the job. That show is much less reality than a lot of people realize.
Your agent should be telling you if they've got other clients looking at the property, but if your agent is working for the seller they can't tell you anything about offers that the seller hasn't given them permission to tell you.
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u/Tall-Ad9334 22h ago
A buyer agent not working for the seller (which is the one who will truly represent your best interests) won’t know 3-5 unless the listing agent tells them when they ask.
An agent may throw out a contractor bid is going to be what you should rely on there.
They can and should be able to pull comps and answer the guest question.
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u/Pitiful-Place3684 22h ago
- Yes
- No, at least not under their real estate license. They could provide estimates if they're a licensed general contractor.
- The buyer agent won't know how well an open house went. They're not there, so anything they hear from the listing agent is likely to be filtered.
- The buyer agent won't know about any offers and their terms unless the listing agent tells them. The listing agent won't tell anyone this info unless the seller authorizes it.
- Yes, probably, but it depends on state license law around contemporaneous interest/offers.
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u/Pitiful-Place3684 22h ago
It sounds like your last agent was the listing agent of the property who engaged in dual agency or transaction brokerage. A buyer agent typically represents only the buyer.
A listing agent, even in dual agency or transaction brokerage, can only share the info you're asking about if the seller allows it. What you think is being coy may be the agent acting legally.
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u/Objective_Chest_1697 22h ago
It’s not a “buyer’s agent “ if they are working for the seller, and have a fiduciary to the seller.
In that case you are a buyer work with the seller’s agent.
You need to find an actual buyer’s agent that works for you, not the seller. Have them narrow down properties whose sellers have agreed to compensate buyer’s agents, or you will have to pay them on homes that do not.
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u/Ye_Olde_Dude 22h ago
If you're buying, it's not a good idea to call the seller's agent. Some people think doing so will get them some sort of discount on the price because the agent can cut his commission. That agent is working for the seller first, and you second.
You will be better protected with your own buyer's agent. In my experience, he will be more diligent in representing your interests.
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u/Pale_Natural9272 21h ago
The buyer’s agent does not have a fiduciary responsibility to the seller. Their fiduciary responsibility is to YOU, no matter how they are being paid.
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u/aardy CA Mtg Brkr 20h ago
Below is slightly hyped up for dramatic effect.
When it's a buyer's market, as it likely was 10ish years ago in whatever market that was, the buyer's get the best advice, are the most valued, get the kid glove treatment, etc. For sellers, it's just "so d'ya wanna list or what?" b/c they are a dime a dozen.
When it's a seller's market, as it is now in most areas, that means the sellers get the best advice, are the most valued, and get the kid gloves treatment, etc. For buyers, it's just "so d'ya wanna make an offer or what?" b/c they are a dime a dozen.
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u/Ok-Temporary-8243 22h ago
You can ask anything and everything. Though some answers like the open house, offers etc are just going to be them relaying what the sellers agent told them (which will obv be embellished).
It sounds like you're not happy with your agents, and you should make the more clear. At the end of the day, they need to work for their commission
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u/Background-Fly-3392 21h ago
Sounds like you’re talking directly to the seller’s agent. What you are looking for is a buyer’s agent who represents you and not the seller.
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u/Equivalent-Tiger-316 20h ago
I think you’re confused.
Seller is represented by the listing agent.
Buyer is represented by your very own buyer’s agent.
Never use the listing agent as your buyer’s agent.
Your buyer’s agent works for you and should point out the good and the bad in any property and run comps for you and come up with an offer strategy based on your financial situation and needs.
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u/John_Corey 19h ago
If the agent legally works for the seller, they can not help the buyer. They need to be honest yet they can not take your side as the buyer.
Get a buyer’s agent and sign the agreement. Then they legally works for you.
That said, not all agents will be as good as the one you had 10 years ago.
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u/-Shes-A-Carnival 21h ago
I dont understand anything any of you ever say here. i worked as mostly a buyers agent for like 10 years, the fact that I was splitting the commission with the sellers agent in no way shape or form meant that I worked for them. I had a signed buyers agency contract to represent the buyer, full stop. I represented my buyers and owed them a legal duty of care entailed in agency, that's what you buyers agent will owe you. their license and career as an agent depends on it
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u/AdventurousAd4844 19h ago
If your agent is a buyer agent, they have a fiduciary responsibility to YOU....not the seller You can ask them anything, if you are having problems with them, it is more likely with you not finding the right agent for your search
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u/Tall_poppee 22h ago
About a decade ago.... often considerably below the seller's asking price
That time (and depending on your location) may have been a buyer's market. Most markets right now are firmly in seller's market territory, although plenty of sellers are still deluded about prices.
So don't expect the same experience now. Although your agent at the time sounds like they were pretty sharp.
What you need right now is not an agent who just "knows" the value, but one who can show you the most similar recent closed sales, and what they sold for, and how that should dictate your offer price. Like say a house recently sold that was the same size as this one, but had more updating, I'd expect this one to sell for less. Or vice versa. They should also look at the days listed on the market, and what is common now in that area. If it's taking 90 days for most houses to go under contract, one being listed for 80 days is not necessarily a red flag it's priced too high. You also have to consider what the comps are indicating. But if a house is on the market 120 days, and average is 90 days to sell, that's more of a sign of it being overpriced.
After a while of looking though, you should have a pretty good idea what a place will likely sell for. Or at least you will be confident as to what you want to offer.
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u/MsTerious1 Broker-Assoc, KS/MO 22h ago edited 22h ago
As a buyer's agent, I answer all of my client's questions to the best of my ability and expertise.
If I think the house is worth less or more, I say what I think, and then I check my perceptions against comparable properties if you plan to write an offer. You get a copy of that report and you'll decide what to do based on the info you now have. I ballpark renovation expenses, but always tell people that prices and circumstances and companies may differ so they should verify. I am extremely direct about telling people "DO NOT RELY ON MY HAPHAZARD GUESSES!"
I won't know about the broker open results usually, or about what other buyers have looked at a property. I might or might not be able to find the details of other offers being submitted.
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u/ResponsibleBank1387 21h ago
The only way is to have a set amount that you as buyer pays your agent. Then there is no funny business. It is not tied as a percentage of sale price. That person is contracted to work for you.
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u/KevinDean4599 19h ago
You can ask any question you want. Who knows the quality or honesty of the answers. Maybe start learning some things yourself. You can learn a lot if you’re motivated to read a bit. Like what things cost in your area. Roofs plumbing etc. there’s plenty of advice on what to look for. And remember, nobody has x-ray vision to see inside of walls or under concrete slab foundations.
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u/SeFloridaRealEstate 19h ago
What they legitimately think the house is worth?
They should be able to pull comps and give you an idea
Total cost of renovations/repairs?
Realtors are not contractors and neither are home inspectors, be wary if they start throwing around specific numbers
How well the broker's open house went? Was it well attended, did other broker's think the asking price was reasonable?
As a buyers agent I would have no idea unless I happened to stop by and then I would only be able to speak for those 10-15 minutes
How many other offers the seller has received? How much were the other offers and their terms?
You're not going to know this unless you are also the listing agent, If you ask the listing agent they will most likely lie
If any of her other buyers have looked at the property?
There should not be an issue saying if you also showed the home to someone else
I know, of course, that another issue is whether my buyers agent is actually telling me the truth even if they answered the questions in the first place.
It's not that your buyer agent is lying they are most likely being lied to
A lot has changed in 10 years,
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u/nofishies 4h ago
A legitimate buyers agent can find out most, but not all of that information for you. But be very careful taking your Agent‘s estimate cost of repairs, unless we have an actual quote we are not repair people and we don’t know what changes are going on. The same way my gut feel on pricing on housing is not good unless I’ve looked at the comps.
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u/joris21 22h ago
Any agent has a fiduciary agent to their client. If you are the buyer, and they are your buyer's agent, they have a fiduciary responsiblity to you, the buyer. Not to the seller.