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what to tell my real estate agent |
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How much does my Ocean Springs, Mississippi 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, called sub-agency, or represent both the buyer and seller in a dual-agency situation.
Some states require 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. Be aware that the seller pays the
commission of both brokers, not just the one who lists and shows the
property, but also to the sub-broker, who brings the ready, willing and
able buyer to the table.
* 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.
* 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 but the buyer can trust them with financial
information, knowing it will not be transmitted to the other broker and
ultimately to the seller.
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Last Updated ( Tuesday, 29 July 2008 )
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