This afternoon I hosted an open house in my neighborhood. I met some very friendly people and some first time home buyers.
When I meet buyers I always ask if they are working with an agent. Four of the people I met today were not working with an agent. I love helping people be informed well enough to make wise decisions. So I always explain buyers agency to them.
The purpose of this blog is to once again help buyers understand the importance of having a buyers agents.
I will explain buyers agency by telling a story.
Judy and Joe Buyer have decided they want to start looking at homes to buy since interest rates are low and they have finally saved enough to qualify for an FHA loan.
Judy and Joe begin their home buyer adventure by searching for Open Houses on the LBAR mls site. They find five homes they really like and set out to visit those homes.
At each home the listing agent meets Judy and Joe and works to connect to them. Judy and Joe really like the second house they find and seem to build a rapport with the listing agent. They decide to use the listing agent as their buyers agent.
Here are the things that the listing agent must do in this case.
First, he/she must disclose to the buyer that they owe complete loyalty to the seller.
The agent must get permission from the seller to represent the buyer and the permission must be in writing.
Buyers, what should you do.?
Find a buyer's agent before looking at homes. When you work with the same agent that has listed the home you put yourself in a poor negotiating positition. A buyer's agent owes complete allegiance to you. The listing agent owes complete allegiance to the seller.
Sign a contract with a buyer's agent. This contract is absolutely free in most cases and it offers you a lot of protection and eliminates any doubt about your position. When you sign the contract you are pledging complete allegiance to the buyer's agent and the agent is pledging complete allegiance to you. The agent will work harder knowing that you are always going to call them when you need help or advice,
When it comes time to negotiate a contract there will be no doubt that you the buyer is being represented by the buyer's agent.
When you go looking at homes carry the buyer's agent's business card and when you walk into the home give the listing agent a business card and say, "this is my buyer's agent." The listing Agent will know immediately who they are dealing with. It will take the pressure off of you.
How do you choose a buyer's agent?
Find someone who likes working with buyers. It amazes me how many realtors still make jokes about buyers.
If a realtor does not offer you a buyers agent contract then ask for one. If they seem shocked or hesitant you may want to look for another agent.
If you have any questions please don't hesitate to ask them by calling Paul at 8596845890 or sending me an email at email@example.com.
The Jubilee Team of Rector Hayden Realtors
Lexington's Green Thumb Realtor
The Jubilee Team, Paul Campbell and Dorothy LaBar
Paul's Contact Info: 859.684.5890 firstname.lastname@example.org
Dorothy's Contact Info: 859.608.0724 email@example.com
A Google Map Showing Where the Jubilee Team Helps Sellers and Buyers.