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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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