Real estate agents typically use fair market value to determine price.
What is a seller’s agent?
A seller’s agent, or seller’s real estate agent, is a professional who helps list the property for sale. The seller’s agent represents the person selling the property and holds allegiance to that party.
Sellers and buyers of property can hire real estate agents to represent them in the course of business. Agents can represent either the buyer or the seller, and in some cases they represent both. It is a good idea for the seller and buyer to each have his or her own agent working for them and representing their interests and goals.
The seller’s agent focuses on selling the property according to the terms the seller or owner sets. This includes getting the best price for the property, negotiating terms, selling it quickly and managing the legal transaction. Often called the listing agent, the seller’s agent places the home on the multiple listing service, or MLS, and fields calls and inquiries for the owner.
The seller’s agent works with the buyer’s agent to negotiate the terms of the sale. This includes presenting the seller with all buy offers, negotiating the terms exclusively for the seller’s benefit, and updating the seller on changes in the market. The seller’s agent monitors the closing process to make sure all deadlines and requirements are met. The seller’s agent also handles the buyer’s walk-through and can attend the closing with the seller.
Seller’s agent example
Oscar wants to sell his home and get the most for it he can. He calls a local real estate brokerage, which sends him an agent to work with. The seller’s agent is familiar with the trends in the local housing market and helps Oscar set a realistic price for his home, then lists it in the MLS.
The agent shows the home to prospective buyers, arranges open-house events, fields emails and phone calls pertaining to the sale, and represents Oscar’s interests until a buyer is found, a deal is struck and the loan closes.
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