SolveYourProblem
Real Estate Article Series
Buyer vs Seller Agents: Two Different People?
You want to either sell or buy a new home,
but you are unsure of what realtor to go with in the process.
Understanding the role of a realtor and how they
relate to you if you’re a seller or buyer is extremely important. For
the first time home buyer or seller you need to be aware of
a few facts, and clear out the cobwebs of confusion on the
responsibilities and duties of a realtor.
Depending
on what state you live in realtors may be committed to
act only as the seller or buyer agent. Many times however
a realtor may take on a dual role of representing both the
seller and buyer, or known as a dual agent. In other words
they have a duty to sell the home for the best possible price
for the seller, and at the same time are committed to get the
best asking price for a buyer. This can be a little nerve racking
for many people, but the best defense is being in the know
about the legal and moral responsibilities associated with
a realtor’s dual agency representation, and how you can feel
confident about working with them.
The
legalities of the fact for realtors are that in most states
they are required to share the knowledge of which party they
work for. Most of the time realtors work for the individuals
that are selling a home. If you are unclear make sure to ask,
so to ease any nervous jitters on your part. Always assume
that any realtor is working for a firm that represents both
a seller and a buyer, and if you are a buyer, make sure to
hold close any information that may affect any deals that are
offered for your purchase of a house. Buyer’s agents
have a loyalty to the buyer only. This is verified by a signing of
a contractual agreement between both the agent and the buyer.
The buyer should be aware that agents are held to a legal and
moral obligation to not disclose any personal facts not only
to the home seller, but to the realtor’s agent. Material disclosure
is permissible though about the property, such as any known
pest infestations, or problems with the structure itself. A
dual agency for a realtor is usually assumed for them if they
represent a buyer; make sure to check into the realtor’s status
for your own peace of mind. However, contract protection is
afforded for anyone that is interested in purchasing a property
through an agent that represents a seller’s interest by signing
a contract to represent both.
If
you are in the market to buy a home you need to expect
a reasonable amount of service from any real estate agent
that
represents you. The goal should be to fully represent your
best interests. You need to be informed clearly from your agent
if they will require you to sign an exclusive clause contract.
This legally binding contract will require you to work with
that agent only. Always search for an agent that will
allow you to have other realtors working on your behalf. All buyers
agents should work diligently to help you sell your home by
providing comparisons studies of the in your area, and to handle
any inspections, or working with a lender and the loan application
process. He or she should be more than willing to consider
and respect your wishes when planning an open house for either
other realtors or the general public. Agents should always
be courteous about general appointment times to meet with you,
and should always leave a cell phone in case of unexpected
issues surrounding the sale of your home. Your buyer’s agent
should clearly explain all aspects of the contract to you.
Issues such as contract compensation and their exact fees for
selling your home, along with things such as how long you must
list your home with them should be covered in a written contract.
Over all the experience of either buying or selling a home
should be one that is pleasant for both the seller and buyer.
Selling and buying is a serious decision that can affect your
financial and emotional well being for years to come – consequences
of how informed you are will be long lasting, many years after
you have walked away from the bargaining table. # # # # #
SolveYourProblem.com : 2007
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