Wednesday, October 22, 2008
Should I sign a Buyer's Agency Agreement
I see this question many times on different sites like Trulia.com. Well, I think most home buyer's do not understand that all real estate agents are working for the seller, even if it is not their listing. Buyer's without an agreement you are not being represented by that agent. In Florida for example all agents are considered Transaction Brokers, unless their is a specific agreement signed between the client and agent. So what this mean? Well as a transaction broker I only put the two parties together, I can't pull comparables for a buyer. Strategize with the buyer on what type of offer to make. Buyers should not disclose personal information to the agent, like they would pay more for the property, but lets see if they will take the lower offer etc... I had read that their is a movement in Florida that all buyers must sign an agreement with an agent before they can show property to the client. My belief is that will work well, because the buyer will benefit knowing that they have an agent who has their best interest in mind, and the agent benefits, because they know they are working with a serious buyer. Currently it is to easy for a buyer to walk away from an agent after the agent puts in time and money in searching for a home for the buyer. If anyone has any comments on buyers agency, I would love to hear them.
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2 comments:
you do not have to be a Transaction broker. You can have them sign a buyer agreement. if they are not willing to make a commitment to you why should you make one to them.
I agree with you Jim. I get a mixed reaction from buyers some will some won't. I try to educate them, but it sometimes proves to be difficult. Thank you for the comment.
JohnP
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