WHAT'S IN AN AGENT, AND WHY YOU SHOULD CHOOSE CAREFULLY - THE DUAL AGENT

In past posts we've discussed the Seller's agent or the "Listing" agent as well as the "Buyer's" agent.  Today, we will discuss the Dual Agent.  As I said, it's not pretty, but it can be done.

According to the National Association of Realtors (NAR) the definition of "Dual Agent" is:

     As a dual agent, the licencee works for both the seller/landlord and the buyer/tenant. 
    A dual agent may not take any action that is adverse or detrimental to either party
    but must disclose known material defects about the property.  A licensee must have
    the written consent of both parties before acting as a dual agent.

You'll remember that the listing agent is the one who has his/her sign in the yard.  That agent is under contract
 with the seller of the property to represent them in the sales tranaction.  Can they also represent you?  Absolutely,
 but only with proper disclosure and the written consent of both parties.   If you choose to do business with the
seller's agent, and some people do, make sure you understand that this agent can not take any action that is
adverse or detrimental to either party. The agent, however, must disclose any known material defects in the
property.

Next time we'll discuss a Transaction Licencee.  In the meantime, time take care in choosing your agent.  Take
advantage of open houses to interview agents to represent you and always sign a Buyer's Agency Agreement
so you can be sure your rights as a buyer will be represented.

We'll talk again soon.

Cheryl

     "I know the price of success; dedication, hard work, and an unremitting devotion to
       the things you want to see happen."

           ---Frank Lloyd Wright


If you are looking for a dedicated REALTOR, please give me a call.  I bring results!

To learn more about Weichert Realtors, click the links below:

http://youtu.be/7fHxJMAdvSg

http://youtu.be/HGu72v3QU3E



  

WHAT'S IN AN AGENT, AND WHY YOU SHOULD CHOOSE CAREFULLY - PART 2, THE SELLER'S AGENT

As promised, today we are going to discuss the Seller's Agent, or as some of you may refer to us - Listing Agent.

The Listing agent represents the seller of a property.  I'll say it again, Seller's agents represent the seller of a property.  We are contracted by the home owner to sell their property for a fee, which is paid at settlement.   Having said that, the alarms should be going off as to why it is NOT in your best interest, as a buyer, to expect to get representation from an agent who is contracted by the seller to secure the best possible price for their home.  Is it okay to contact the agent on the sign in the yard for general information?  Sure, but don't expect they will be looking out for you!  Here it is in a nutshell:

• Seller's Agents or Listing Agents represent the sellers
• Buyer's Agents represent the buyers

You should always have your own agent.  This means signing a Buyer's Agency Agreement so you are represented in any and all transactions with regard  to your home purchase.  For the most part you as the buyer will NOT be asked to pay a fee for this service because the seller's agent does.  However, some agents that represent the buyer may request a fee under certain circumstances.  For example, say you are relocating to a new state and you need someone to drive you around the area and show you a few homes, talk to you about terms and prices--generally representing your interests as a persective buyer so you can take this information back to your employer or spouse for future consideration.  Then, there could possibly be a flat fee charged as a Buyer's Consultant.  Now, don't frown!  This is a good thing for you because you've just developed a repoire where you feel you can trust this agent to represent you when you are ready to move--and you will not be charged again.  To have your own agent is always a WIN, WIN!

In our next segment we'll discuss a thing called Dual Agency.  It's not pretty, but it can be done.  See you next time. 

Cheryl
Do you or someone you know need a REALTOR?  Give me a call.  I love referrals!
Please visit my wesite at www.moveinpa.com


"Efforts and courage are not enough without purpose and direction."

--John F. Kennedy

WHAT'S IN AN AGENT, AND WHY YOU SHOULD CHOOSE CAREFULLY

I've noticed recently that there seems to be a giant misconception when it comes to buyers looking for a new home.  

The misconception is that only the listing agent named on the sign in the yard can show that property.  To be clear, a listing agent does place his/her broker's sign, generally in the front, of the property for sale and we hope you will call us from the sign.  However, did you know that that agent represents only the "seller?"  It's true.  

That's why you as a "buyer" should always have your own Realtor and you should take great care in choosing who will represent you. Here are a couple of benefits to having a Buyer's Agent:

• It costs you nothing (fees are paid by the seller's agent to the buyer's agent)
• Your interests are protected (when you sign a Buyer's Agency Agreement)

A Buyer Agent's job is to represent the buyer.  That being said...we have talked to you and gotten to know you and what you're looking for in your new home.  We've assisted you, hopefully, through the pre-qualification phase of obtaining a mortgage, so we have an understanding of what you can comfortably afford to pay for your new home and we show you homes within that price range criteria.   This means we are in a unique position to assist you if and when you decide you would like to make an offer to purchase.   We will tell you if a property is priced correctly and can provide market statistics to review with you.  We are your team.  We are your negotiator.  Our job is to save you money!  When you don't utilize a buyer's agent by signing that agreement, you are risking your money and your piece of mind.   Always be represented by your own REALTOR!  

My next post will discuss the Seller's Agent.  See you next time.

Cheryl

"One of the most sincere forms of respect is actually listening to what another has to say."

--Bryant H. McGill