Do I Need My Own Agent To Buy Property?

In challenging economic climates such as ours, we often say that it’s a “buyer’s market”.  This is true in theory, but as sellers become more desperate to sell their homes, does an unrepresented buyer looking for a home have all the information needed to properly protect him in the home buying process?

Consider this……

·         Do you know what price range you should be looking at, or if the homes you are viewing are really worth the price being asked?

·         Are you giving information to the seller’s agent that can be used against you at the negotiating table?  Would the seller go lower if he didn't know your financial situation?

·         Is the loan package you’ve chosen the best fit for the property you’re submitting an offer on?  Could you get a better deal with a different loan program or structuring your offer in a different way?

·         Do you know the rights you have as a buyer, or the responsibilities your seller has to you?  Are all the disclosures that you've been given truthful and the proper questions being asked?

·         Have you worded your offer or counteroffer to your best advantage?  If your purchase is dependent on financing or an inspection and that financing falls through or inspection goes bad, has your realtor worded your contract so that you are not held liable?

To obtain legal representation in the buying process, a Buyer’s Agency Disclosure Form must be signed by you and your agent.  If you haven’t signed an agent to legally represent you in the transaction, you have no representation.  If you, as the buyer, don’t have representation, the seller’s agent is required to do very little FOR you and legally can do much AGAINST your best interest.  The listing agreement the seller's agent has signed REQUIRES that agent to do EVERYTHING in his power to get the asking price for the home. 

In South Carolina, licensed real estate agents are required by law to provide you information on what responsibilities he has to you as a customer (working with you without legally representing you) and a client (working with you as a signed buyer’s agent).  If he does not diclose this information to you upon the first substantive meeting, ask the agent for the brochure on Agency Relationships.

A Realtor who has a signed contract with you to represent you as a buyer has certain responsibilities to you.  They include:

·         Obedience – Submitting All Offers, Acting On Your Wishes

·         Loyalty – Do Everything Legally Possible to Gain Advantage for You

·         Disclosure – Full Transparency To You in The Transaction – Beyond Material Facts

·         Confidentiality – Keeping All Matters Concerning Finances, Lifestyle, etc, Confidential

·         Accounting – Account for all Monies/Documents

If you don’t have a signed agent, the seller’s agent doesn’t work for you and does not have to provide all of the above.  A good Realtor will bring expertise to the table and help you find the right home for you and your family, provide the proper documentation to protect you from legal issues, and see your transaction through to the closing table with minimal stress to you and your family.  If you are considering the purchase of any real estate, call a local licensed Realtor and ask what their brokerage is willing to do to for you BEFORE you start calling for property showings.  A Realtor can proactively cover the bases of a transaction making sure YOU get the best deal possible on the property that is right for you.  Best of all, a Buyer's Agent's Commission comes from the sale of the property, not your pocket!