Buying Your Home - Working With a Real Estate Agent
Can I use an agent for a new home?
Yes, however buyers should be
aware of the differences inherent in working with sales agents who are employed
by the developer, rather than traditional real estate agents.
Builders
commonly require that an outside agent be present, and sign in, the first time a
prospective purchaser visits a site before payment of commission even is
discussed. At times when buyers use an advertisement to find the development
themselves first, builders can refuse to pay any commission regardless of how
helpful an agent may become later in the process. It is advisable to call the
development first and inquire about their policy on compensating real estate
agents if you are using one.
How do I find a real estate
agent?
Getting a recommendation from a friend or work colleague is an
excellent way to find a good agent. Be sure to ask if they would use the agent
again. You also can call the managers of reputable real estate firms and ask
them for recommendations of agents who have worked in your neighborhood. In any
case, whether you are a buyer or a seller, you should interview at least three
agents to give yourself a choice. A good agent typically works full-time and has
several years of experience. If you are a seller, you should expect to review a
comparative market analysis, which includes recent home sale prices in your
area, when you talk to a prospective agent.
What about a buyer's
agent?
In many states, it's now common for an agent to represent the
buyers exclusively in the transaction and be paid a commission by the sellers.
More and more buyers are going a step further, hiring and paying for their own agent, referred to as buyers brokers.
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