A question many first time home buyers ask..
Who’s who and who pays for what when purchasing a home?
Lets start with the basic roles in a transaction:
The Buyer’s Agent (Buyer representation)
3. The Listing Agent (Seller representation)
When purchasing your first home, the first step is to choose a realtor you trust that will represent you. In this case, the realtor will be known as the - Buyer’s Agent.
The Buyer’s Agent will:
Be your advisor during the entire home buying process. This will include educating you about the current market conditions, informs you of the top neighborhoods and communities that best fits your lifestyle, researches the best properties that fit your criteria’s and budget according to your needs and goals. Once you fall in love with a home, your agent will be the one to help you write up an offer and guide you throughout the entire escrow process.
Handles the in’s and out’s of the negotiation process.
Advises buyer’s on how to handle any repairs needed on the property.
Will accompany you during the final walk-through before closing to make sure all repairs are done well.
Hand the keys over!
2. Now that we’ve discussed the role of a Buyer’s Agent…let’s sprinkle a little treat for the buyers - buyers don’t pay any of the Buyer’s agent commission! Yes, this means there is no cost to hire a realtor when purchasing your home. When you call me for a consultation, this too is at no cost! As a professional realtor, I’m here to be of help to my clients and educate them the best I can about real estate.
It costs you zero to have an agent representing you!
3. The Listing Agent assists homeowners on how to sell their home at the highest price possible according to the current market condition.
The Listing Agent will:
Negotiates with the Buyer’s Agent to come to an agreed upon price between the buyers and the sellers.
Negotiates repairs with Buyer’s Agent between sellers and buyers.
Makes sure everything is going smoothly with escrow and the deal closes on time.
The Listing Agent shares commission with the Buyer’s Agent from the sellers side.
4. When representing the seller, the commission is taken out of the selling price. The percentage is always negotiable and is always set when the Listing Agreement is created.
All in all, our role as agents are to work together as a team with our buyer’s and seller’s to provide the best service and experience we can for our clients. If you’re interested in wanting to know more about the home buying or selling process, feel free to contact me to schedule your free consultation!