Home Buyers, Stop and Read before you make that first call!

You may find yourself working with someone who is actually negotiating for the seller, not you the buyer.  One thing that is constant throughout the U.S. is the obligation for all REALTORS® to comply with the National Association of REALTORS® Code of Ethics.

A Buyers Agent refers to someone with whom you’ve established a formal agency relationship—someone who represents your best interests in a real estate transaction and owes you fiduciary responsibilities.  Don’t assume that you will automatically receive fiduciary responsibilities from the agent you’re working with as a potential home buyer.

Do you want to be buyer-customer or a buyer-client?

Compare the below and decide for yourself

Unless you have a buyers representation agreement signed, all Realtors in the state of Texas work for the seller and are obligated to give fiduciary duties to the seller. 

 

If you are a CUSTOMER (no agency relationship), an agent will:

If you are a CLIENT (agency relationship), your agent will:

Maintain loyalty to the seller’s need

Pay full attention to your needs

Tell the seller all that they know about you

Tell you all that they know about the seller

Keep information about the seller confidential

Keep information about you confidential

Focus on the seller-client’s property

Focus on choices that satisfy your needs

Provide just the material facts

Provide material facts as well as professional advice

Only provide price information that supports the seller’s listing price

Provide price counseling based on comparable properties and their professional insights

Protect the seller

Protect and guide you

Negotiate on behalf of the seller

Negotiate on your behalf

Attempt to solve problems to the seller’s advantage and satisfaction

Attempt to solve problems to your advantage and satisfaction

Call the Agent on the sign or interview a buyers agent?ImageThe best way to be certain your interests are being considered and protected is to sign a buyer agency agreement with a trained buyer’s rep, which clearly establishes client-level services and spells out what services you can depend upon.  It will cost you nothing but time well spent.

Questions to ask

Real estate agency relationships, like all business relationships, can be formed in a number of ways. In order to help talk through your options, here are several questions to ask your buyer’s rep:

  • Do you represent buyers, sellers or both?
  • What services are provided to (or excluded from) me?
  • When does representation begin? When does it conclude?
  • If I’m not ready to commit to your normal term, can you offer me a one-day buyer agency agreement or a 24-hour opt-out clause?
  • How is dual agency addressed in your firm?

Don’t buy a home without your interests being represented.  If you are not happy with the service that a particular “buyers agent” is providing you can terminate your agreement with a “Termination of Buyer/Tenant Representation Agreement”.

Be an informed buyer.

Courtesy of;

Key Real Estate Services

Malisa Spivey, Realtor/Professional Real Estate Consultant

254.495.7735

515 N. Hewitt Dr., Hewitt, TX  76643

www.MovewithIRG.com

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