Real Estate and Real Estate Agents: What You As a Home Buyer Need to Know to Protect Your Interests and Your Pocketbook
Posted on December 1st, 2005 in Real Estate | No Comments »
On the surface all real estate agents seem alike. Most buyers don’t understand the difference between a listing/seller’s agent and a buyer’s agent. Further, they have no idea in what capacity these agents are acting; a single agent, a transaction broker or who represents whom in a transaction. It’s important that consumers know the difference.
A Single Agent represents either the buyer or seller but not both parties. A Transaction Broker represents both parties but in a limited fashion, basically, a middleman facilitating a deal/transaction. It’s a little more involved than this but you get the basic idea.
There are many misconceptions when it comes to real estate agents which are detailed below.
MISCONCEPTION #1
There’s no cost to the buyer for the services their real estate agent is providing, it’s ‘free’ because it’s the SELLER who’s paying all the agent(s) involved.
WRONG!
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