Agents, Buyers and Brokers

Going Alone
It can be done.

Another option is to try to go it alone, searching through the papers and looking for listing signs as you drive through different neighborhoods. This is not recommended for first time buyers, but if you are a hardy soul and want to take on the task, make sure you do your homework on each property before signing anything. Be sure to go through the remaining sections of this course, so you will know how to protect yourself and make a good deal.

You Have Other Options Too

Agents and an independent search are not all you have.

Luckily, relying on agents or going it alone are not your only options. There are a host of other professionals who can help guide you through the real estate maze.

Buyer Agents
They work for you.

You can also use Buyer Agents. These agents work exclusively for you as the buyer. You have to pay them directly at a rate negotiated between you and your agent. You may choose to pay them on an hourly basis to assist you if you are trying to go it alone. You may also choose to pay them on a commission basis based on the purchase price. The key is to make a better deal on the home that you are buying to cover the cost of the assistance the agent provides.

Buyer agents are bound to keep anything you say to them confidential. Since they are not working for the seller, they are less likely to try to gloss over any problems with a particular home and do their best to make sure you find a home that is right for you.

Here are some other people in the field you should know about:

Dual Agents

These are agents who work out of a traditional real estate office but who works as both a traditional agent and a buyer agent. They can take on buyers directly as clients, but since they work in a traditional real estate office, they can also represent the seller. This can get a little tricky. You need to remember in this situation to keep your comments spare and look for the best deal. A dual agent cannot negotiate on the buyer's behalf and cannot recommend specific terms, including a purchase price. If you want a true buyer broker without dual agency, be sure to look for an Exclusive Buyer Broker.

Split Agents

They do the same type of work as a dual agent, in that they can represent the buyer or seller. The main difference is that they never represent both in a transaction. If you hire a split agent as your buyer broker, they are bound to the same rules as an exclusive buyer broker. Everything you say is held in confidence and they work solely and completely in your best interest.

Let's Take a Closer Look at the Buyer Broker

The exclusive buyer broker, that is.

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