Definition of Self-Represented Buyer:
Orange County Self-Represented Buyer:
Very rarely in the Orange County real estate market a home buyer may choose to waive the representation of a buyer's agent – basically they want to represent themselves. In this case, the listing agent will be the only real estate agent involved in the purchase. However, this is not the same as dual agency, in which a single agent represents both the buyer and the seller in the same transaction. The listing agent would still only be representing the seller.
BanCorp would like to point out that the idea that foregoing buyer representation in an Orange County real estate transaction will save money is a myth. The buyer pays no commission to BanCorp, the seller does. The seller has already agreed to pay a certain commission upon listing their home. Even if there was a small percent being saved by the seller, the chances of the buyer realizing these savings are slim. The amount that the potential buyer might save will certainly not outweigh the concessions they could save by having a professional in their corner. Negotiating closing costs alone can save a buyer up to or more than 3% of the purchase price.