First Time Home Buyer's Guide to Working with Seller's Agents
Many first time home buyers end up working with a subagent, otherwise known as a seller's agent and it's important to understand that these agents are working on behalf of the seller, not the home buyer. Seller's agents are hired to represent the seller and bring the buyer to the deal, but they do work on a commission and have certain rights and responsibilities towards the buyer.
Regulations vary from state to state, but there are certain things they cannot do according to national law. The author of '100 Questions Every Home Buyer Should Ask' encourages all buyers to review the agent's forms and disclosures thoroughly to understand exactly what types of services they will be offering; if you do not understand anything, do not sign the form. It's also important to understand the key things that a seller's agent can and cannot do for you:
A seller's agent can give a homebuyer a price listings of similar homes in an area. This information is referred to as comparables, or 'comps' for short. This data lists similar homes in terms of price, age of the house, and size that were previously sold or are currently in the market. Comps are useful for a buyer because it gives the buyer a benchmark to determine the value of a house.
A homebuyer cannot be dictated by a seller's agent regarding which homes to buy. If a seller's agent is representing two sellers, then they cannot compel the homebuyer to choose one house over the other. Remember that as a home buyer, the final decision of which home to purchase rests upon you.
A home's flaws or defects cannot be pointed out by a seller's agent. Basically, the seller's agent cannot influence your purchasing decision. This means that you have to make your own assessment to determine the condition of a home. But, hidden material defects can be disclosed to the buyer.
The seller's agent cannot make suggestions on the best offer for the home. It may be tempting to ask the seller what price you should pay for the property, but they cannot legally offer this information at any time during your communications. The seller broker has certain obligations to the seller, so this information may impede on that relationship.
The seller's agent can ask you for referrals. Many seller's agents are independent business owners and always looking for new clients. They do have the right to ask you to refer them to friends or family members, and will do everything they can to make your home buying experience a good one.
The job of a seller's agent is to make the buying and selling process as smooth as possible. As a buyer, you have to remember that seller's agents are working for the seller. Therefore, it is still important for you to do your own research and work with a professional buyer's agent. - 23159
Regulations vary from state to state, but there are certain things they cannot do according to national law. The author of '100 Questions Every Home Buyer Should Ask' encourages all buyers to review the agent's forms and disclosures thoroughly to understand exactly what types of services they will be offering; if you do not understand anything, do not sign the form. It's also important to understand the key things that a seller's agent can and cannot do for you:
A seller's agent can give a homebuyer a price listings of similar homes in an area. This information is referred to as comparables, or 'comps' for short. This data lists similar homes in terms of price, age of the house, and size that were previously sold or are currently in the market. Comps are useful for a buyer because it gives the buyer a benchmark to determine the value of a house.
A homebuyer cannot be dictated by a seller's agent regarding which homes to buy. If a seller's agent is representing two sellers, then they cannot compel the homebuyer to choose one house over the other. Remember that as a home buyer, the final decision of which home to purchase rests upon you.
A home's flaws or defects cannot be pointed out by a seller's agent. Basically, the seller's agent cannot influence your purchasing decision. This means that you have to make your own assessment to determine the condition of a home. But, hidden material defects can be disclosed to the buyer.
The seller's agent cannot make suggestions on the best offer for the home. It may be tempting to ask the seller what price you should pay for the property, but they cannot legally offer this information at any time during your communications. The seller broker has certain obligations to the seller, so this information may impede on that relationship.
The seller's agent can ask you for referrals. Many seller's agents are independent business owners and always looking for new clients. They do have the right to ask you to refer them to friends or family members, and will do everything they can to make your home buying experience a good one.
The job of a seller's agent is to make the buying and selling process as smooth as possible. As a buyer, you have to remember that seller's agents are working for the seller. Therefore, it is still important for you to do your own research and work with a professional buyer's agent. - 23159
About the Author:
Author and Realtor Alexandria P. Anderson helps clients to find and purchase Minneapolis Townhomes as well as Townhouses in Minneapolis in Minnesota.
posted by X - Men @ 2:47 AM
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