Seminar #8 - Extra Credit Reading

Important Information you need to know.

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Many buyers may not fully understand the home buying process and the important role a real estate agent plays.
The following are some of the most frequently asked questions that buyers may be thinking.

What does it cost as a buyer to use an agent?
The compensation that a sales agent receives typically comes from the seller’s proceeds.  In other words, there is no cost for a buyer to use an agent in a traditional agent/buyer relationship.  In a buyer agency agreement, there may be some cost to the buyer, but even these agreements are usually worded so that the agent is compensated from the seller.

Can my agent give me information regarding properties from other companies?
Yes, if that other company is a member of Multiple Listing Service (MLS) – which most real estate companies are.  For Sale By Owner (FSBO) properties are not listed in MLS so an agent likely would not be able to provide information regarding them.  However, with a buyer agency agreement, your agent will be able to help you purchase a FSBO.

What if I find a property on my own?
You should contact your agent and not the property owner or the agent listing the property.  Having the address or the MLS number is very helpful and will assist your agent in gathering information regarding the property. Your agent is working for you, and can find out all the information you need to know about the property!

Can I go to open houses without my agent?
You can go to open houses without your agent.  However, you need to make sure that you indicate you are working with an agent already.  If you don’t, your agent might not be able to help you write an offer on that property in the future

What if I am unhappy and want to switch agents?
Let the first agent know that you are unhappy and the reasons why.  See if you can work out the issues with them.  If not, tell the agent you no longer want to work with them and find another agent.

When purchasing real estate, a sales agent can be an extremely valuable resource if you remember your responsibilities:

 Work with just one agent
 Make sure you tell your agent everything
 Always tell other agents you are already working with an agent
 Consider your agent a friend!

 Attend our Free HomeBuying Workshop - This fabulous session is designed for the "First Time Buyer" or those looking to "Upgrade" or "Downsize" This valuable session is not to be missed. Please contact us for specific details on the next session, also you may ask about our Limited "one on one" sessions.  email the dean at or call 609-895-0500 x107

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