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Home Buying Tips – Dealing With A Seller’s Agent April 25, 2012

Posted by minnesotarealty in MN Realty.
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A lot of  MN first-time homebuyers are working with a sub-agent otherwise known as a seller’s realtor and it is important to know that these realtors work on behalf of the vendor, and not the buyer. Vendor’s agents are employed to work for the vendor and convince the buyer to the offer, however they do work on a commission fee with specific rights as well as responsibilities towards the home buyer.

Regulations vary from one state to another, however there are specific things they can’t do based on national law. The author of ‘100 Questions Every Home Buyer Should Ask’ recommends all buyers to review all the realtor’s forms and disclosures thoroughly to understand exactly what kinds of services they’ll be offering; if you do not fully understand anything, do not put your signature on the form. It is also important to understand all the key things that a seller’s realtor can and can’t do for you:

The sub-agent can provide you with detailed pricing listings of similar homes in the area. These are typically called ‘comps’ and are a collection of comparable homes in the community, listing information and their list prices. This information makes sure that you aren’t offering, or being offered, an unreasonable price when it’s time for you to make a deal.

The seller’s agent can’t inform you which house to select when you are still choosing. Though it’s the sub-agent’s task to sell the house they are commissioned to sell, they don’t have the right to ‘push’ their home over another in question. If you like 2 houses and the broker is performing with the two sellers, they can’t convince you to purchase one over the other house; the decision is definitely yours to make.

The seller’s agent can’t mention defects of the the home. The seller’s agent cannot mention anything which would influence your final decision to purchase, or not purchase, the house. Any kind of material concealed defects may be disclosed, but you will need to conduct a research to find out if the house is in good shape.

The sub-agent cannot give suggestions on the ideal offer for the house. It may be attracting to inquire the seller how much you must pay for the property, however they can not legally offer you this information at any time on your conversations. The sub-agent has certain responsibilities to the vendor, so this information may possibly hinder on that working relationship.

The seller’s agent may ask for recommendations. Many sub-agents are independent business owners and are constantly looking for new customers. They do have a right to ask you to recommend them to your friends or family members, and they will do everything they can to make your homebuying experience a great one.

When you’re working with a sub-agent as a first time home buyer, it is important to remember that they’re in the business to make the house buying process as easy as possible. It doesn’t always mean that they’ve got your own interests in mind, so it is necessary to conduct a research on the Minnesota property and also work with a professional realtor along with the sub-agent.

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