Are you unsure of what type of real estate agent to use when you are selling your home and/or buying a new home? Understanding the role of a real estate agent and their relationship to you as a seller or buyer is critical. As a first-time home buyer or seller, you should be aware of some facts and clear up any confusion about a real estate agent’s responsibilities and duties. What is the perfect way to find the buyers agents?
Depending on your state of residence, real estate agents may only act as a seller’s or buyer’s agent. However, in many cases, a real estate agent will act as both the seller and the buyer’s agent. This is referred to as a dual agent. In other words, they have a duty to sell the home for the highest possible price for the seller while also committing to getting the highest asking price for a buyer. This can be upsetting for many people, but the best defense is to be aware of the legal and moral obligations associated with a real estate agent’s dual agency representation, as well as how you can feel confident about working with them.
Most states require real estate agents to state which party they are representing. Most of the time, real estate agents work for people who are selling their homes. If you are unsure, ask for clarification to alleviate any anxiety on your part.
Always assume that any real estate agent works for a firm that represents both a seller and a buyer, and if you are a buyer, keep any information that may affect any deals that are offered for the purchase of a house to yourself. Buyer’s agents are only interested in the buyer. This is established by the signing of a contract by both the agent and the buyer. The buyer should be aware that agents are legally and morally bound not to reveal any personal information not only to the home seller, but also to the real estate agent.
However, material disclosure about the property is permitted, such as any known pest infestations or structural issues. A real estate agent’s dual agency is usually understood if they represent a buyer; make sure to check into the real estate agent’s status for your own peace of mind. Nonetheless, contract protection is provided to anyone interested in purchasing a property through an agent who represents the seller’s interest by signing a contract to represent both parties.
If you are selling your home and looking to buy another in the same area, you should expect a reasonable level of service from the real estate agent who represents you. The goal of your agent should be to fully represent your best interests. If your agent requires you to sign an exclusive contract, they must inform you clearly.
This legally binding contract requires you to only work with that agent. You should always look for an agent who will allow you to have other realtors work on your behalf to find a new home. All agents should work hard to help you sell your home by providing comparative studies of nearby properties, handling any inspections or appraisals, and collaborating with your mortgage lender during the loan application process.
When scheduling an open house for other agents or the general public, he or she should be more than willing to consider and respect your wishes. Agents should always be courteous about meeting times and should always leave a cell phone in case of unexpected issues with the sale of your home. Your buyer’s agent should explain every detail of the contract to you. A written contract should cover issues such as contract compensation and their exact fees for selling your home, as well as other important details such as how long you must list your home with them. Never believe what they say. Get everything in writing. Be careful, verbal contracts, maybe legally binding.
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