THE CONTRACTUAL RELATIONSHIP BETWEEN YOU AND A REALTOR
by Thomas Kraeutler and Meredith BrennanOnce you feel convinced the agent can do a good job representing you, you need to decide what kind of contractual relationship you will have. It used to be that agents always 'represented' the seller of the home. Nowadays, things are much different and you can choose what kind of relationship you will have with your real estate agent:
- Buyer's Agent:
This is clearly the best choice if you are buying a house. The buyer's agent works only for the buyer and is bound to represent you above all other interests.
- Seller's Agent:
The seller's agent works only for the seller of the home. This means that they essentially look out for the seller's interest - and not yours.
- Disclosed Dual Agent:
In this type of arrangement, the agent works for both the buyer AND the seller. This often happens when an agent sells a property they have also listed for sale. The problem here is obvious. The agent is serving two masters and can not put the interest of one above the interests of another. As a home buyer, you're better off working with an agent that is bound to look out for only you.
One mistake many inexperienced home buyers make is to call real estate offices based only on a sign in the front yard of an advertised property. What they often don't realize is that whichever agent shows them that house, becomes their agent for the sale. Cold calling a group of real estate offices is a lousy way to select the professional who will help you through the biggest purchase of your life.
Selecting the agent first -- based upon the agent's experience, reputation and your personal comfort level is the best way to be certain your agent truly "represents" you!
This article was provided byThomas Kraeutler (888)-INSPECT, and Meredith Brennan (908) 280-2865
Thomas Kraeutler is a professional home inspector and President of HomeChek of New Jersey, Inc. He is a former building contractor and industrial arts educator with nearly 15 years experience in all facets of home repair, maintenance and safety. Mr. Kraeutler is host of News 12 NJ's "Your House" and 104.9 FM's listener call in show also called "HomeChek", which provides expert, impartial advice on home safety, home repair and maintenance in a fun and informative way. Questions or comments can be directed to.
