Things To Consider

Knowing the different types of real estate agency is important. These are:

• Seller's Agent - This is a realtor who is looking out for the best interest of the Seller.

• Buyer's Agent - This is a real estate agent who is looking out for the best interest of the Buyer.

• Dual Agent - This is a real estate professional that represents both the Seller and the Buyer. In dual agency, the real estate agent's duties are more limited and a conflict of interest is possible.

Buyer's Agent Information

Who is actually representing whom in a real estate transaction?

As an industry standard, all real estate agents represent the seller on the home market unless an agreement is otherwise made between a real estate agent and the homebuyer. If the latter happens, the real estate agent is a representative for the homebuyer and looks out for their best interests, not the seller's.

A buyer's agent represents the buyer, not the seller. Thus, if the seller divulges relevant information to the buyer's agent, such as a willingness to sell at a certain price below the asking price, the buyer's agent will pass that information on to their buyer. A buyer's agent is negotiating all terms to the buyer's best interest!

Another advantage of contracting with a buyer's agent is in the negotiation process. If a homebuyer is negotiating closing costs on a home, without an agreement with a real estate agent respresenting the buyer exclusively, information about the buyer's personal finances can be disclosed to the seller. This information can adversely affect the buyer's negotiating power. The buyer's agent should assure the homebuyer's personal information is well protected and will keep the buyer's best interest in mind!