Buying a house is one of life’s most exciting and nerve wracking adventures—especially if you are a first time home buyer. There are so many things to think of, factors to consider and issues to remember. A good place to start is with your real estate agent, and choosing the right agent can make all the difference in the world.
In most cases, real estate agents are considered “seller’s agents”. In this capacity they have an agreement with the owner of the property you are interested in, and they receive a commission of the home’s final sale price.
A seller's agent can help you find and purchase a property and may provide some of the same services as a buyer's agent, but obviously their loyalty lies with the sellers and not with you. A seller's agent has a duty to get the best possible deal for the seller, so always assume that any information you give a seller's agent will be passed on to the seller.
A buyer's agent’s primary objective is to get the buyer lowest price possible on the home they want. A buyer's agent tries to find you the best possible house for the lowest possible price. Just like a seller's agent is prohibited from giving away too much information to the buyer during the sales process, your buyer's agent is prohibited from doing anything that will hurt your chances of getting a property for the lowest price possible.
A buyer's agent often handles many of the tasks required to get to closing (such as inspections, helping you find a lender, tracking the progress of the loan, working with the closing attorney or agent).
Buyer’s agents are usually paid a portion of the seller's commission fees at closing. However, a contract may state you will pay the agent a fee if you purchase a For Sale By Owner home.
Sometimes you can end up with a dual agent. A dual agent is a realtor who is working as a seller's agent for a particular property and, should you become interested in the property, serves as your buyer's agent as well.
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