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Replies (9)
- hpvanc
- Contributions:2579
Can you tell me what additional/different training and licensing an agent has to go through to represent themselves as a buyers agent?
What about quality control audits to make sure that an agent is working in the buyers best interest since they are still accepting a sales commission from the seller as compensation?
What guarantees are offered to make a buyer whole if, in hindsight it turns out the buyers agent was just working to get the deal (any deal) closed and make their income instead of representing the buyer in a fiduciary manner?
The reason why I would never consider a buyers agent "an exclusive representation with an exclusive realtor," is that as currently practiced the concept is nothing but puffery. Since the current version of it evolved at the same time as the real estate bubble it may well have been as big of a contributor to the bubble as the loose credit standards.
What about quality control audits to make sure that an agent is working in the buyers best interest since they are still accepting a sales commission from the seller as compensation?
What guarantees are offered to make a buyer whole if, in hindsight it turns out the buyers agent was just working to get the deal (any deal) closed and make their income instead of representing the buyer in a fiduciary manner?
The reason why I would never consider a buyers agent "an exclusive representation with an exclusive realtor," is that as currently practiced the concept is nothing but puffery. Since the current version of it evolved at the same time as the real estate bubble it may well have been as big of a contributor to the bubble as the loose credit standards.
- Mike Vazquez, Realtor at ERA, "Mike Vazquez"
- Contributions:62
Good point! I don't think most buyers understand the dynamics of the transaction and definitely need to be educated on them. They really should have their own representation unless they buy and sell homes all the time and are well trained in the processes...Good Luck
- SoCal_Engr
- Contributions:5667
"... then this buyer agent will negotiate the lowest and best terms for them."
I was unaware that the REA did any negotiating on behalf of the consumer. Advise? Yes. Negotiate? No.
Personally, I think there is enough information on the Internet for at least 90%-99% of residential RE transactions. What I really need from a REA is to handle the paperwork and be an additional data source. Doesn't really require a full-blown "representation".
I was unaware that the REA did any negotiating on behalf of the consumer. Advise? Yes. Negotiate? No.
Personally, I think there is enough information on the Internet for at least 90%-99% of residential RE transactions. What I really need from a REA is to handle the paperwork and be an additional data source. Doesn't really require a full-blown "representation".
- SoCal_Engr
- Contributions:5667
double post - deleted
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Riddle me this.
If one's fiduciary duty revolves around the act, or process, of helping a Client buy a house, how does talking them out of it, fit into the duty?
Where does the duty to determine if a price, that both the Buyer and Seller agree to, and that the Agents, and Clients, believe will be supported by an appraisal, is the "exactly right" price? How is that determined without the benefit of hindsight?
And, if I coerce a consumer out of buying a house, at the price they are willing to pay, that is supportable by an appraisal, and my fiduciary duty is created by their desire to achieve this goal, have I upheld my duty, by thwarting their desire? Is my fiduciary duty to help a Client buy a house, only if I can't talk them out of it?
If one's fiduciary duty revolves around the act, or process, of helping a Client buy a house, how does talking them out of it, fit into the duty?
Where does the duty to determine if a price, that both the Buyer and Seller agree to, and that the Agents, and Clients, believe will be supported by an appraisal, is the "exactly right" price? How is that determined without the benefit of hindsight?
And, if I coerce a consumer out of buying a house, at the price they are willing to pay, that is supportable by an appraisal, and my fiduciary duty is created by their desire to achieve this goal, have I upheld my duty, by thwarting their desire? Is my fiduciary duty to help a Client buy a house, only if I can't talk them out of it?
- Wes Black
- Contributions:509
This scenario is exactly why a buyer needs his own agent and advocate. Unfortunately, buyers have not been well educated on the processes that affect them the most.
- Kent Mayer, "kentmayer"
- Contributions:8
There is no reason at all that a buyer shouldn't have their own representation. It is sad how most people who purchase homes are never told about this opportunity. They also do not usually realize that the person who spent the time and showed them homes is not working in their best interest.
- Vanessa Rojas, "VanessaRojas1"
- Contributions:56
When a buyer has representation from an agent the agent will be able to have all the documents explained to them, which there are about hundreds of documents, like the preliminary title report, loan documents, all the disclosures, and more. A buyer's agent makes sure that the seller is not taking advantage of the buyer. Without a buyer's agent the buyer may be paying too much for a property without even realizing it. These are some of the biggest benefits to have a Realtor represent a buyer.
- Blair LaPete, "blair.lapete"
- Contributions:4
A Licensed Realtor has limited confidentiality in the case that one agent has both parties in the Transaction. This is called a transaction broker relationship. Their agent cannot express things such as "the seller will take less" or the "buyers will pay more". In this case both parties can only be advised as to what the property is worth based on a Comparative Market Analysis.
So yes having a Buyers agent will benefit the buyer because the agent can actually pull their own comparables to justify a lower offer, and could possibly negotiate a contract lower than the seller was originally wanting to get for the property.
If you are a buyer that insists on using the listing agent, while it is illegal for them to share, do not express things like "i would like to offer this but I may pay more".
So yes having a Buyers agent will benefit the buyer because the agent can actually pull their own comparables to justify a lower offer, and could possibly negotiate a contract lower than the seller was originally wanting to get for the property.
If you are a buyer that insists on using the listing agent, while it is illegal for them to share, do not express things like "i would like to offer this but I may pay more".
buyer agency representation
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