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A. Role of the Real Estate Broker
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Frequently, the first person you consult about buying a
home is a real estate agent or broker.
Although real estate brokers provide helpful advice on many aspects
of home buying, they may serve the interests of the seller, and not your
interests as the buyer. The
most common practice is for the seller to hire the broker to find someone
who will be willing to buy the home on terms and conditions that are
acceptable to the seller. Therefore,
the real estate broker you are dealing with may also represent the seller.
However, you can hire your own real estate broker, known as a buyer's
broker, to represent your interests. Also,
in some states, agents and brokers are allowed to represent both buyer and
seller.
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Even if the real estate broker represents the seller,
state real estate licensing laws usually require that the broker treat you
fairly. If you have any
questions concerning the behavior of an agent or broker, you should contact
your State's Real Estate Commission or licensing department.
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Sometimes, the real estate broker will offer to help
you obtain a mortgage loan. He
or she may recommend that you deal with a particular lender, title company,
attorney or settlement/closing agent. You
are not required to follow the real estate broker's recommendation.
You should compare the costs and services offered by other providers
with those recommended by the real estate broker.
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