Tuesday, November 15, 2005

Buyer's Agent vs. Seller's Agent

Buyer Agents are very popular in all states except for New York. You will be seeing a lot more buyer agents in New York in the near future. Here is some information to help you understand the difference between a buyer’s agent and a seller’s agent.


Before you buy your home decide which type of real estate agent will best suit your real estate needs. You can work with agents who work for the seller (Seller’s agent) or agents who work for the buyer. (Buyer’s agent}

Most of the time listing and selling agents work for the seller. This means they negotiate in the best interest of the seller. Buyer agents work for the buyer. A buyer’s agent can negotiate in favor of the buyer.

Here are some examples of the differences in a seller’s agent and a buyer’s agent.

Both agents can arrange to show properties to the buyer.They both can explain forms and applications. Both can assist you with financing information. Both can follow through from first showing, to making an offer, to meeting you and the engineer, then to contract, to closing.

A Buyer’s Agent can give you a market analysis of what other properties in the area sold for. Keep your financial position confidential. Keep you best interest first and advise you on your purchase and provide you with all available facts that could influence your decision about making an offer on the home.

Negotiate the best price and terms for you. They can point out reasons not to buy the home. ( for example a crack in the foundation, bad roof, plumbing etc.)

You are more likely to see more homes with a Buyer Broker. A buyer broker can show homes that are for sale, for example, office exclusives, for sale by owners, foreclosures and of course multiple listings.

When you hire a buyer’s agent an agreement is signed by the buyer and the agent. The contract will state how long the agreement is for and how the agent will be compensated for his/her services. This agreement is a binding contract. Be sure you understand every aspect of it before you sign it.

If you have any questions related to this topic, feel free to contact me. Sue Mignone-Mogel Remax longislandrealestate@hotmail.com or aim messenger: realestateofli

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