Tips & Trends for the Flagstaff Real Estate Market:
Past Articles [May 2006]
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Who Does Your Real Estate Agent Work For?
The process of buying or selling a home requires a large amount of time, resources, and knowledge. When you begin the process of selecting a real estate agent, you should know your options with regard to Arizona law and select an agent who will best be prepared to represent your interests. Here in Arizona we have three types of representation:
Seller’s Agent: A seller’s agent is someone who works for the real estate firm employed by the seller to market and sell a property. In the Northern Arizona Multiple Listing service (MLS), all offices work to sell each other's listings. The seller’s representative works for, and owes fiduciary responsibilities to, the seller and has the seller’s best interests in mind. A seller’s agent will conduct a market analysis to assist in finding the best price for your home. Your agent will market the property as well as provide information on preparing your home to show its best. When a purchase contract arrives, the agent will assist you in negotiations. A seller’s agent may ask you to sign a statement that verifies that the agent status is disclosed. It is not a contract — simply a disclosure.
Buyer’s Agent: A real estate buyer's representative represents the buyer who is purchasing property in a real estate transaction. The buyer's representative works for, and owes fiduciary responsibilities to, the buyer and has the buyer's best interests in mind throughout the process. Typical services provided by a buyer’s agent include locating properties that fit the buyers requirements, assisting in negotiation with the seller, assists in securing financing, and providing information on market conditions.
Dual Agent: This occurs when a buyer's agent shows the buyer a listing held by the agent’s own real estate firm. Since the agent has responsibilities to both parties and the seller typically pays the commission, the agent’s loyalties are split. Dual agency must be disclosed to the buyer and seller in advance, and both must agree to it in writing.
All representation should be clearly understood by the home buyer and seller before entering into a purchase or listing contract. Knowing how you will be represented will help insure a smooth transaction. Ask your agent to discuss “agency” with you.
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