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Q&A
To the most often asked questions
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HOME BUYING GIVES YOU AN EDGE |
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1.
My agent agrees she "technically" representsthe seller, but
says she will be fairand "take care of me."
Isn't that all I need?
Of course agents try to be fair and nice to the buyer since they want
to make a sale. But, because they are bound by Real Estate License Laws,
the Law of Agency, and their Code of Ethics, they can only do so much
without jeopardizing their license to practice. For instance, traditional
agents cannot tell you if a property is overpriced or how to negotiate
the best purchase price. In this case, "technically" means legally,
and if the seller has representation, shouldn't you? At The Buyer's Agent,
we always negotiate only in the best interest of the buyer.
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2.
Exactly how does The Buyer's Agent , Inc. establish this
contractual relationship to represent me?
Just as sellers establish a contractual relationship by signing a listing
agreement with their agent, you establish a contractual relationship with
us by signing a buyer’s agency agreement. This agreement makes us
legally accountable to you and not to any seller. Only an office like
The Buyer's Agent, Inc. that represents buyers exclusively can represent
buyers 100% of the time.
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3.
Does The Buyer's Agent , Inc. have access to all resources
like the Multiple Listing Service?
Absolutely
yes and even more! We belong to the local listing service (such as the
MLS), so we can show you homes listed with this service. In addition,
since we represent you, and not any sellers, we regularly show homes that
are “for sale by owner” and “for sale by builder.”
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4.
What if I have trouble finding a home that meets my needs?
If you are having trouble finding your dream home, The Buyer's Agent ,
Inc. can help you choose building lots and builders for custom built homes.
In the process, we can save you time, effort, and money!
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5.
Isn't the agent who shows me homes representing me?
Don’t count on it, unless you have a written Agency Agreement.
Agents who list property normally enter into a signed contract with the
sellers to represent them in the sale of their property. This same contract
may permit the listing agent to use “sub-agents” to help secure
a sale. Unless you have a written Agency Agreement with a real estate
agent promising to represent only YOUR best interest, you may find yourself
working with an agent who is obligated to act in the best interests of
the seller.
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6.
If you work on commission, why would you try to lower the price of a house
for me?
If we save you $10,000 on the purchase of your home, The Buyer's Agent
, Inc. would only earn approximately $150 less in commission.
Your goodwill and word of mouth advertising will be worth much more than
this. We also have a legal obligation to represent our client’s best
interest.
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7.
I'm moving to another city. How do I find your office at my destination?
It’s easy. As soon as you find out that you are moving, call us and
we will provide you with the name and phone number of the office of The
Buyer's Agent , Inc. nearest your destination. If we do not
have an office in the area you are moving to, you can call our national
office toll free 1-800-766-8728 (or click here)
to access the national database for exclusive buyer brokers. This will
qualify you for The Buyer's Agent , Inc. Home Loans For
Less Program and the opportunity to obtain a wholesale mortgage loan
quote, in most states.
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8.
What is exclusive buyer representation and how did it develop?
In 1983, a Federal Trade Commission study revealed that over 72% of all
home buyers nationwide mistakenly believed they were being represented
by the agent who was showing them homes. As a result, laws requiring agents
to disclose exactly who they represent have been passed all over the country.
When consumers became aware that most agents worked for the seller, they
began demanding their own representation. In response, The Buyer's Agent
, Inc. began offering exclusive buyer representation to home
buyers.
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9.
How is The Buyer's Agent , Inc. paid for it's services?
There
are several ways that The Buyer's Agent , Inc. representing
you can be paid. It is always your choice. The most common way is the
same way other real estate agents are paid: the typical commission
paid at closing is usually divided between the listing broker and broker
of The Buyer's Agent , Inc. The only difference is that
our contract says our portion of the commission is paid "on behalf
of the buyer" and comes from the proceeds of the transaction. This
statement also secures your representation and discloses it to the seller.
Because our fee comes from the proceeds of the transaction, THERE
IS NO NEED FOR YOU TO INCUR ADDITIONAL COSTS FOR OUR SERVICES.
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10.
Does the legal responsibility that accompanies
this type of contractual relationship really matter to me?
Absolutely. If you had to go to court, would you use the same attorney
the opposing side was using? Responsibility and accountability to a client
are two legal requirements of agency representation. By law, real estate
licensees who act as seller's agents must negotiate in the best interest
of their clients (the sellers), not withholding information from them,
and must present their property only in a favorable manner. Exclusive
buyer's agents negotiate in the best interests of the buyer,
do not disclose confidential information about the buyer, and reveal all
facts affecting the value of properties to the buyer.
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