When choosing your Mexico real estate agent, it is important for you to know the difference between a buyer’s agent and a seller’s agent, their roles, and how this affects you as a buyer.
Seller’s Agent vs Buyer’s Agent
Very briefly, a seller’s agent is the one who advertises a property on behalf of a seller and represents the seller’s interest during the negotiation and transaction. The buyer’s agent is the one who helps the buyer find an ideal property and represents their needs during the negotiation and transaction.
When searching for and buying your ideal Mexico home for sale, by Mexican law, it is possible that the same agent carry out both functions. So, when you see a for sale sign on a property, you contact the agent, who is the seller’s agent. You negotiate a price, close the deal, and all is good right?
What should I take into consideration before choosing one?
Unfortunately, there are some potential complications. Consider this; the seller’s agent is looking out for the seller’s best interest. What is the seller looking for in the sales price? The same thing you look for when you sell a property – the highest reasonable price. It is the agent’s job to help their client negotiate this. What are you as a buyer looking for? The same thing any buyer looks for – the lowest reasonable price. It is your agent’s job to help you find and negotiate this. Therefore, how could one person represent both of these clearly conflicting interests at the same time? This is one of the key reasons why you, as a buyer, need to work with a buyer’s agent who will represent you.
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Purchasing process
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Another reason has to do with your property needs. When your agent carries out their searches for a dossier of suitable properties based on your criteria, they should include all suitable properties, listed by any company, or even privately listed. It is important that the agent is not limited to only a certain set of properties which they feel they need to give preference to in their sales.
It is also important to know that working with a buyer’s agent costs you nothing. The commission for both agents comes from the seller; the commission is a standard percentage, if there are two agents, it is split between them.
When you see that nice Mexico condo for sale or home, the best advice is to find and select a reliable, qualified agent who will represent your needs. They can then contact the listing agent and help you find any other suitable property.
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Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. In the summer of 2009, he received the first federally applied Mexico Real Estate Degree and Mexico Professional Real Estate License S.E.P. #5978657. CEO and founder of Top Mexico Real Estate.
“Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely.”
My wife and I live in San Cristobal de las Casas in Chiapas Mexico. This place has a great climate and is super safe. Our real estate agent here is Bonitas Casas, Pretty Houses, http://realestate.casassancristobal.com/ they speak English and have helped us with our home rentals for 2 years. I suggest you check them out.