If you aren’t familiar with how real estate commissions are paid, we can explain. Usually a seller hires a listing agent to list and sell their home. If a buyer comes along with a buyer’s agent, the listing agent will split his/her commission with the buyer’s agent. But if a buyer comes along without a buyer’s agent, then the listing agent essentially keeps the entire commission.
It is very important to have a buyer’s agent represent your best interest and not to work directly with the listing agent. The listing agent has a fiduciary duty to represent a seller’s best interest, and only gets paid if he/she sells that particular house. A buyer’s agent has a fiduciary duty to represent the buyer’s best interest, and has no incentive to sell any particular property. Therefore, solely has the buyer’s interest in mind with no conflict of interest. And if you’re wondering what a fiduciary duty is; fiduciary duty is a common Real Estate term that basically means an agent has a legal obligation to act in the best interest of a person.
Buying a home is not only one of our biggest investments but it is also one of life’s largest financial decisions. One mistake or misstep could cost you tens of thousands of dollars. This could be as simple as not knowing a home’s true value and over paying for it, or not drafting a purchase offer with the best price, the terms and conditions to protect you, finding the best mortgage program for your particular needs, or hiring the wrong home inspector that may overlook a potential problem. There’s a reason why the majority of home buyers have a Realtor represent their best interests. However, be advised that not every Real Estate Agent is a REALTOR®.
When you work with us we will keep you on the right track and save you a significant amount of time and money throughout the home buying process. Who you work with matters. Let us know how we can help.
CONTACT INFORMATION
Raphael Orozco Jr. • REALTOR® • DRE02070792
Phone: 714-477-1087
Email: r.orozcojr@xolde.com
REAL BROKER
333 City Blvd. West 3rd Floor Orange, CA 92868
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