What First Time Homebuyers Need To Know About Seller's Agents
Buying a home for the first time involves collaborating with a seller's agent or subagent. It is crucial that you understand how things will work between you and the subagent because these people act as representatives to the seller and are therefore expected to bring you to the deal. As a seller's agent, they are entitled to a commission and have certain duties and obligations.
There may be varying regulations from one state to another as far as home buying is concerned but there are several things they cannot do in accordance with the national law. As explained by the writer of '100 Questions Every Home Buyer Should Ask' -- it is necessary for all buyers to evaluate first the agent's forms and disclosures before signing said documents. This can help you understand better the types of services that they will be providing. Moreover, there are several aspects you should know in relation to what the seller's agent can or cannot do:
The seller's agent can provide you with detailed pricing lists of comparable homes in the area. These are often called 'comps' and are a compilation of similar homes in the neighborhood, listing information and their list prices. This information ensures that you are not offering, or being offered, an unreasonable price when it's time to negotiate.
When you are still deciding, the seller's agent cannot give you hints on what home to choose. The seller's agent has the primary task of selling the home that is commissioned him to deal. However, he cannot insist or even suggest what home you should purchase. In the case that you like two properties and it happened that the subagent works for both sellers - you cannot be persuaded to select one over the other. In other words, only you have the power to decide.
The seller's agent cannot discuss the home's defects or flaws. In purchasing a property, the seller broker has no right to mention anything that would have a bearing on your choice or decision. Any material flaws or defects can be discussed but you will still need to find out for yourself if the property is really the best option.
The seller's agent is not allowed to disclose information and offer suggestions regarding the property's best offer. In most cases, the buyer is tempted to inquire on the amount that must be prepared for the home purchase. However, your seller's agent cannot disclose said information at the time you were communicating. The seller agent has to follow certain conventions particularly as this may affect his relationship with the seller.
The seller's agent can consult you about future clients. Seller's agents can rightfully request that they be referred to your circle of friends and family members in the same way that they will do all the things to make sure you will have a pleasant home buying experience.
As a first time homebuyer working with a seller's agent, you can expect your home buying process easier and less stressful. But it is equally significant to conduct your own research about your desired property since it doesn't always mean agents are after your best interest and wellbeing. Finally, you can seek assistance from a real estate agent to clearly understand home buying. - 23159
There may be varying regulations from one state to another as far as home buying is concerned but there are several things they cannot do in accordance with the national law. As explained by the writer of '100 Questions Every Home Buyer Should Ask' -- it is necessary for all buyers to evaluate first the agent's forms and disclosures before signing said documents. This can help you understand better the types of services that they will be providing. Moreover, there are several aspects you should know in relation to what the seller's agent can or cannot do:
The seller's agent can provide you with detailed pricing lists of comparable homes in the area. These are often called 'comps' and are a compilation of similar homes in the neighborhood, listing information and their list prices. This information ensures that you are not offering, or being offered, an unreasonable price when it's time to negotiate.
When you are still deciding, the seller's agent cannot give you hints on what home to choose. The seller's agent has the primary task of selling the home that is commissioned him to deal. However, he cannot insist or even suggest what home you should purchase. In the case that you like two properties and it happened that the subagent works for both sellers - you cannot be persuaded to select one over the other. In other words, only you have the power to decide.
The seller's agent cannot discuss the home's defects or flaws. In purchasing a property, the seller broker has no right to mention anything that would have a bearing on your choice or decision. Any material flaws or defects can be discussed but you will still need to find out for yourself if the property is really the best option.
The seller's agent is not allowed to disclose information and offer suggestions regarding the property's best offer. In most cases, the buyer is tempted to inquire on the amount that must be prepared for the home purchase. However, your seller's agent cannot disclose said information at the time you were communicating. The seller agent has to follow certain conventions particularly as this may affect his relationship with the seller.
The seller's agent can consult you about future clients. Seller's agents can rightfully request that they be referred to your circle of friends and family members in the same way that they will do all the things to make sure you will have a pleasant home buying experience.
As a first time homebuyer working with a seller's agent, you can expect your home buying process easier and less stressful. But it is equally significant to conduct your own research about your desired property since it doesn't always mean agents are after your best interest and wellbeing. Finally, you can seek assistance from a real estate agent to clearly understand home buying. - 23159
About the Author:
Realtor and Author Alexandria P. Anderson uses the Twin Cities real estate listings to help her realty clients find homes for sale in the Twin Cities of Minneapolis and St. Paul, Minnesota.
posted by X - Men @ 3:47 AM
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