Real Estate Buyers Agent
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Buying a Home - Buyers Agent - Frequently Asked Questions?
A Home Buying Article by Barbara Parker

Buying a Home Frequently Asked Questions
Do realtors act for the buyer, seller or both?

Buying a Home -- Buyers Agent

A realtor represents either the buyer or the seller in a home purchase. That wasn't always true. Until 1995 the realtor was legally bound to represent the seller. Even though they help people find homes, they still represent the home seller.

Now according to the law, when a person seeks out a realtor and asks for help buying a home it is assumed that the realtor is representing the buyer. It's recommended that you find out if the realtor represents you, the seller, or both. A realtor like this is also know as a buyers agent.

The buyer's agent should help find a list of homes that suit your needs. They should help with financing information, the purchase, and closing. They should help show you the fair price of the home, and negotiate for the best price. At this point you should enter into a contract with the broker clarifying the duties of both of you.

Even though the broker represents you, the seller of the home pays the broker's fees.

The seller's agent represents the home seller. Sometimes a seller's agent may work in the same office as your realtor.

A dual agent works for you and the seller. You have to give permission for an arrangement like this.

If this is your first time buying a home, you would be better off using a buyers agent.

What should you expect from a buyer's agent when buying a home?

First and for most, Home buyer should expect loyalty and confidentiality. The agent should keep the buyers wellbeing and interests first in their mind when looking for homes. The should also disclose all information and facts that could influence the buyers decision.

A buyer's agent should help keep their research in a realistic perspective. A buyer's agent should tell you the "what if" scenarios about your contract. the agent may tell you about things to add to the contract to protect yourself. A buyer should take care of most of the day to day aspects of closing.

What to ask when you contact an agent about buying a home?

1. Ask if the agent can work as a buyer's agent.
2. Ask the agent what to expect if you make her/him your buyer's agent.
3. Ask for a blank copy of the contract and study it for a day or two. If there are sections you don't like or aren't sure of, ask the agent remove them or explain them.
4. Find out about dual agency and how it is handled.
5. Don't sign any agreement that doesn't feel right to you.

Note: Once you sign a buyer agency agreement it becomes a binding contract. Be sure you Fully understand everything before you sign. You may even wish to have a lawyer take a look at the contract before you sign. Some states allow agents to work under an oral agreement, but you'll need to put it in writing before you can make an offer.

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