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Do You Know Who Your Real Estate Agent Really Works For?If you are a potential home buyer, you must understand the difference between seller, buyer and dual real estate agents. Using the wrong kind of agent could affect the cost of the house you buy and have important legal implications. Being aware of theThere has been a fair amount of press over the past few years about buyer's agents and seller's agents. Real estate law now obligates an agent to indicate who they are representing. This is normally done when you first meet with an agent through a legal disclosure document that you must sign that defines whether the agent is representing the buyer or seller. A seller's agents represent the seller. Most real estate agents who show and market houses are seller's agents. They may be friendly to you as a potential buyer, show you multiple homes and help you through the offer process. However, the agent is more often than not working for the seller and looking out for the interests of the seller. Conversely, buyer's agents actually work for the buyer and have an obligation to look out for the interests of the buyer. There are also dual agents, but we?ll come back to that in a moment. Typically, this has li Now, back to dual agents. Infrequently your will find an agent that says they are performing in a dual role; meaning they are serving as a buyer and seller agent. Be careful in this situation. As a buyer you may want to stay clear of a dual agent. Realistically, the dual agent cannot fully represent the buyer's interests without adversely affecting the seller and visa versa. There are some proficient agents that can operate effectively in the dual role. However, as a buyer, you should realize the possible conflict. If you want the lowest price on a home, seek a superb buyer's agent whose loyalties are aligned totally with you. You may be curious about who really pays for a buyer's agent. Normally the selling agent lists the house in the MLS ("multiple listing service") and agrees to split the commission with the agent who brings the buyer. Normally, the seller's agent and the buyer's agent share the real estate commission 50/50. This means that although the buyer's agent is working for you, the seller is paying the costs of the buyer's agent. At times you may find a house where the selling agent does not agree to split the commission with the agent who brings the buyer and in that case you would have to negotiate who will pay for the buyer's agent. Understanding the financial, legal and ethical implications of buyer, seller and dual agents is essential to you as a home purchaser. Prior to hitting the market to look for a new home, find yourself a good buyer's agent with at least 10-12 years of expertise in your market. They will have a fiduciary responisibility to act in your best interest and have the experience to help you negotiate the lowest price for the home. Article Directory: http://www.articledashboard.com Kristi Cole is a real estate and home improvement expert at www.inhomeimprovements.com Webmasters and publishers, please feel free to use this article provided this reference is included and all links remain active. Permalink: http://expert-talk.com/tips/650/do-you-know-who-your-real-estate-agent-really-works-for-47650.htm Related Tips and Advices
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