Home Buying Tips - Dealing With A Seller's Agent
A lot of first time home buyers are hiring a sub-agent also known as seller's real estate agent
and it is important to know that these realtors work on behalf of the vendor, not the home buyer.
Vendor's real estate agents are actually hired to work for the seller and bring the buyer to the
offer, but they do work on a commission fee and have specific rights and responsibilities
towards the home buyer.
The regulations differ from one state to another, however there are specific things they can't do
according to national law. The author of '100 Questions Every Home Buyer Should Ask'
recommends all home buyers to check all the real estate agent's disclosures and forms carefully
to know exactly what kinds of services they will be offering; if you do not fully understand
anything at all, don't put your signature on the form. It's also important to understand all the vital
elements that a seller's realtor can and can't do for you:
The seller's agent can provide you with detailed pricing listings of comparable homes in the
area. These are typically known as 'comps' and are a collection of similar homes in the area,
listing information as well as their list rates. This information makes sure that you're not giving,
or being given, an irrational price when it's time to negotiate.
The sub-agent cannot inform you which house to choose when you are still choosing. Even
though it's the sub-agent's job to sell the home they are commissioned to sell, they don't have
the right to 'push' their home over another in question. If you want 2 homes and the broker is
performing with the two vendors, they can't persuade you to purchase one over the other house;
the choice is definitely yours to make.
The sub-agent can't point out faults of the house. The seller's agent can't mention anything that
would influence your final decision to buy, or not buy, the house. Any material hidden flaws can
be exposed, but you'll need to conduct a research to check if the house is within good shape.
The seller's agent cannot give tips on the right deal for the house. It can be attracting to ask the
seller how much you must pay for the house, however they can not legally offer you this
information anytime on your communications. The seller's agent has specific obligations to the
vendor, and this information may possibly impede on that working relationship.
The sub-agent may ask you for referrals. Most seller's agents are usually independent
entrepreneurs and are constantly seeking for new clients. They do have a right to request you to
recommend them to friends or family members, and they will do their best to make your
homebuying experience a good one.
When you are dealing with a seller's agent being a first time buyer, it is important to keep in
mind that they are in the business to make the home buying process relatively easy. It does not
usually indicate that they have your own interests in mind, so it is necessary to conduct your
own research about the home and work with a professional realtor along with the sub-agent.
About the Author: Alexandria P. Anderson is an MN First Time Homebuyer specialist that helps
who helps people to find and purchase Real Estate in Minnesota.