|
Let me help familiarize you with the Fox Valley. Request a
Relocation Pack Today!
What's your
Home's Value?
Let me show you how much your home is
worth in today's market!
Free Downloads
Click Here
Contact Information
Disclaimer: The
data relating to real estate for sale on this web site comes in part from the
Internet Data Exchange program of the RANW MLS. Real Estate listings held by
brokerage firms other than H. Strobl Realty, Inc. include the name of the
listing broker. Only listings of Brokers participating in IDX are included. 2002
REALTORSŪ Association of Northeast Wisconsin Multiple Listing Service. All
Rights Reserved.
| |
It used to be that both the buyer and seller's agents worked for the seller -
no one really represented the interest of the buyer except the buyer. So every
agent for the buyer used to fit the category of seller's subagent. Now the
agency and representation are spelled out in listing agreements, buyer agency
agreements, and purchase and sale agreements so that both buyer and seller
clearly understand who is working for whom.
Here are a few definitions:
Seller's Agent. A seller's agent works solely on behalf of the seller and owes
the seller good faith, loyalty, and fidelity. The agent will negotiate on behalf
of and act as an advocate for the seller. The seller is legally responsible for
the actions of the agent when that agent is acting within the scope of the
agency. The agent must disclose to potential buyers all adverse material facts
about the property. A separate written listing agreement is required which sets
forth the duties and obligations of the parties.
Seller's Subagent. A subagent owes the same duties of utmost good faith, loyalty
and fidelity to a seller and must make the same disclosures to buyers concerning
adverse material facts about the property. A subagent will negotiate and act as
an advocate for the seller, who is legally responsible for the acts of the
subagent when acting within the scope of sub-agency.
Buyer's Agent. A buyer's agent works solely on behalf of the buyer and owes the
buyer the utmost good faith, loyalty and fidelity. The agent will negotiate on
behalf of and act as an advocate for the buyer. The buyer is legally responsible
for the actions of the agent when that agent is acting within the scope of the
agency. The agent must disclose to potential sellers all adverse material facts
concerning the buyers financial ability to perform the terms of the transaction
and whether the buyer intends to occupy the property.
Dual Agency. If the same agent represents both buyer and seller - such as when
an agent sells his/her own listing to a buyer client, then a condition of dual
agency occurs. The agent cannot work exclusively for both parties at the same
time. In practice the agent must gain the informed consent from both parties
that the agent will not disclose sensitive information to the one party that
would impact the other party's negotiating position. In other words, the agent
must inform both parties of the conflict in agency and gain their consent to
proceed, knowing that the agent will not reveal to a buyer the lowest price a
seller might accept or reveal to a seller the highest price a buyer might be
willing to pay, or other similar information that is sensitive to the
negotiating position of buyer or seller.
Broker. Both buying and selling agents work for a broker, and the broker is a
party to the transaction. If both agents work for the same broker, a condition
of dual agency still exists even though the buyer and seller might feel that
their agents are representing them independently. Dual agency is necessary so
that agents can show you their own office's listings - one of which might be the
right home for you.
When you are thinking about buying a new home, you have the opportunity to enter
into a written agreement with your agent - a buyer agency agreement - that
spells out the requirements for that agent to act on your behalf in exchange for
your agreement to ensure that agent receives a commission on your purchase.
Many buyers are skeptical about this legal commitment to a buyer's agent,
preferring instead to shop around with any and all agents until they find the
home they want. This point of view would be valid if there were no difference in
services provided among agents, but buyers should be aware that some agents
offer more for buyers and deserve your consideration for this commitment in
exchange for services that will meet your needs.
In practice, you will want to know that your agent is looking out for you every
day and is not distracted by other aspects of real estate such as closing
transactions, prospecting for buyers or listings, or servicing listings.
Here are some questions that will help you determine if a buyer's agent will
really meet your needs.
- How often will the agent communicate with you?
- Does the agent have a reliable way to check new listings and send (email
for instance) you property information as soon as new listings come on the
market? It's not too much to ask that an agent contact you every day with
this information.
- Does the agent have voice mail or a cell phone where you can contact
them directly?
- How well does the agent know the market? If the agent grew up and went
to school in the area, you can probably rely on their knowing the
neighborhoods. It should be readily apparent from talking with them whether
they are familiar with the homes. For instance, knowledge of who built the
house or developed the plat, whether the agent had been in the house before,
knowledge of when it was last on the market - these are all indicators of an
agent who spends full time at their job.
- Is the agent active in and knowledgeable about the community?
- Does the agent have children in the local schools or knowledge about the
schools?
- Does the agent work for a reputable brokerage, and does the broker
actively support the buyer's agent?
- Does the agent have marketing materials to familiarize you with the
community, maps to help you get oriented, and other area vendor information
to help meet your needs in purchasing property?
- Does the agent have a list of the properties he/she has sold and
references you can check?
- Does the agent listen to and write down your requirements and show
you homes that fit your needs?
- Does the agent ask you to meet with a lender to pre-qualify you before
you purchase? Completing this process puts you at great advantage when you
make an offer because the seller will know up front that you can afford to
purchase the property.
In summary, for the same cost as working with any other agent when
purchasing your next home, you can have a real advocate in making the right
purchase if you ask to work with a buyer's agent.
View a copy of the Buyer Agency contract and my attachments for guaranteed
performance >>>
The Buyer Agency Contract
| |
Click Here!
Let me help you find your new home and keep you
informed of the newest listings
Email Steve
Just
For
Kids
Page!
All
information deemed reliable but not guaranteed and should be independently
verified. All properties are subject to prior sale, change or withdrawal.
Neither listing broker(s) nor the owners of this site nor RANW MLS, Inc.
shall be responsible for any typographical errors, misinformation, misprints
and shall be held totally harmless. The information being provided is for
consumers' personal, non-commercial use and may not be used for any purpose
other than to identify prospective properties consumers may be interested in
purchasing.
|
