Buying Your Home - Working With a Real Estate Agent
How do I find a real estate
agent?
Getting a recommendation from a friend or work colleague is an
excellent way to find a good agent. The reason we continue in this business is the strong relationships we have developed with clients. Be sure to ask if they would use the agent
again. A good agent typically works full-time and has
several years of experience. If you are a seller, you should expect to review a
comparative market analysis, which includes recent home sale prices in your
area, when you talk to a prospective agent.
What about a buyer's
agent?
In many states, it's now common for an agent to represent the
buyers exclusively in the transaction and be paid a commission by the sellers.
How do you find a good
agent?
Getting a recommendation from a friend or work colleague is an
excellent way to find a good agent, whether you are a buyer or a seller. Be sure
to ask if they would use the agent again. A good agent typically works full-time and has
several years of experience at minimum. If you are a buyer, you don't usually
pay for your agent's services (in the form of a commission, or percentage of the
sales price of the home). All agents in a transaction usually are paid by the
seller from the sales proceeds. In many states, this means that your agent
legally is acting as a subagent of the seller. But in some states, it's legal
for an agent to represent the buyers exclusively in the transaction and be paid
a commission by the sellers. The best choice isn't always the agent with the highest asking
price for your home. Be sure to evaluate all aspects of the agent's marketing
plan and how well you think you can work with the individual.
How much does my real estate agent need to know?
Real estate agents
would say that the more you tell them, the better they can negotiate on your
behalf. However, the degree of trust you have with an agent may depend upon
their legal obligation. Agents working for buyers have three possible choices:
They can represent the buyer exclusively, called single agency, or represent the
seller exclusively, called sub- agency, or represent both the buyer and seller
in a dual-agency situation. Some states require agents to disclose all possible
agency relationships before they enter into a residential real estate
transaction. Here is a summary of the three basic types:
* In a traditional
relationship, real estate agents and brokers have a fiduciary relationship to
the seller. Be aware that the seller pays the commission of both brokers, not
just the one who lists and shows the property, but also to the sub- broker, who
brings the ready, willing and able buyer to the table.
* Dual agency exists
if two agents working for the same broker represent the buyer and seller in a
transaction. A potential conflict of interest is created if the listing agent
has advance knowledge of another buyer's offer. Therefore, the law states that a
dual agent shall not disclose to the buyer that the seller will accept less than
the list price, or disclose to the seller that the buyer will pay more than the
offer price, without express written permission.
Where can I get information on
buyer agents?
For information on buyer agents, contact the your area's
Realtor association or National Association of Exclusive Buyers Agents: 320 West
Sabal Palm Place, Suite 150, Longwood, FL 32779. Phone: 407-767-7700, Toll-Free:
800-986-2322, FAX: 407-834-4747, WEBSITE: https://www.naeba.org/.
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