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• Tips on Home Inspections

Step 2: Choosing a Realtor

Whether you are selling or buying a home in the Central Virginia, selecting a Prudential real estate sales professional is one of the most important decisions you will make during the process. There are some very important things you should consider when choosing a real estate professional here in Richmond, Virginia. One of the first considerations is who the agent represents during the process.

Agency

It is important hat you know the differences between a professional who represents a seller (the "traditional" role of a sales associate), a professional who represents a buyer and one who represents both. In most areas, real estate professionals are now legally obliged to disclose, in writing, information on the various types of real estate agency relationships that exist. You should assume the real estate professional is working for the seller unless otherwise stated.

Seller's Agent

- represents the interest of the seller and has a fiduciary responsibility of reasonable care, loyalty, confidentiality and disclosure to the seller. A seller's real estate professional (agent) works to assist the seller in locating a buyer and in negotiating a transaction suitable to the seller's specific needs.

Buyer's Agent

- represents the buyer during the home buying process. The buyer's real estate professional (agent) has a fiduciary responsibility to represent the buyer's best interests including reasonable care, loyalty and confidentiality.

Dual Agent

- represents the interests of both the buyer and the seller, during the same transaction. A dual agent has responsibilities to both buyer and seller and must act in the best interest of both parties.

If you are buying a home, your Prudential real estate professional will cover the following:

• Agency relationships?
• Many real estate professionals who primarily represent buyers have been specially trained to do so and have received the Accredited Buyer Representative (ABR) designation?
• How much home you can afford? The difference between being "pre-qualified" for a mortgage and being "pre-approved" for a mortgage?
• Key features you "must have" in your new home vs. those you would like to have ?
• How to evaluate and compare the homes you see?
• An overview of the local standard Contract For Sale along with typical addenda and give you a copy for review?
• The types of inspections you will want to have done on the property you select?