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spooks
So in love!
Member since 6/06 4378 total posts
Name:
Sarah
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RE Agents
The RE agent we've been working with for awhile wants us to sign a form of how she is representing us and is giving us three ways of doing so, she can be:
1) a buyer's agent
2) seller's agent
3) broker's agent
Can anyone please explain the differences and/or recommend what the best option is for us?
TIA!
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Posted 3/14/07 10:39 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: RE Agents
Buyers agent - You pay her comission
Sellers agent - The seller pays the comission
Brokers agent - Im not sure
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| Posted 3/14/07 10:53 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: RE Agents
I believe that if you hire her (sign a contract) it would be as a buyers agent.
Selling agent represents the sellers best interest. Hired by the seller.
Not sure about broker agent??
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| Posted 3/14/07 10:59 AM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: RE Agents
Representation does not determine how the agent gets paid.
The agents Fee, whether its a Sellers Agent, Buyers Agent, or Brokers Agent, 99.99% of the time, comes from the proceeds of the Sale.
(However, there ARE scenarios in which the buyer pays the agent directly)
Seller's agents work for the seller, and get their instructions directly from the seller.
Broker's agents, also work for the seller, but they get their instructions from the cooperating broker (Listing Broker)
Both of these above scenarios mean that the agent is working for the homeowner to get the best and highest price for them.
Buyer's Agent works for the buyer, and his/her obligation is to the buyer.
for ex:
If I am your real estate agent (working for YOU as a Buyers Agent)... we may discuss limits on the offer, (how high you are willing to go) and I can show you comps for the area, etc...
I am only obligated to tell the seller that you are financially qualified to buy the home - I do not and will not disclose how much the buyer is willing to pay for the home.
If I work for the homeowner, I am obligated to disclose any and all information given to me, such as highest dollar amount you are willing to pay. Therefore, when I take buyers out, and have signed on as a Seller's Agent, I do NOT want to know how high you are willing to go $$ wise. Because that would make for unfair negotiations.
HTH
confusing enough for you??
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| Posted 3/14/07 3:26 PM |
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spooks
So in love!
Member since 6/06 4378 total posts
Name:
Sarah
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Re: RE Agents
Posted by MrsERod
confusing enough for you??
Wow, yes - but seriously, thank you - that was helpful. I think we'll go with the buyers agent - I hate signing anything really.
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| Posted 3/14/07 3:42 PM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: RE Agents
Posted by spooks
Posted by MrsERod
confusing enough for you??
Wow, yes - but seriously, thank you - that was helpful. I think we'll go with the buyers agent - I hate signing anything really.
You're very welcome! Good luck in your search! 
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| Posted 3/14/07 3:45 PM |
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