Shopping For Your Home Loan: Hud'S Settlement Cost Booklet - U.s. Department Of Housing And Urban Development (Hud) Page 6
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48IV.
Shopping for a House
Role of the Real Estate Agent or Broker
Frequently, the first person you consult about buying a home is a real estate
agent or broker. Although these agents and brokers provide helpful advice, they may
legally be representing the interests of the seller and not yours. You can ask your
family and friends for recommendations.
It is your responsibility to search for an agent who will represent your interests
in the real estate transaction. If you want someone to represent only your
interests, consider hiring an “exclusive buyer’s agent”, who will be working
for you.
Even if the real estate agent represents the seller, state laws usually require
that you are treated fairly. If you have any questions concerning the behavior of an
agent or broker, you should contact your State’s Real Estate Commission or licensing
department.
Sometimes, the real estate broker will offer to help you obtain a mortgage
loan.
He or she may also recommend that you deal with a particular lender,
mortgage broker, title company, attorney, or settlement/closing agent. You are not
required to follow the real estate broker’s recommendation, and you should compare
the costs and services offered by other providers before making a decision.
Role of an Attorney
Before you sign a sales agreement, you might consider asking an attorney to
review it and tell you if it protects your interests. If you have already signed your
sales agreement, you might still consider having an attorney review it.
If choosing an attorney, you should shop around and ask what services will be
performed and whether the attorney is experienced in representing homebuyers. You
may also wish to ask the attorney whether the attorney will represent anyone other
than you in the transaction.
In some areas, an attorney will act as a settlement agent to handle your
settlement.
Terms of the Sales Agreement
Before you sign a sales agreement, here are some important points to
consider. While the real estate broker will probably give you a preprinted form of the
sales agreement, many terms are negotiable so you may make changes or additions
to the agreement. The seller, however, must agree to every change you make in
order for such changes to be incorporated into the sales agreement.
For most home buyers, the sales price is the most important term. Make sure
you know what the sales price includes, such as appliances. Here are other important
terms of the sales agreement:
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