Buyer Resources - Articles

Buying Your Home - Working With a Real Estate Agent


How do I find a real estate agent?
Getting a recommendation from a friend or work colleague is an excellent way to find a good agent. Be sure to ask if they would use the agent again. The agent you choose to help you may be better for your purposes if they are not related, are not a neighbor or friend. Many times people close to you may place you on the back burner knowing that you will forgive any shortcomings. A good agent typically works full-time and has several years of experience. An agent's experience needs to be measured both in years in the market and the number of actual transactions performed per year.

What about a buyer's agent?
In many states, it's now common for an agent to represent the buyers exclusively in the transaction and be paid a commission which comes from the transaction. Many buyers are going a step further, hiring and paying for their own agent, referred to as buyers' broker.

How do you find a good agent?
Getting a recommendation from a friend or work colleague is an excellent way to find a good agent, whether you are a buyer or a seller. Be sure to ask if they would use the agent again.

A good agent typically works full-time and has several years of experience at minimum. While years in the market is important, equally important is the number of actual transactions performed by the agent.

In South Carolina  an agent may represent the buyers exclusively, the sellers exclusively, or both in a limited disclosed dual agency mode.

How much does my real estate agent need to know?
Real estate agents would say that the more you tell them, the better they can negotiate on your behalf. However, the degree of trust you have with an agent may depend upon their legal obligation. Agents working for buyers have three possible choices: They can represent the buyer exclusively, called single agency, or represent the seller exclusively,  or represent both the buyer and seller in a dual-agency situation. South Carolina requires agents to disclose all possible agency relationships before they enter into a residential real estate transaction.

Here is a summary of the three basic types:
* In a traditional relationship, real estate agents and brokers have a fiduciary relationship to the seller.
* Dual agency exists if two agents working for the same broker represent the buyer and seller in a transaction. A potential conflict of interest is created if the listing agent has advance knowledge of another buyer's offer. Therefore, the law states that a dual agent shall not disclose to the buyer that the seller will accept less than the list price, or disclose to the seller that the buyer will pay more than the offer price, without express written permission.

*Also two agents within the same company may each of the parties exclusively, i.e. the buyer has his agent and the seller has his agent.
* A buyer also can hire his or her own agent who will represent the buyer's interests exclusively. A buyer's agent usually must be paid out of the buyer's own pocket.

Where can I get information on buyer agents?
For information on buyer agents, contact the your area's Realtor association or National Association of Exclusive Buyers Agents: 320 West Sabal Palm Place, Suite 150, Longwood, FL 32779. Phone: 407-767-7700, Toll-Free: 800-986-2322, FAX: 407-834-4747, WEBSITE: www.naeba.org.

Century 21 The Moore Group

John Kneece

Broker

1480 Sims StreetOrangeburgSC29115
Cell:(803) 378-5208
Business:(803) 378-5208
Fax:(803) 535-6235
License #:16585

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