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Buying Real Estate 101 
 
by Stacci May 23, 2005

A first time Buyer can avoid aggravation when making an offer to purchase real estate by having a solid knowledge of real estate terminology and realistic expectations of the purchasing process.

Agency ~ Who Does The Realtor Really Work For?

Realtors, also called agents, work on commission; they work for the money. While there are variations in different states, usually there are 3 common types of Agency.

Seller Agency: You see a property advertised and call the listing agent to see the house. The realtor is helpful and friendly. You think you’re getting all the information you need to make an informed decision about purchasing the property. What isn’t commonly known is that the realtor represents the person selling the property. The realtor’s loyalty will always be to the Seller. You are standing in the rain without an umbrella.

Dual Agency: You see the perfect property advertised and call the listing agent or another agent working for the same company. Some at the company slides an innocent looking piece of paper under your nose and candidly explains ‘dual agency’ to you. In plain English that paper means that the real estate company is representing both the buyer (you) and the Seller. Confidential information, which might be to your benefit, will not be revealed to you unless the Sellers give their permission. You are still standing in the rain and your umbrella has holes in it.

Buyer Agency: You see the perfect property advertised. You do the smart thing and research a different real estate company to find the best realtor to represent your interests. You call your chosen realtor and make an appointment to interview the realtor. Only after you are confident that this realtor will represent your best interests should you sign on the dotted line. The first time you put your signature on a piece of paper it should be an “Exclusive Buyer Agency” agreement. It should state that the realtor is working exclusively for you. Remember realtors work on commission. Unless you buy a property, the realtor does not get a check. You are standing in sunshine and you’ve got a BIG umbrella just in case it rains.

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