What You Should Know About Working with a Seller Broker
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.
Different states have varying regulations on the practice of seller's agents, but they have common responsibilities and restrictions as defined by national laws. According to Ilyce Glink, author of the book '100 Questions Every Home Buyer Should Ask', homebuyers should thoroughly review the agent disclosure form before signing under the services of an agent to understand the scope and limitations of the agent's work. Generally, a seller's agents' responsibilities and restrictions include:
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.
It is illegal for seller's agents to provide information regarding the best offer amount to homebuyers. Remember that a seller's agent should be concerned with the interests of the seller first and foremost. Giving a tip to the buyer infringes on a seller's agent's relationship with the seller.
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.
In the end, a seller's agent is essential in making the homebuying process easy for both parties. Just bear in mind that you still have to investigate the property and conduct your own market study and even work with your own agent for you to acquire a home that meets all of your needs. - 23314
Different states have varying regulations on the practice of seller's agents, but they have common responsibilities and restrictions as defined by national laws. According to Ilyce Glink, author of the book '100 Questions Every Home Buyer Should Ask', homebuyers should thoroughly review the agent disclosure form before signing under the services of an agent to understand the scope and limitations of the agent's work. Generally, a seller's agents' responsibilities and restrictions include:
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.
It is illegal for seller's agents to provide information regarding the best offer amount to homebuyers. Remember that a seller's agent should be concerned with the interests of the seller first and foremost. Giving a tip to the buyer infringes on a seller's agent's relationship with the seller.
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.
In the end, a seller's agent is essential in making the homebuying process easy for both parties. Just bear in mind that you still have to investigate the property and conduct your own market study and even work with your own agent for you to acquire a home that meets all of your needs. - 23314
About the Author:
Author: Alexandria P. Anderson specializes helping people to find and purchase Minnetonka Homes for Sale, as well as Minnetonka Minnesota Real Estate for her home-buying clients.
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8:23 AM
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