Home
> First
Time Home Buyer > Selecting a Real Estate Agent
Finding the Right Real Estate Agent
If you are shopping for a new home you may also be
in process of trying to find the right real estate
agent to help you with your search. Not all agents
are created equal and it is important to know exactly
which party the agent represents. For instance, the
listing agent may not represent your interests unless
you are in a state that allows dual agency. Dual agency
can be tricky business so most states do not allow
the practice. It can be confusing determining what
information can be and should be disclosed between
all parties. You may want to strongly consider turning
to a buyer agent or exclusive buyer agent whose fiduciary
duty it is to represent your interest first and foremost.
Exclusive buyer agents only represent buyers and do
not list property. You can find a list of exclusive
buyer agents online at www.naeba.org.
Here are some other tips for choosing a real estate agent:
- Look for experienced agents and then interview
some ''greener'' agents as well. Experience is usually
a big plus but a new hungry agent may be willing
to work even harder to find you the home of your
dreams. You can always have your attorney look over
the paperwork before submitting your offer.
- Ask for personal and professional references.
- Try to obtain the names of some referrals from
friends and/or family.
- Make sure that the agent is willing to work on
your schedule. If you can only look at houses on
the weekend or in the evenings, you need to find
and agent that will work those hours as well.
- Ask your agent if he or she will actively search
for for-sale-by-owner listings and send out mailings
to the residents of the neighborhoods that you are
interested in. The more proactive the agent - the
better.
- Make sure to ask your agent about your choices
for representation (i.e. buyer agent vs. exclusive
buyer agent and how the agent will be compensated).
- Find out if the agent’s company has access
to the local Multiple Listing Service.
Deciding on Whether to Sign an Exclusive Buyer banker Agreement
More often than not, when a house is listed by a
selling agent and one's buyer agent sells the property,
the seller paid commission is split between the two
agents. This is great for you and your agent because
it has not come out of your pocket. So what could
happen if you have signed an Exclusive Buyer banker
Agreement and you locate a house that is for-sale-by-owner
down the street? If the seller is unwilling to pay
the commission, then you may get stuck paying the
agreed upon commission out of your pocket even if
the agent did not locate the property for you. It
is a sticky situation without an easy solution. Your
agent may full well deserve compensation if they have
spent time showing you homes and researching the market.
On the other hand, you need to be aware that you may
be the one footing the bill if you want to buy a home
where the seller is unwilling to pay your agent. We
suggest talking to your agent about the various pros
and cons of entering into an exclusive contract and
then making an educated decision. Take the time to
listen to your agent about the various choices for
representation and then do some independent research
before signing on the dotted line.
First
time buyer mortgage
Determining
what you are qualified to borrow and getting pre-qualified
Rent
Versus Buy
Beginner
Mortgage Checklist
Credit
Scores and Mortgage Rates
Choosing
a mortgage company
Should
I consider 100% financing?
Pro
& Cons of adjustable rate mortgages
What
types of loans are available for the self-employed?
Why
do mortgage rates change?
What
is a mortgage banker?
