Agents-buying and selling

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Updated: 12/23/2002 4:41 pm
Buying agents are becoming popular with savvy homebuyers. Previously, most agents represented the seller's interests, because the seller paid their commission. If you, as the buyer, disclosed any information about the highest price you were willing to pay, the agent was obligated to tell his 'employer,' the seller. Some confusion resulted when the selling agent wasn't the listing agent. Many buyers mistakenly assumed the agent they contacted represented them, and the listing agent represented the sellers. Recently, more agents have declared themselves to be buyers' agents. Their fee is paid by the buyer, and all information disclosed by the buyer is confidential. The buyer's agent's job is to secure the best possible deal for the buyer. This can include negotiating price, repair allowances, and even the seller's commission, if it affects the buyer's costs. State and national professional boards and associations govern ethical behavior of both seller's and buyer's agents. For more information on how an agent can represent your interests, contact a real estate agency.

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