There are several kinds of agents and brokers you may run into during your search for a home: an exclusive buyer's agent, buyer's agent, seller's agent, dual agent, facilitator, non-agent, and discount broker.
If you don't want to use a dual agent (that is, an agent who represents the buyer and seller in the same transaction) opt for an exclusive buyer's agent.
A buyer's agent who is not exclusive may accept listings. If the same agent represents both sides, he or she is a dual agent. At that point, the agent can give his or her loyalty to either side. That's why some dual agents prefer to call themselves facilitators or non-agents.
Discount brokers (whether offline or online) will be of some help, but you're expected to do much of the work on your own. If you're willing to do the work, you'll save a few thousand dollars on your home purchase.
If you're unsure whether your agent represents your interests, ask. Most states require a broker or agent to disclose its agency relationship with you.
Ilyce Glink is the bestselling author of 100 Questions Every First Time Home Buyer Should Ask, and is the Managing Editor of Right at Home Daily.
Buying a Gut-Job
Gut-jobs are becoming more popular as the country's housing stock ages, and as homeowners migrate to established neighborhoods but still crave the modern amenities found in new homes.
It's easy to dream. It's a lot tougher to make real-life
decisions based on what you have to spend and what's
on the market. Barbara Buchholz, former editor of House
& Garden Guides Magazine and co-author of Porch Style
and the New Homeowner's Handbook will provide you with
information to help you figure out what kind of home is
really right for you and make your dreams a reality.
Hunting for a home can quickly become confusing and
frustrating. Should you use an agent or house-hunt on
your own? How can you choose the right neighborhood?
In this section, Lisa Skolnik, city editor for Metropolitan
Home magazine and co-author of Porch Style will help
you find information that can help you get moving in the
right direction.
If you're looking for the perfect home, forget it. Every
house, including one that's just been totally renovated or
newly built, will need a dose of TLC as time goes on. If
you're willing to live with and correct these
imperfections, you may be able to create real value that
translates into a nice profit when it comes time to sell.
Jim Sulski, real estate development and home
improvement contributor for numerous publications
including the Chicago Tribune, Crain's Chicago Business
and Consumer's Digest offers some guidelines.
