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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