Players in the Home Buying Process

(continued from previous blog)

The Buyer’s Agent – Consults with the Buyer about needs and wants, informs about and shows properties currently on the market that might meet those needs, advises the Buyers as they write up their offer to purchase, and represents the Buyer’s best interest in negotiations, then coordinates with others to make sure the sale closes. The Buyer’s agent is usually not paid by the Buyer; their brokerage is paid by the listing agency if they write an offer on the listing that closes. Their brokerage then gives part of that money to the Buyer’s agent.

The Listing Agent – Has signed a listing agreement with the seller. In this contract the seller promises to pay the listing agency a commission if the house sells in a certain time period; the agent promises to market the property and try to secure the best possible price and terms for the Seller, represent the Seller’s interests, and keep the Seller’s secrets. When an offer is presented, the listing agent looks it over along with the Seller and advises them whether to accept it as written or make a counter-offer that modifies it. The listing agent tries to obtain an agreement which will meet the Seller’s needs and desires as closely as possible and which will be the most likely to get funded and close.

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