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Do I need a Buyer Agent, a Selling Agent, Both or Neither?
Real estate transactions involve a lot of people, but thankfully, determining whether you need a buyer agent or buying agent, a seller agent, both or neither is relatively straightforward.
Simply put, a buyer agent or buying agent is legally bound to represent the interests of the buyer. The buying agent will work to get you, the buyer, the best price and learn all there is about the homes you are looking at. An exclusive buyer's agent is an agent contracted to work with you exclusively, so no other buying agents may be involved in the transaction.
A Sellers Agent, real estate selling agent, or selling house agent is one who is contracted to work with the seller. The selling agent is charged with getting you the best price for your home. A selling agent is not obligated to disclose anything but material information to the potential buyer.
Both sellers' agents and buyers' agents will generally get a commission on the sales. So, it is important to ask your buyer agent or seller agent exactly how they get paid and who is responsible for the payment and where the funds come from.
How do a Buyer Agent and Seller Agent Work Together?
In a typical real estate transaction, both a buying agent and selling agent may be involved, and will work together to meet the needs and interests of their clients. A buyer agent will try to get as much information for the buyer as possible, and will work with the selling agent to get it. A selling agent will work to get a fair price on the home, and can talk with the buying agent to do so.
Generally, if you are looking to buy a home, a buyer's agent is a good way to go. Same applies to a selling agent for anyone seeking to sell a house. In certain instances, dual agency may exist, in which the buying agent and the selling agent are the same. In this case, the parties must sign an agreement to indicate as such. Dual agency is not allowed in all states.
The National Association of Realtors provides certification for those agents looking to be exclusive buyer agents. Check with your potential buyer or buying agent to see if they are certified Accredited Buying Representative (ABR) or a member of the National Association of Exclusive Buyers Agents.
We thank you for visiting our directory, and wish you well in whatever endeavor brought you here. We are constantly adding new information and resources to our site, both general and state specific in nature, so check back often.
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