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A. Role of the Real
Estate Broker |
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.
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.
Sometimes, the real estate broker will offer to help you
obtain a mortgage loan. He or she may also 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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