How To Do Just About Everything
By eHow Personal Finance Editor
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Most buyers don't realize that many real estate agents actually have a financial responsibility to the seller, not the buyer. Here's how to hire a buyer's agent whose first responsibility is to you.
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Comments
Anonymous said
on 3/10/2006 Some listing agents don't like buyer's who are represented by a buyer's agent, because the listing agent may have to share his or her commission on the sale with the buyer's agent. I'd be leery of buying a house listed by an agent who felt that way.
Anonymous said
on 11/22/2005 I found the National Association of Exclusive Buyer's Agents and filled out their form to find an agent in Chicago. I received a call the next day saying the agents in the area said there were no homes available in my price range (<$170k). A simple search of the MLS shows hundreds of houses available in that range, so it seems more likely that they don't want to represent a buyer whose purchase will only result in $5k for the agent.
Anonymous said
on 11/22/2005 National Association of Realtors statistics show that a home sold through a realtor will get the seller an average of 9.5% more than an FSBO (For Sale By Owner) transaction. Even considering the commission, that's still 3.5% more than an FSBO. It's basic economics of supply and demand. The realtors in your area will have many more potential buyers for the home than the FSBO will ever have. More buyers mean higher prices in less time.
Anonymous said
on 11/22/2005 When buying a brand new home, it is a good idea to have a buyers' agent represent you. This costs you nothing, as the agent gets paid by the builder. Particularly if you have a home to sell, the builder is more than happy to pay your agent. They know that a pro is overseeing the situation and making sure it's done well.
Anonymous said
on 11/22/2005 Watch out for a clause in the Buyer Representation Agreement that allows the agent to become a Dual Agent, Designated Agent, or Mediator. The agent may switch from being "your agent" without notice.