Q: I found a place that is online with a Realtor, but it says to contact a “Buyer’s Agent” instead of the listed Realtor. Why? What does this mean? -Shell, Las Vegas, NV
A: Having a good buyers agent is key. They can walk you through the buying process, at no cost to you. They will be able to be the giver of advice, schedule appointments, explain to you about neighborhoods and properties. They will negotiate on your behalf and write up contracts for you. It’s a great service, and it’s free. Why not take advantage of it? Matt Laricy is a Realtor with Americorp Real Estate in Chicago, IL.
A: The listing agent has a fiduciary duty to the seller first and foremost. It would be in your best interest to get a Realtor (who under these circumstances would be the Buyer’s agent) to represent you. Think about it this way, if you were getting sued, would you hire the same attorney of the person suing you? Of course not. You need someone who will fight for your interests/rights diligently. Alex Cortez is a Realtor with Wailea Village Properties LLC dba/Island Sotheby’s in Kihei, HI.
A: Every person is entitled to their own representation. A buyer’s agent is an agent who works with buyers, not sellers. The listing agent’s first responsibility is with the seller. If you use the same agent, it is considered dual agency. In other words, that agent will represent both sides. Some question whether an agent can represent both sides fairly. Consider a lawyer representing both sides in a court room. It could be a conflict of interest. Most buyer’s agents do not cost the buyer a commission since most are paid by the seller. Beverly Houlier is a Realtor with Hilltop Chateau Realty in San Diego, CA.
A: You are not required to use the listing agent to see any house. It is almost always to your advantage and will almost never cost you anything to have your own agent. This is a buyers agent. It is a form of representation-any agent can act as one. To take it a step further, you could look for an exclusive buyers agent. They specialize in buyers and do not represent sellers at all. Linda Walters is a Realtor with Sage Realty LLC in Wayne, PA.
A: A buyers agent also called “selling agent” is a real estate agent that shows homes and matches buyers to homes. They work hand-in-hand with “listing agents” who have a contract with a person or banks to list their property on the market. So, if a property is on the market in NV for $100,000 usually the total commission the realtors would receive would be 6% (3% goes to the listing agent for listing it on the MLS, 3% goes to buyers agent for finding a buyer to buy-you). In my book REO BOOM I discuss the difference between a “listing agent” and a “buyers agent” and how the listing agents control some of the best deals in the marketplace. Aram Shah is a Realtor with Florida Capital Realty in Doral, FL.
A: A buyers agent works only for the buyer. That means the agent cannot show you any of their own company’s listings. A dual agent is able to show ALL listings. I suggest you interview a couple of different Realtors who are FULL TIME in the business and go with the one who you think is a good fit. Maria Picardi-Kenyon is a Realtor with Re/Max Tri County Realtors in Hamilton, NL.
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