To be properly represented in a real estate transaction whether buying or selling it's best to use an agent that has your best interests at heart. I know that goes without saying, however I see buyers contacting the listing agent on a house and because they think they are "going to get a better deal" by going to the source of the listing. This is problematic in more than one way.
The listing agent has a responsibility to their client to get the best possible price they can. What this equates to is they don't have to give you, nor can they give you a buyer, the same service they could with what is called single agency or special agency as it were. The things an agent owes you can best be summed up by the acronym: COLD AC. Care, Obedience, Loyalty, Disclosure, Accounting, and Confidentiality.
What this means is this is what they owe their client and must deal with you in an ethical way but cannot disclose to you where their client stands.
Single agency is the representation of one principal - you - by an agent. This is the best way for you to enter into a real estate transaction, if you are buying or selling.
Dual agency is common to transactions in rural areas because of the small number of agents. And by law, both parties must know about and approve the dual agency. However, an undisclosed dual agency may be implied by the actions of an agent, like a seller's agent signifying to the buyer that his client will accept a certain price. Not only is it unethical, undisclosed dual agency is illegal in all states, but it may exist because of the immaturity, or for the expediency of the agent to facilitate a sale.
On to the questions:
1. Do you work only as a buyer's agent? (It is important to you they specialize as much as possible and knowing the buying process makes your search so much easier.)
2. How will you find properties I want to look at? (This is necessary as they will need to ask you a number of questions to find out what you must have in your home. Let them get to know you!)
3. Will you preview the properties you are going to show me? (This one simple step, although time consuming to the agent can save you hours or even days of looking at the wrong homes. If they won't preview them find another agent. You deserve better service.)
4. Do I need to be prequalified? (The agent should say yes and have a team of people they can refer you to as needed, including loan officers, inspectors, contractors, etc.)
5. What can I expect from this process? (A good agent should be able to set your expectations realistically and verbalize them in a way that you can understand - rapport is important and can make the process either very comfortable or really stressful.)
As you can see, if you are looking to purchase a home it's essential to have someone on your side. This is truly just an overview and I will be happy to provide you with further information you can download free by visiting my website: SeeBobNow.com SeeBobNow.com.
RF Wallace is a Real Esate Agent in the Sacramento area of CA. Specializing mainly in the area of REO, short sales and new homes. Having worked in Real Estate Acquisition for companies like ATT, Verizon, Nextel, Sprint, etc. Robert is uniquely qualified in the negotiation skills real estate requires.
Please Visit His Website at TheWallacesRealty.com TheWallacesRealty.com
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