The 6 Step Home Buying Process (Step 6)

by The Real Estate Faction on October 15, 2010

Finding an Agent

If you are a first-time home buyer, you will probably want to work with an agent. Agents know the market and can be a valuable source of information concerning the home buying process. Ask lots of questions. There are both listing and buyers agents. The buyers agent does work for you, but is paid by the sellers. Seller’s agents are also paid by the seller. A buyer pays nothing to the agent.

Make sure that the agent has access to the Multiple Listing Service (MLS). This service lists all the properties for sale by most major brokers across the country. Agent’s commissions average 5% to 8% and are split between the listing agent and the agent that eventually sells the home, and that is split between each agent’s broker. Don’t be surprised if your agent is eager to sell you their own listing since they would then earn the entire commission. Usually in this situation, the agent would work for a discounted commission percentage.

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