Edited by: Andrew May
Buying a home is among the most stressful processes for the wallets of many Americans, and real estate agents should be there to make the endeavor less strenuous. While finding your future home is their goal, commission size appears uncomfortably close to this mundane objective. Initially, before you sign the broker agreement (it’s a contract with the Realtor), the Real Estate Agent has a low-level fiduciary responsibility to you. Once you sign the Broker Agreement, contract law takes over (out with the Fiduciary relationship). Real Estate Agents will inevitably act with their own interest in mind.
These motives may be understood as a multitude of marketing techniques such as showing you homes as close to your budget as possible and suggesting financial institutions through which your home loan should be processed (the vast majority of Real Estate Firms are getting paid to refer certain actors in the transaction). Real estate agents are often incentivised by major mortgage firms to upsell these companies in question, possibly jeopardizing your ability to achieve a low mortgage rate. All parties involved in the home purchase process are motivated to make money from the consumer.
Take what your agent recommends seriously, but in no way should you blindly follow. Be weary of any recommendations and be prepared to assemble your own team. Conduct research on your own accord and compare rates from multiple firms before deciding to permit one to originate your application. American Dream Residential seeks only to educate the consumer of this increasingly pressing issue as firms in the Triangle area are mounting in competitive tactics to obtain the business of relocating individuals. The Triangle and broader Wake County make excellent home opportunities for all walks of life.