Who’s Who When It Comes to Home Buying?
If you are planning to buy a home, you know the process is not something you will do alone. However, you may not realize exactly how many people are actually involved in a home sale until you get started. In fact, the number of individuals can be a bit overwhelming. That’s why we have put together a simple guide that explains the roles played by a couple of these professionals—the buyer’s and listing agent, so you know who is in your corner!
- Buyer’s Agent – The buyer’s agent works mainly with the purchaser and acts as an advisor during the home buying process. He or she will research recent home sales to make certain prices are on par with what is expected for the area. Additionally, the buyer’s agent handles negotiations and is present during closing to ensure the buyer’s interests are protected. The buyer’s agent shares a commission with the listing agent.
- Buyer – The buyer does not pay a fee to work with an agent. The commission paid to the buyer’s agent comes from the listing agent.
- Listing Agent – A listing agent is always working to help home sellers get the best price for their house. The listing agent handles negotiations from the seller’s perspective and works with escrow and the financial team to make sure the deal closes on time. The listing agent collects a commission from the seller and shares this fee with the buyer’s agent (if applicable).
- Seller – The seller pays the commission to the listing agent out of the selling price of the home. The commission is usually set up as a percentage of the sales price.
While at first glance it may seem like all real estate agents are the same, in reality, they each have different roles in the transaction. Both agents will work with your lender to prepare for closing and help you get into the home of your dreams. If you have any questions about how the process works, or you would like to talk to an expert about what to expect, call or contact us at Liberty Financial. Your dream home could be closer than you think!
Check out this useful infographic from pharealty.com