Searching for a Home Most people consider househunting the most enjoyable part of the home buying process. If you choose to buy a property directly from the owner, the home seller may reduce the price by the %2-3% commission that would typically be diverted to the listing agent. Experienced home buyers are likely comfortable with dealing directly with a “by owner” seller, though of course, they will still want to engage a real estate attorney to review the contract and ensure that they are complying with all state laws regarding real estate transactions. First time buyers may want to engage a buyer’s agent. A buyer’s agent has a fiduciary responsibility to you. It can be confusing to sort out a real estate agent’s loyalty. If you are simply ‘working with’ an agent who is showing you houses, that agent probably actually is loyal to the seller...even if that agent did not list the seller’s house. To ensure than an agent is completely loyal to your interests, is looking out for your financial wellbeing (that’s the ‘fiduciary responsibility’), and will maintain confidentiality about your finances and buying considerations, you must sign a ‘buyer’s agent’ contract. If you have not contracted specifically with the agent to represent you, it is possible that the agent’s fiduciary responsibility to the listing agent and the home seller.
Posted on: Tue, 06 Aug 2013 11:50:34 +0000
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