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Real estate agents are licensed by their states to assist home buyers and sellers.
They generally work for a state-licensed real estate broker — an individual,
corporation or partnership which sells, buys or negotiates the purchase, sale
or exchange of real estate for others.
Real estate agents may receive a REALTOR® designation through membership in
the National Association of REALTORS®, a state association and the local Board
of REALTORS®. These agents pledge to uphold a strict Code of Ethics and Standards
of Practice.
Benefits
A real estate agent can help you:
- Target suitable neighborhoods.
- Identify all homes for sale and their list prices.
- Arrange for property viewings.
- Compare homes meeting your criteria.
- Gather information on local taxes, utilities, schools,
churches, shopping, transportation and other relevant topics.
- Negotiate a contract with the seller.
- Understand required forms and agreements.
- Manage the details of the home buying process.
Buyer’s Agent
Traditionally, real estate agents represent the seller. This includes not only
the seller’s listing agent, but also any agent that shows a home to a prospective
buyer — unless the buyer specifically engages an agent through a buyer’s agency
contract.
Because a buyer’s agent works under contract for the buyer, the agent will:
- Keep confidential any information that could compromise
the buyer’s bargaining position.
- Negotiate aggressively for the best price and terms for the buyer.
- Protect the buyer’s interests with contingency clauses in contracts.
Terms and conditions (including forms of payment) for working with buyer’s
agents vary by state. Carefully consider the reputation and track record of
firms you are considering. Ask for references.
Multiple Listing Service (MLS)
Agents use a centralized database, Multiple Listing Service (MLS), to access
information about all homes listed for sale by real estate brokers. Most agents
provide a detailed MLS printout for each home you consider.
Conduct Interviews
Interview several real estate agents to find one right for your situation.
Use the
Interviewing Real Estate Agents work sheet to help you gather information.
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Selling A Home
Selling A Home
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