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The Three Kinds of Real Estate Agents to Choose From

If you look at the current real estate market, you will come to learn that now is the perfect time to purchase real estate properties with how the prices are going down. This is perhaps contributed by the fact that there have been a number of foreclosed residences being put up for sale. Such residences come at very low prices because mortgage loan providers want nothing more but to get back the revenue that is due to them.

Despite the fact that real estate prices have generally gone down, it would still be wise if you hire the services of a real estate agent who will help you find the best package deal on the market. If you are looking to hire one, you should know that in the present, there are three kinds of real estate agents to choose from. You have the seller’s agent, the buyer’s agent, and the dual agent. Each of them will have a role to play when properties must be purchased in the market. Below are a few facts about each of them.

1. Seller’s agent: As the name implies, these real estate agents works for the vendor or seller to ensure that they get the most profit from the properties that they are selling. These agents get to receive a percentage of the sales price. That is why it would be to their advantage as well when they are able to score maximum sales price of the home or property that the vendor is selling. The listing agent often serves as the seller’s agent.

2. Buyer’s agent: This kind of real estate agent is the one that is hired by the purchaser of properties in order for them to save a good amount of their money when buying any home or property. These agents will get a share of the sales selling price. Also, the buyer should consent to pay these agents a portion of the sale’s price. Being in this contract allows the agent to get a good amount of money while representing the buyer. Usually, you will be charged about 4-6% commission rate for their representation.

3. Dual agent: This kind of real estate agent is paid to represent both the seller and buyer equally. Usually, such a business happens when a potential home buyer hires a broker to serve as their buyer’s agent. From the home or property that the agent has listed, the home buyer will then place an offer. This particular agent does not represent either of these clients.

For this kind of real estate agent, no guidance is provided to either of these clients. The broker only serves as an agent to seal the deal. This agent only functions in setting appointments for any home inspections and in discussing with mortgage companies. And yet, they will not provide you any helping hand regarding the terms of your sales price.

Among the three kinds of real estate agents, the dual agent seems to be the one that is the riskiest. This is not only true on the part of the real estate agent but both the seller and the buyer as well. The legal implications can be quite vague so going for the first or second kind of real estate agent can be safer.