Online Trading Tips

« Day Trading Tips From The Pros - Time To Cash In!   Talk about the Right Financial Details »

'italic;' class='tradesbyline'>by Alexandria P. Anderson

Many first time home buyers end up working with a subagent, otherwise known as a seller’s agent and it’s important to understand that these agents are working on behalf of the seller, not the home buyer. Seller’s agents are hired to represent the seller and bring the buyer to the deal, but they do work on a commission and have certain rights and responsibilities towards the buyer.

There may be varying regulations from one state to another as far as home buying is concerned but there are several things they cannot do in accordance with the national law. As explained by the writer of ‘100 Questions Every Home Buyer Should Ask’ — it is necessary for all buyers to evaluate first the agent’s forms and disclosures before signing said documents. This can help you understand better the types of services that they will be providing. Moreover, there are several aspects you should know in relation to what the seller’s agent can or cannot do:

The seller’s agent cannot disclose the list of comparable home’s prices in the area. Often referred to as ‘comps’, a compilation of similar homes in the area will be given to you. Comps usually consist of listing information and list prices. This is necessary to ensure that an unreasonable price is avoided once negotiation takes place.

When you are still deciding, the seller’s agent cannot give you hints on what home to choose. The seller’s agent has the primary task of selling the home that is commissioned him to deal. However, he cannot insist or even suggest what home you should purchase. In the case that you like two properties and it happened that the subagent works for both sellers - you cannot be persuaded to select one over the other. In other words, only you have the power to decide.

The seller’s agent cannot say anything about the home’s deficiencies. Whatever your decision is, the seller broker cannot influence it. This is the main reason why any defects in the property cannot be discussed to you. Nevertheless, you can do your own research to see if you are buying the one that is in good condition.

The seller’s agent is not allowed to disclose information and offer suggestions regarding the property’s best offer. In most cases, the buyer is tempted to inquire on the amount that must be prepared for the home purchase. However, your seller’s agent cannot disclose said information at the time you were communicating. The seller agent has to follow certain conventions particularly as this may affect his relationship with the seller.

The seller’s agent can consult you about future clients. Seller’s agents can rightfully request that they be referred to your circle of friends and family members in the same way that they will do all the things to make sure you will have a pleasant home buying experience.

When you are working with a seller’s agent as a first time home buyer, it’s important to remember that they are in the business to make the home buying process as easy as possible. This doesn’t always mean that they have your best interests in mind, so it’s important to do your own research about the property and work with a professional real estate agent in addition to the seller’s agent.

About the Author:

Post a Comment