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Searching for financial assistance and consumer credit counseling |
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Buyer and Seller RepresentationMany consumers are unaware that in many instances, the real estate agent showing them property is not representing their best interests. In fact, quite the opposite is true; they are representing the sellers, and are legally obligated to pass ANY information along to the sellers which you might provide to them...information which could dramatically adversely impact your ability to negotiate a good deal. In many states, agents are required to disclose up front who they represent. As a buyer, you should always insist upon your agent representing you, not the seller. You will likely have to agree to work with this agent for a prescribed period of time and commit to buy a home through that agent. This will give the agent the security of knowing that he or she will be paid for his or her time; remember, an agent that is representing you will be investing considerably more time with you than would an agent who simply shows you homes. Your buyers agent will show you homes but will also provide you with comparable home sales and other information which will help you make a wise decision regarding the offer you should make on the home you have found. Of course, if you are selling, you should expect your agent to be loyal to you and work for your best interest. Clearly, in selecting a real estate professional, you should not just look at the sales numbers that an agent may possess, but you'll want to know if he or she can be trusted. Like an attorney or CPA, a real estate agent who represents his or her own interests over your own is one to be avoided. There is a third choice concerning representation. It is called "dual agency". Dual agency means that the agent you are working with is "committed" to being neutral, and represents both sides equally. Although this arrangement is legal in some states, it is the opinion of this author and many other real estate professionals that dual agency is unworkable and downright unethical. You wouldn't want your attorney representing both you and the party you are negotiating a court settlement with to be in cohorts together. Don't let a real estate professional try to do the same. You can only play for one team at a time. Your agent should represent you professionally and competently. He or she will not only help you find a home, but will provide you with information on comparable homes recently sold in the neighborhood so you know whether the home you are purchasing is a good value or not. Your agent can also help you obtain valuable information regarding schools, test scores, tax rates, churches, shopping, and recreation opportunities. Best of all, these services are FREE of charge to you, as the commission is paid by the seller regardless of who he or she is representing. AL | AL | AZ | AR | CA | CO | CT | DE | D.C. | FL | GA | HI | ID | IL | IN | IA| KN | KY | |LA | |ME | MD | MA | MI | MN | MI | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY (C) 1999, 2000, 2001, 2002. 2003 , 2004 RealtySeek
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