Thursday 2 June 2011

What is the real estate agent's role in a home sale?

As i have been thinking about the "role" of a real estate agent, or negotiator, i find the information shared below is important as it shows a clear distinction between "seller's agent" and "buyer's agent".


"Typically, two real estate agents are involved in the sale of the home-the listing agent, with whom the seller lists the property, and the agent who shows the property to prospective buyers.
For the buyer, it is important to keep in mind that both the listing agent and the agent showing properties are agents for seller. This means that both of these individuals work for and on behalf of the seller, not for the buyer. For a prospective buyer, this is an absolutely crucial point. It means, for example, that neither the listing agent nor the showing agent is permitted to disclose negative information to a buyer about the property-that is, information that is adverse to the seller's interest in selling the property.
As a buyer, you can avoid this information gap by hiring a buyer's agent. Because this individual represents you as the buyer, he or she will be required to disclose to you all relevant information-the bad as well as the good-about the property you are considering. In addition, a buyer's agent is there to negotiate the best possible purchase terms for you."

Extracted from the website of the American Bar Association -- "http://www.americanbar.org"

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