Real Estate Agent Selection

Buying or selling a home is one of the most major decisions a consumer will ever make in their life time.

Home purchasing mistakes are usually made when you fall in love with the house and you get blinded by the desire to have it right away.

While competition for the house may force you to speed up the process, you can still be ready if the homework required is done before you start your journey to get the home you want so badly.

Buy Smart and Not From Knee Jerk Reaction

Rule number one is never fall in love with the house or with the real estate agent. Either mistake could seriously cloud your judgment.

Of course you like the house or you wouldn’t be so excited. Still, be cautious as you proceed.

What if a room addition was made to the house that was not properly built to code and no permits were pulled. Your knee jerk reaction could cost you thousands of dollars if you sign that contract.

What Type Of Real Estate Agent Do I Need?

If you are out driving around looking at homes on a Sunday afternoon and see a house that you like, DO NOT make the mistake of calling the real agent listed on the For Sale sign.

The agent listed on the sign is under contract to get the seller and not you the best deal possible.

If you told that agent how much you would be willing to give for the house or any other pertinent personal information about yourself, that agent would be required by law to tell the seller who is their true client. Do Not Make This Mistake!

Do Your Homework on proper real estate agent selection to help you with your real estate purchase. An agent who may be good to use to sell your house may not be the agent you should use to buy a house.

There are exclusive seller’s agents, agents who will work with either buyers or sellers and then you have exclusive buyer’s agents.

Seller's Agent

Seller’s agents will typically list your home with the Multiple Listing Service (MLS), conduct open houses and run ads in the newspaper / real estate magazines. Their job and contract obligations require them to look out for the seller's best interest.

Traditional Agent

Agents who represent both buyers and sellers are the most common type of agent out there. They want slices from both sides of the pie which is not a bad thing for the agent.

The lines of who represents who can easily blend together when this type of agent shows you a house for sale that he or she has listed for another client (seller). All of a sudden another agent from the real estate company has to be appointed to represent you or the person selling the home to try to avoid a conflict of interest. The interesting part of this arrangement is that the main broker (let’s call him the boss) who is sitting back at the office will know all of the information about all of the parties associated with the transaction. Be Very Careful with this type of arrangement because the fox is guarding the chicken house.

A consumer who is selling and then buying another home may possibly be able to save money by asking for a rate deduction on the two commissions that will be owed to this type of agent.

Exclusive Buyer’s Agent

An exclusive buyer’s agent who only represents buyers when you are buying a house will eliminate any potential conflict of interest. they will be required to look out for your best interests and not the sellers.

What Do We Mean by a Potential Conflict of Interest?

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