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What does an agent do?
An agent is a trained real estate professional that
always works for a real estate broker.
The agent is responsible for listing and showing the
house. The agent who lists the house is often called
the listing agent.
There are buyer and sellers agents. Make
sure you choose to be represented by an agent that it
is a buyers agent. There are also sellers
agents who generally have the best interests of the
seller at heart. However, if you choose to be represented
by a sellers agent, make sure you do not give
them any information you do not want the seller to know.
The sellers agent is generally working on commission
and this is usually six percent of the purchase price
but is negotiable. If you employ the services of a sellers
agent the agent must disclose this.
If you choose to be represented by a buyers agent,
you can be sure they have your best interests at heart
.The buyers agent can be paid for their services
in a number of ways and it is best to discuss this up
front. You may be fortunate and the seller agrees to
pay this fee. It can be a flat fee or based on the purchase
price.
If a brokers agency has properties listed
that you would like to see and you connected with an
agent working for this broker, this buyers agent
must disclose on a Dual Agency Disclosure Agreement.
You will be asked to sign this agreement, if you are
okay with it.
You may also be asked to sign an Exclusivity Agreement,
which states you will only work with this agent for
a specified period of time (usually 60 to 90 day). This
can also be negotiated around.
Remember, there are many agents out there and you need
to find a good one .Ask potential agents questions such
how many homes they have sold this year and the average
price. If you are not getting calls back promptly from
potential agents, this may be a sign of how they work.
This may not work for you, so choose carefully.
After selecting an agent and signing a contract for
a specified period, you may decide that this agent is
not working out for you. They may not be fully engaged
in the process of finding you a home or be uncooperative.
If this happens to you, speak up and try to get out
of the contract. It is in the best interest of the agent
to let you out of the contract.
An agent can help in more ways than just finding
you your dream home. Here are some other things your
agent can do for you:
- Help find a Lender. Remember, it is in the best
interests of the agent to find you a home so they
can get paid. However, they also want to make sure
you can get a mortgage.
- An agent may also be able to help you understand
the different financial options and explain different
financial scenarios that may be available to you.
- Calculate how much you can afford and analyze your
financial health.
- An agent has access to the Multiple Listing Service
(MLS) and this may be your only avenue to view the
MLS of the area you are planning on moving or relocating
to.
- The agent can help you understand the type of home
you dream of. Remember, Real Estate is what these
people know and work on every day, day in and day
out.
- An agent will set up appointments to view the homes
you wish to see and will go with you.
- An agent will know the area and community. This
can be of enormous value to people planning on moving
from a different town or state.
- An agent will know how much similar properties in
the area sold for recently. You may be able to use
this as a bargaining tool.
- Negotiating the deal. An agent will help write up
the sales contract with contingencies and the price
you are offering and will give you valuable advice
in the process.
- An agent will help you prepare for the closing and
will most likely attend the closing to offer support
and advice.
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