A lot of first-time homebuyers end up hiring a sub-agent otherwise known as a seller's MN realtor and it is important to know that these realtors are working for the seller, not the home buyer. Seller's agents are hired to work for the seller and bring the home buyer to the offer, but these people do work on a commission fee and have specific rights and duties towards the buyer.
Regulations vary from state to state, but there are specific things they can't do according to federal law. The author of '100 Questions Every Home Buyer Should Ask' encourages all buyers to review the agent's forms and disclosures carefully to understand exactly what kinds of services they will be providing; if you do not understand anything, do not put your signature on the form. It's also essential to understand the key things that a seller's realtor can and can't do for you:
The seller's agent can give you detailed pricing listings of comparable houses in the area. These are often called 'comps' and are a collection of similar houses in the neighborhood, listing information and their list prices. This information ensures that you are not offering, or being given, an unreasonable price when it is time to make a deal.
The seller's agent cannot tell you which house to select when you're still choosing. Though it's the sub-agent's task to sell the house they are paid for to sell, they don't have the right to 'push' their home over another in question. If you want two houses and the real estate agent is performing with the two vendors, they cannot convince you to buy one over the other house; the choice is definitely yours to make.
The sub-agent cannot mention flaws of the the house. The seller's agent can't say anything which would affect your final decision to buy, or not buy, the home. Any specific material hidden flaws may be exposed, however you'll need to conduct a research to check if the house is within good condition.
The sub-agent can't give tips on the right deal for the house. It can be tempting to inquire the vendor how much you must pay for the house, but they can't lawfully offer you this information anytime during your conversations. The seller's agent has specific responsibilities to the vendor, and this information may hinder on their working relationship.
The sub-agent can ask for referrals. Most sub-agents are usually private entrepreneurs and always looking for new customers. They have a right to request you to refer them to family members or friends, and will do their best to make your home buying experience a good one.
When you're dealing with a sub-agent being a first time home buyer, it is important to keep in mind that they're in this business to make the house buying process as easy as possible. This doesn't always mean that they've got your own interests in mind, so it is important to do your research about the house and work with a professional agent along with the seller's agent.
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