The Difference Between a Buyer’s and Seller’s Broker
Believe it or not, there is a difference between the buyer’s broker and the seller’s broker in real estate. While their jobs may be pretty much the same, when it comes down to the actual description their responsibilities to you may differ depending on their relationship with you. So, whether you’re moving into a new house or selling a property, it’s good to know how a broker will relate to you.
If you want to move into a new house and are using a real estate broker to help find a new place, you have a buyer’s broker. If you are the person selling their home in order to move out, you likely have a seller’s broker. That part should be obvious.
What gets a little more complicated is when you interact with the seller’s broker as the buyer. Let’s say you’ve found a house you’re ready to make an offer on and move into right away. You sign an offer for $200,000 but you’re prepared to go as high as $215,000. At the time of the offer, you tell the broker this information but ask him not to mention anything to the buyer.
That’s where it could get a little tricky. If you share this information with the seller’s broker, he or she may be obligated to tell their client. A reputable and honest broker will always tell the other party not to share anything with them that you wouldn’t want the seller to know. So, if you’re dealing with the seller’s real estate agent, you should keep any confidential information to yourself.
Lance GroomsBack to all blogs
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