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A buyer’s agent and the buyer enter into a contract in which the agent agrees to work in the buyer’s best interest. If a buyer chooses to work with an agent when the contract is signed, the buyer agrees to work exclusively with that agent. The buyer’s agent is often paid by the seller, and in this case, the seller’s agent splits the commission.

A real estate agent can provide you with helpful information concerning a neighborhood, such as how, and why the neighborhood is changing, and by comparing the real estate activity to other neighborhoods.

A real estate agent can recommend you to a mortgage lender, professional home inspector, attorney, insurance agents, title companies and escrow agents. They can help with information on community based housing services.

Most agents have access to a variety of homes through the Multiple Listing Service. This means that you can get in touch with any real estate agent working in the area in which you want to live, and that person can help you look for a home on a wide scale, in any community. Usually, there is no cost to you for the services they provide.

You should feel comfortable working with the real estate agent, because it can take months before you find the house you want to purchase. The real estate agent is looking for something that suits your individual needs and tastes, and this will happen sooner if you have a good relationship.

One way to find a real estate agent is to get the name of the real estate firm that appears on a "for sale" sign you see as you look around a neighborhood. You want a real estate agent who knows the neighborhood. You can also just walk into a real estate agent’s office or ask for a referral from friends and relatives. Talk to the real estate agent about the kind of house you are looking for in your price range. The agent should be able to tell you if there are any homes like that in your price range in that are. A simple calculation to determine the price of the home you can afford can be easily determined by multiplying your annual gross income by 2.5.

Example: annual gross income $30,000 x 2.5 = $75,000 priced home.

If you are moving out of state, an agent in your area may be able to recommend an agent familiar with your new location. Normally, the agent at your former location can make referrals to agents in other areas. Many real estate firms have sophisticated referral programs which will list houses available. In most instances, these agencies can provide a list of available properties prior to you relocating.

Real Estate agents must be licensed in the states where they work, so be sure to pick an agent who can work where you want to buy your home. You will also want to find a realtor who knows about the kind of house or specific neighborhood you have an interest in. Someone specializing in commercial real estate may be very experienced or knowledgable but may not be right for you.

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Table of Contents | Homebuyer Course Start Page | Find A Realtor | Budgeting To Buy a Home | Neighborhoods | Find Your First House | Inspect Before You Buy | Shop For a Mortgage Loan | Mortgage Home Loan Process | Credit Score and Credit Report | Home Mortgage Loan Closing | Being a Home Owner

© 2007 Financial Firebird Corporation
Edited and suplimented by Mory Brenner, Esq. For more information read our terms of use and privacy policy.