Minnetonka First Time Homebuyers Guide

Many first time homebuyers end up working with a subagent, otherwise known as a seller's agent and it's important to understand that these agents are working on behalf of the seller, not the homebuyer. Seller's agents are hired to represent the seller and bring the buyer to the deal, but they do work on a commission and have certain rights and responsibilities towards the buyer.

Regulations vary from state to state, but there are certain things they cannot do according to national law. The author of '100 Questions Every Home Buyer Should Ask' encourages all buyers to review the agent's forms and disclosures thoroughly to understand exactly what types of services they will be offering; if you do not understand anything, do not sign the form. It's also important to understand the key things that a seller's agent can and cannot do for you:

The seller's agent can provide you with detailed pricing lists of the Minnetonka homes for sale in the MN area. These are often called 'comps' and are a compilation of similar homes in the Minnetonka neighborhood, Minnestota real estate listing information and their list prices.
This information ensures that you are not offering, or being offered, an unreasonable price when it's time to negotiate.

When you are still deciding, the seller's agent cannot give you hints on what Minnetonka home to choose. The seller's agent has the primary task of selling the home that is commissioned him to deal. However, he cannot insist or even suggest which among the Minnetonka homes for sale
you should buy.

In the case that you like two MN real estate properties and it happened that the subagent works for both sellers - you cannot be persuaded to select one over the other. In other words, only you have the power to decide.

The seller's agent cannot point out defects in the Minnetonka home. The seller broker cannot say anything that would influence your decision to purchase, or not purchase the property. Any
material hidden defects can be disclosed, but you will need to conduct your own research to find out if the home is in good condition.

The seller's agent is not allowed to disclose information and offer suggestions regarding the property's best offer. In most cases, the buyer is tempted to inquire on the amount that must be prepared for the Minnetonka homes purchase. However, your seller's agent cannot disclose said information at the time you were communicating. The seller agent has to follow certain conventions particularly as this may affect his relationship with the seller.

The seller's agent can ask list of referrals from you. Seller brokers have the right to request for referrals from you, and that includes your acquaintances, friends, and family members. Many of these seller brokers are independent business owners and it would be an act of goodwill to help
them find new clients.

When you are working with a seller's agent as a first time home buyer, it's important to remember that they are in the business to make the home buying process as easy as possible. This doesn't always mean that they have your best interests in mind, so it's important to do your own research about the property and work with a MN real estate agent and professional MN Realtor in addition to the seller's agent.

About the Author Alexandria P. Anderson is a Licensed Minnetonka Real Estate agent and Professional MN Realtor that helps people to find and buy Minnetonka Homes for sale and Real Estate in the Twin Cities of Minnesota.