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MORTGAGE Q & A

Q. My wife and I are first-time home buyers. Our real estate agent was recommended to us by our lender, but she's very slow. She hasn't shown us many homes, and we aren't really connecting with her. Can we fire her?

A. Of course. You can fire your real estate agent if you're not satisfied with the homes she's showing you or with any other aspect of her work.

We recommend that you look for a full-time buyer's agent. It's easier to trust real estate brokers who don't split their time working for buyers and sellers, because you're less likely to be victimized by a conflict of interest.

The most obvious problem is when agents steer you toward homes they're trying to sell for other clients. But more subtle conflicts can and do arise.

Your current agent was recommended by your lender -- probably a mortgage broker -- because she returns the favor by steering clients to the lender. It's a business relationship that benefits the broker and real estate agent but not the customer.

Most full-time buyer's agents are certified as Accredited Buyer Representatives (ABR) by the National Association of Realtors. Though that doesn't guarantee you've found a great agent, an ABR has additional training on how to negotiate on a buyer's behalf and must have completed at least five transactions serving solely as a buyer's agent.

Just Google phrases such as "exclusive buyer's agent" and the town where you want to live. Lots of agents eager for your business will pop up.

Our 5 smart moves to find the best real estate agent also can help you hire the right agent, at the right price, with the right contract.

interest.com

Have a question about your finances? Ask us at editors@interest.com.
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11/21/2009 8:23:19 PM
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