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Real Estate Myths

Myths real estate agents are still telling home buyers:

Many real estate agents are honest. Unfortunately, many others are either dishonest or very confused.

Here are some actual statements from agents in our market:

1. "We can be your buyer's agent." Commonly heard at open houses.

What the agent probably means is "we can be your designated buyer's agent or dual agent". Does the company have homes for sale? If so, you will be losing out on some of the most important benefits of having a buyer's agent. Don't get "suckered" into the bait and switch. Ask for a written guarantee of loyalty. If you don't get one, you may be working with a dual agent or designated agent.

2. We do everything that The Buyer's Agent does for you." Often heard when you ask a traditional agent about our company.

Written guarantee of loyalty 100% of the time. Never any bait & switch buyer agency, never any dual agent double cross. At THE BUYER'S AGENT, BUYER'S FIRST REALTY, we will always be on your side.

Written guarantee of savings. At THE BUYER'S AGENT, BUYER'S FIRST REALTY, we are never sure before hand how much we will save you, but we are committed, in writing, to saving you money on your home purchase.
Written guarantee that they work hard to negotiate the lowest possible prices from title companies, home warranty companies, home inspection companies, lenders, or any other service providers. At THE BUYER'S AGENT, BUYER'S FIRST REALTY we are always looking for ways to save you money and we arrange any bonuses or kickbacks to come back to you.

OR, FOR A DIFFERENT TWIST, ask them how they saved home buyers money when they were working as a buyer's agent compared to how they cost buyers money when they were showing buyers homes as a seller's agent. If they didn't negotiate hard to get money out of a buyer when they were working for the seller, why would you think they would negotiate hard for you when you are a buyer?

3. "Buyer Agency laws have changed real estate."

There are no "buyer agency laws." The truth is that buyer agencies have been around for decades. The "new" law just requires real estate agents to tell home buyers the truth about who they are working for. Real estate companies didn't want you to know.

4. "Real estate agents never receive bonuses or incentives."

The truth is, often sellers will offer a bonus to the selling office. If the real estate agent is a REALTOR, they are required to disclose this to you by the REALTOR code of ethics.

5. "All mortgage companies charge about the same."

Commonly heard when a buyer is asking a real estate agent for advice on who to use for a mortgage.

Some naive real estate agents do actually believe this. The truth is that for many types of mortgage rates can vary by over 1/2% between lenders on any given day. On a $100,000 loan this is equal to about $2,000 out of your pocket. Our local lenders also vary by as much as $700 on their "junk" fees. At THE BUYER'S AGENT, BUYER'S FIRST REALTY , we shop rates for you with as many as 5 different lenders, both local and national. Then you can choose the best loan for your needs at the lowest overall cost. The savings is often in the thousands of dollars!

6. "Even though the property is listed by our office, I'll still be representing you and the other agent will be representing the seller." Heard when a home buyer starts to get concerned about getting the dual agent double cross.

The truth is that in Washington, two agents from the same office cannot represent different sides of a transaction without being designated agents. The company or broker becomes a dual agent and the agents take on the agency role of the company. But, since all agents work "on behalf of their BROKER," neither agent can fully represent their client or help them negotiate a higher or lower price. There is no other choice.

Some agents are still confused by this and some agents would rather lie than tell their buyers and sellers the truth.