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Frequently Asked Questions

Frequently Asked Questions By Buyers

Q: Who does a realtor represent?
A: Today's real estate law stipulates that a realtor must disclose who they represent. They may represent the seller or they may represent the buyer. I recommend that if you are looking for an agent to represent you as a buyer, that you contact an Accredited Buyer Representative (ABR designation). These agents have been specifically trained for buyer representation.

Q: If a realtor represents me, who pays the commission?
A: Typically, the seller is asked to pay the commission, and the commission paid by the seller is split between the agent representing the seller and the agent representing the buyer.

Q: Can I offer to buy a new home contingent upon the sale of my existing home?
A: Yes, you can. But it is unlikely that you will get the seller to agree to take their home off the market and wait for yours to sell. Frequently, the contract is written that if another offer is made on the seller's house, you would then be asked to remove the contingency and make your offer firm, or the seller would be free to sell the home to someone else.

Q: I have heard of homes selling for more than the asking price. How does this happen?
A: Sometimes there are multiple buyers bidding on the same house and prospective buyers are asked to come back with their highest and best offer. This may result in offers higher than the original asking price.

Q: What if I can't get a loan for the amount needed to purchase the house?
A: An offer to purchase should be written contingent upon the buyer obtaining a loan for the amount specified in the offer. However, I recommend to buyers that they get approved by a lending institution for a loan amount before the offer to purchase. This removes the doubt on the part of the buyer and a seller will generally look more favorably on an offer that is made by a pre-approved buyer than on an offer that is not.


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