News and Info
News, information and tips on buying, selling and renting real estate.
Saturday, March 17, 2012
I strongly recommend that you not sign an Exclusive Buyer Agency Agreement when you first meet an agent. I never ask a new client to commit to me until they are comfortable and have faith in my ability to help them through this complex process. Beware of an agent who grabs a contract and a fancy pen 15 minutes after you meet them!
Once you and the agent are ready, go ahead and sign the agreement. House hunting is hard work and both of you will be more committed to the process with the agreement in place.
The advantages for home buyers of having their own real estate agent looking out for their best interests are obvious. But the unlikely disadvantages are less obvious. If a prospective home buyer wants to purchase a FSBO home, and if the FSBO seller refuses to pay any sales commission (very unlikely), the buyer then has a choice of either pay his/her buyer's agent a commission or don't buy that home.
A possible problem can occur when the home buyers don't have their own agent and the seller's listing agent offers to act as a disclosed dual agent. In that situation, the dual agent is not supposed to disclose confidential information to the other party. To illustrate, that means a dual agent cannot disclose to the buyer the lowest sales price the seller has indicated is acceptable. Nor can the dual agent disclose to the home seller the highest price the buyer has revealed would be acceptable. But even the most ethical dual agent who knows this confidential information might be tempted to use those details to steer the negotiations, especially on price, to a successful sales contract.
Overall, there is virtually no disadvantage for a home buyer to have his/her own buyer's agent looking out for their best interests, especially since there is no extra cost in 99 percent of home-purchase situations.
Saturday, March 03, 2012
Top 10 Reasons To Rent Your Home Instead of Selling
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