My agent agrees she “technically” represents the seller, but says she will be fair and “take care of me.” Isn’t that all I need?
Of course agents try to be fair and nice to the buyer since they want to make a sale. But, because they are bound by Real Estate License Laws, the Law of Agency, and their Code of Ethics, they can only do so much without jeopardizing their license to practice. For instance, traditional agents cannot tell you if a property is overpriced or how to negotiate the best purchase price. In this case, “technically” means legally, and if the seller has representation, shouldn’t you? At Chris Calhoon Real Estate, we always negotiate only in the best interest of the buyer.
Exactly how does Chris Calhoon Real Estate establish this contractual relationship to represent me?
Just as sellers establish a contractual relationship by signing a listing agreement with their agent, you establish a contractual relationship with us by signing a buyer’s agency agreement. This agreement makes us legally accountable to you and not to any seller. Only an office like Chris Calhoon Real Estate that represents buyers exclusively can represent buyers 100% of the time.
Does Chris Calhoon Real Estate have access to all resources like the Multiple Listing Service?
Absolutely yes and even more! We belong to the local listing service (such as the MLS), so we can show you homes listed with this service. In addition, since we represent you, and not any sellers, we regularly show homes that are “for sale by owner” and “for sale by builder.”
What if I have trouble finding a home that meets my needs?
If you are having trouble finding your dream home, Chris Calhoon Real Estate can help you choose building lots and builders for custom built homes. In the process, we can save you time, effort, and money!
Isn’t the agent who shows me homes representing me?
Don’t count on it, unless you have a written Agency Agreement. Agents who list property normally enter into a signed contract with the sellers to represent them in the sale of their property. This same contract may permit the listing agent to use “sub-agents” to help secure a sale. Unless you have a written Agency Agreement with a real estate agent promising to represent only YOUR best interest, you may find yourself working with an agent who is obligated to act in the best interests of the seller.
If you work on commission, why would you try to lower the price of a house for me?
If we save you $10,000 on the purchase of your home, Chris Calhoon Real Estate would only earn approximately $150 less in commission. Your goodwill and word of mouth advertising will be worth much more than this. We also have a legal obligation to represent our client’s best interest.
I’m moving to another city. How do I find your office at my destination?
It’s easy. As soon as you find out that you are moving, call us and we will provide you with the name and phone number of the Buyers Broker nearest your destination.
What is exclusive buyer representation and how did it develop?
In 1983, a Federal Trade Commission study revealed that over 72% of all home buyers nationwide mistakenly believed they were being represented by the agent who was showing them homes. As a result, laws requiring agents to disclose exactly who they represent have been passed all over the country. When consumers became aware that most agents worked for the seller, they began demanding their own representation. In 1998, Chris Calhoon Real Estate began offering exclusive buyer representation to home buyers.
How is Chris Calhoon Real Estate paid for it’s services?
The most common way is the same way other real estate agents are paid: the typical commission paid at closing is usually divided between the listing broker and Chris Calhoon Real Estate The only difference is that our contract says our portion of the commission is paid “on behalf of the buyer” and comes from the proceeds of the transaction. This statement also secures your representation and discloses it to the seller. Because our fee comes from the proceeds of the transaction, THERE IS NO NEED FOR YOU TO INCUR ADDITIONAL COSTS FOR OUR SERVICES.
Does the legal responsibility that accompanies this type of contractual relationship really matter to me?
Absolutely. If you had to go to court, would you use the same attorney the opposing side was using? Responsibility and accountability to a client are two legal requirements of agency representation. By law, real estate licensees who act as seller’s agents must negotiate in the best interest of their clients (the sellers), not withholding information from them, and must present their property only in a favorable manner. Exclusive buyer’s agents negotiate in the best interests of the buyer, do not disclose confidential information about the buyer, and reveal all facts affecting the value of properties to the buyer.