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WHO DOES YOUR REAL ESTATE AGENT WORK FOR?
* According to most Multiple Listing Services (MLS), any real estate agent assisting a buyer usually works under the seller's agent...and owes primary allegiance to the seller.
* Unless the real estate agent and the buyer are working under a "Buyer Agency" contract, the agent is legally a selling agent and is obligated to work in the best interest of the seller. This means many things - but of great importance to buyers is the fact that the agent is obligated to obtain the highest price for the seller.
This is nothing new. It has always been this way. What has changed is that today's buyers are demanding representation too.
* That's why we now have "Buyers' Agents." Only a "Buyer's Agent" can represent and work for the best interests of the buyer.
WHAT DOES A "BUYER AGENCY" CONTRACT MEAN?
* A "Buyer Agency" contract creates legal "fiduciary" respon-bilities between the buyer and the agent. The responsibilities are:
LOYALTY to the buyer's interest.
OBEDIENCE to the buyer's wishes.
DISCLOSURE of useful information.
CONFIDENTIALITY in all matters.
REASONABLE CARE AND DILIGENCE
ACCOUNTING on all matters.
BENEFITS FROM A BUYER'S AGENT.
* Only a buyer's agent can negotiate with the seller (For Sale By Owner) or the seller's agent to work toward obtaining the lowest price and the best terms. This capability can save a buyer thousands of dollars.
* A buyer's agent can show the buyer all types of properties. This capability increases the selection of homes from which the buyer can choose.
* Confidentiality is both a customer and client level service.
* Only a buyer's agent can advise and counsel a buyer with unrestricted assistance, providing as much assistance as needed.
* One of the duties owed to both customers and clients is to provide Accurate Market Data - when asked. This would require a Traditional Agent to provide a CMA if buyer wishes. One difference is the Buyer's Agent can interpret the data.
ALL THIS SERVICE - AND NO ADDITIONAL COST.
* The buyer pays no more for the services of a buyer's agent than he or she would if using a traditional sellers agent.
* Commissions or FEES come from one of two sources:
1. Out of the total commission being paid
to the listing agent.
2. Or as a reduction in the selling price,
equivalent to the buyer agent's commission,
thus enabling a direct payment from the buyer
to the buyer's agent.
GOING THE EXTRA MILE WITH BUYERS.
* Buyers always have questions. When the agent is not a buyer's agent, yet working with a buyer, answering questions can be awkward because the agent actually owes allegiance to the seller.
* This is not to insinuate that a traditional seller's agent would withhold important information. What you'll find, however, is that a buyer's agent has a legal obligation and commitment to dig deeper into any situation which might jeopardize the best interests of the buyer.
COMPETITIVE EDGE WHEN PROBLEMS ARISE.
* If an inspection reveals a problem, here's where a
buyer's agent can make a crucial difference. Should
the buyer still wish to purchase the home, the
buyer's agent "goes to bat" for the buyer to
negotiate a fair and equitable agreement.
WHAT ABOUT THE INVESTMENT VALUE?
* A buyer's agent can offer professional projections
as to the future salability and the value of the
home - something a traditional agent would be
hesitant to do, should the home not offer as
promising future as other properties.
ALL THIS AND MORE...
* Both a buyer's agent and a traditional seller's agent can answer questions and handle many of the other aspects of the transaction such as arranging for a property appraisal, a title search, a survey, property inspections and the closing. And both types of agents will be able to provide the buyer with information on the community to help the buyer make a more informed decision.
THE BIGGEST DIFFERENCE IS...
* A TRADITIONAL AGENT can work with a buyer, but is required by law to protect the seller's interests.
* A BUYERS AGENT works for the buyer, protecting the buyer's best interests......
WHICH WILL IT BE?
Is there really a choice?
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New, 2 stories, high ceilings, Loft, unfinished basement, Elegant porch. $244,500 |
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