Procuring an Exclusive Buyer's Agent pays off for homebuyers - without costing them a dime...
Don't call the name on the sign (or under the picture in the newspaper... Online...)
After years in real estate, I'm still surprised when people call into the office and ask to speak to the agent who's name and number is on the sign of the cute little home they just drove by in their dream neighborhood.
And then our office receptionist reminds me that most normal (she emphasizes "NORMAL people", as opposed to real estate agents) people don't understand the concept of "dual agency".
"Dual agency" is exactly what happens when a would-be buyer sees their dream home, calls the name and number on the sign outside the dream home, and ends up working with THAT agent to BUY that specific dream home.
In the transaction described above, the agent is then working as a dual agent. As a dual agent, the agent is working to represent BOTH the buyer and the seller in the SAME real estate transaction. In theory working to the best of BOTH parties' best interests - even though the agent first signed up to represent the sellers best interests and the agents first priority is to the seller.
Laws are in place to attempt to protect the parties in cases of dual agency, summed up as the following:
- The Agent will deal with the Buyer and the Seller impartially
- The Agent will have a duty of disclosure to both the Buyer and the Seller
- The Agent will not disclose that the Buyer is willing to pay a price or agree to terms other than those contained in the Offer, or that the Seller is willing to accept a price or terms other than those contained in the Listing
- The Agent will not disclose the motivation of the Buyer or the Seller to sell unless authorized by the Buyer or the Seller
- The Agent will not disclose personal information about either the Buyer or the Seller unless authorized in writing
- The Agent will disclose to the Buyer the defects about the physical condition of the Property known to the Agent
(from www.realestatelawyers.com)
It is not difficult to see - from the above - why dual agency can be problematic, particularly for buyers.
When buying a house, it makes sense to use a buyers agent. Particularly so for first-time homebuyers who face even more challenges (newly married; newly employed; new to parenting; less-established credit) than more established homebuyers.
A buyers real estate agent will work to get you the home you want at the best possible deal, as opposed to a sellers agent, who will be concerned with getting the best price for the property.
And employing an exclusive buyers agent to work on your behalf costs you nothing - a buyers agent is paid a commission by the seller or sellers agent of the home you buy.
I am a buyers agent by choice. My interest has always been in representing buyers, as opposed to listing homes. I like the needle-in-a-haystack/puzzle-solving search for a property that meets my clients' parameters; I like a day (or days) of showing property all over the community; I like sitting at the closing table knowing that I've helped my client(s) find their dream home.
I'm a buyers agent - it's what I do. Contact me today to get started on your search.
And then our office receptionist reminds me that most normal (she emphasizes "NORMAL people", as opposed to real estate agents) people don't understand the concept of "dual agency".
"Dual agency" is exactly what happens when a would-be buyer sees their dream home, calls the name and number on the sign outside the dream home, and ends up working with THAT agent to BUY that specific dream home.
In the transaction described above, the agent is then working as a dual agent. As a dual agent, the agent is working to represent BOTH the buyer and the seller in the SAME real estate transaction. In theory working to the best of BOTH parties' best interests - even though the agent first signed up to represent the sellers best interests and the agents first priority is to the seller.
Laws are in place to attempt to protect the parties in cases of dual agency, summed up as the following:
- The Agent will deal with the Buyer and the Seller impartially
- The Agent will have a duty of disclosure to both the Buyer and the Seller
- The Agent will not disclose that the Buyer is willing to pay a price or agree to terms other than those contained in the Offer, or that the Seller is willing to accept a price or terms other than those contained in the Listing
- The Agent will not disclose the motivation of the Buyer or the Seller to sell unless authorized by the Buyer or the Seller
- The Agent will not disclose personal information about either the Buyer or the Seller unless authorized in writing
- The Agent will disclose to the Buyer the defects about the physical condition of the Property known to the Agent
(from www.realestatelawyers.com)
It is not difficult to see - from the above - why dual agency can be problematic, particularly for buyers.
When buying a house, it makes sense to use a buyers agent. Particularly so for first-time homebuyers who face even more challenges (newly married; newly employed; new to parenting; less-established credit) than more established homebuyers.
A buyers real estate agent will work to get you the home you want at the best possible deal, as opposed to a sellers agent, who will be concerned with getting the best price for the property.
And employing an exclusive buyers agent to work on your behalf costs you nothing - a buyers agent is paid a commission by the seller or sellers agent of the home you buy.
I am a buyers agent by choice. My interest has always been in representing buyers, as opposed to listing homes. I like the needle-in-a-haystack/puzzle-solving search for a property that meets my clients' parameters; I like a day (or days) of showing property all over the community; I like sitting at the closing table knowing that I've helped my client(s) find their dream home.
I'm a buyers agent - it's what I do. Contact me today to get started on your search.
Hokie Real Estate, Inc.
318 N Main Street
Blacksburg, VA 24060
Office - (540) 998-1276
Fax - (888) 813-5452
318 N Main Street
Blacksburg, VA 24060
Office - (540) 998-1276
Fax - (888) 813-5452
Copyright© 2011
Bob Lockee,
All Rights Reserved.
Bob Lockee,
All Rights Reserved.
