What First Time Homebuyers Need To Know About Seller’s Agents

It is essential to understand the steps in home buying especially if this is the first time that you will purchase a new house. Buying a home usually involves working with a subagent otherwise known as the seller’s agent or seller broker. These agents are the ones who act as the seller’s representatives whenever closing a deal. As such, they are entitled to a commission in addition to rights and responsibilities towards the buyer.

There may be varying regulations from one state to another as far as home buying is concerned but there are several things they cannot do in accordance with the national law. As explained by the writer of ‘100 Questions Every Home Buyer Should Ask’ — it is necessary for all buyers to evaluate first the agent’s forms and disclosures before signing said documents. This can help you understand better the types of services that they will be providing. Moreover, there are several aspects you should know in relation to what the seller’s agent can or cannot do:

The seller’s agent can provide you with detailed pricing lists of comparable homes in the area. These are often called ‘comps’ and are a compilation of similar homes in the neighborhood, listing information and their list prices. This information ensures that you are not offering, or being offered, an unreasonable price when it’s time to negotiate.

The seller’s agent cannot point out which home you should purchase. The decision on which home to buy comes from only you. If you are torn between two properties, the seller’s agent cannot insist on having you chose one over the other even if he is working for the sellers of both properties.

The seller’s agent cannot discuss the home’s defects or flaws. In purchasing a property, the seller broker has no right to mention anything that would have a bearing on your choice or decision. Any material flaws or defects can be discussed but you will still need to find out for yourself if the property is really the best option.

The best offer for the home cannot be hashed out in detail. Most first time homebuyers would normally ask for the actual price to be paid in getting the property. However, this information cannot be legally offered since the seller broker has duties to the seller and any such act can affect the partnership.

The seller’s agent can consult you about future clients. Seller’s agents can rightfully request that they be referred to your circle of friends and family members in the same way that they will do all the things to make sure you will have a pleasant home buying experience.

When you are working with a seller’s agent as a first time home buyer, it’s important to remember that they are in the business to make the home buying process as easy as possible. This doesn’t always mean that they have your best interests in mind, so it’s important to do your own research about the property and work with a professional real estate agent in addition to the seller’s agent.

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