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Who does the real estate agent represent?
Typically the broker represents the seller.
Any real estate agent, who listed the property that they are advertising for sale, represents the seller of that property. That makes them the Sellers Agent. As a Sellers Agent it is their responsibility to get the highest possible price for that property.
Be cautious. Do not reveal too much personal information, when working with a seller's broker. Disclosing financial information or information regarding your urgency to make a deal may undermine your bargaining position when the broker conveys it to the seller.
Buying a home?
Get a broker on your side. In most states, real-estate agents work for the seller, not the buyer. This means that the agent wants to get the seller the best price possible. Using a buyer's broker, who has your best interest in mind, may help you save thousands off a home's purchase price, mortgage or various other costs, and there is no fee to the consumer."
- When a homeowner is selling a home, and enters into a listing contract with a real estate broker to sell that home, that broker becomes their agent. The broker is legally required to act in the sellers best interests, to follow their instructions, and to obtain for them, the highest possible price for their property.
- But, when you're the BUYER of that house, and you work with that listing agent, that agent is still trying to get the highest possible price for the seller. The broker is required to act in an honest and fair way with you, however, the broker's loyalty, without other disclosure, is focused on obtaining the best deal for the seller!
- When you, the BUYER, sign a contract with a Buyer's Broker, that broker becomes your agent. He represents your best interests in the real estate transaction. A buyer's broker is legally required to represent your best interests, to follow your instructions, and to obtain for you, at the best possible price and terms, the property which you want to purchase.
· What does a buyer's agent do?
- Represents only the buyer in every part of the purchase process.
- Provides the buyer professional advice and guidance in finding the right property at the right price.
- Previews properties to ensure they meet the buyer's requirements.
- Researches the property, seller, and market conditions, so the buyer can purchase at the best price.
- Provides an honest analysis of each property, including both good and bad points.
- Assists in preparing an offer to purchase the property with terms favorable to the buyer.
- Professionally presents the offer to purchase to the seller.
- Negotiates with the seller to obtain the property at the best price and terms for the buyer.
- Provides the buyer with an estimate of the costs involved in the transaction.
- Assists the buyer in contacting the professionals necessary to complete the purchase, including mortgage services, title insurance and escrow companies, and home inspectors.
- Monitors performance of all others involved in the transaction to make sure all services are promptly and professionally carried out.
- Accompanies buyer to the closing conference to verify that all terms and conditions of the purchase agreement are met.
How does a buyer's agent get paid?
The buyer's agent is paid from the transaction commission from the seller’s side at closing. This is the same commission the seller agrees to pay his listing broker. Because listing brokers agree to pay a "co-op" fee to any broker who obtains a buyer for the seller's property. This is the same commission amount that would be paid to any real estate agent who obtained a buyer for the seller's property. So it doesn't cost the buyer any more to be legally represented by a buyer's agent. In fact, many times it will cost the buyer less, because the buyer's agent is working to get the property at the lowest possible price for the buyer!
Bottom Line
If you don't have an agent working for YOU, he or she is working for the Seller.
If you a are not presently being represented by an agent or have any further questions about being represented by Harris Realty & Associates as your exclusive agent, please do not hesitate to give us a call 386.793.3535 / 386.679.0117 or send us an email to: palmcoastbroker@aol.com
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