What Is a Selling Agent and What Can They Do for You?
Unless you’re in the real estate business, you may not know there are different kinds of agents out there — listing agent, selling agent, buyer’s agent, dual agent. How do you make sense of it all without taking real estate classes?
The terminology can be a bit confusing. For example, a selling agent does not represent the seller. Say, what?
What is a selling agent?
The selling agent actually represents the buyer in the home transaction. Sometimes, the term buyer’s agent is used interchangeably with selling agent after they help buyers put a contract on a home.
Think of it this way. The term “selling agent” makes sense because they are selling you a home. You are also the buyer, so once the contract is accepted on a house, the term may switch to buyer’s agent. At this point you are officially the contract buyer.
Don’t get confused by the interchanging of these two terms. Their meanings and duties are identical. Just know if you hear the term selling agent or buyer’s agent, this refers to the same role.
As a buyer, you typically don’t have to pay your real estate agent to purchase your new home. The selling agent’s fees are usually paid a cooperating fee by the listing brokerage firm after the seller has paid the listing commission fee at closing.
Sometimes the selling agent and the listing agent can be the same person in Virginia. This is known as a dual agent. There are laws the agent must follow when handling both sides of the transaction. For instance, providing the buyer and seller disclosure of the dual agency in writing along with an understanding of the change in responsibilities for a dual agent.
What can a selling agent do for you?
When you’re buying a new home, a selling agent is the person who gets to know your needs and desires for buying a new home. Then they do a comprehensive search of available homes in the areas and price points that meet your requirements.
The selling agent will set up appointments for you to view homes and take you to tour them. When you choose a home that you would like to purchase, the selling agent evaluates current market conditions for the property and neighborhoods so you can make an educated offer or bid on the property. The selling agent ensures that you are qualified to purchase the desired property, coordinates the inspections and helps negotiates for your position throughout the process. The selling agent also coordinates and communicates with the title company and the listing agent to help provide a smooth transaction.
Buying a home is one of the biggest purchases most people will make in a lifetime and you need someone on your side to represent your best interests, guide you through the legalities of a real estate transaction, help you find the best inventory out there on the market and get you the best deal on purchasing a new home.
Why use a selling agent? So you can get professional representation and guidance, and experience a hassle-free transaction!
Looking for real estate services in Gainesville, Haymarket or Bristow? Contact your local real estate expert Belinda Jacobson-Loehle ofJacobson Realty and Home Staging today. Also be sure to sign up now for a FREE copy of my eBook, “The Real Estate Key – What You Need to Know!”
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