"The answer is false. You do not have to enter into a "buyer" agreement per Virginia Code 54.1-2130. You do have to sign a disclosure agreement, however a buyer has the option to enter into the disclosure agreement with a licensee acting as "'Independent contractor' means a real estate licensee who (i) enters into a brokerage relationship based upon a brokerage agreement that specifically states that the real estate licensee is acting as an independent contractor and not as an agent;"@hpvancYou are right:1) buyer can choose to purchase unrepresented without exclusive buyer broker representation and only sign the disclosure with the listing agent, or 2) buyer can chose to hire a real estate licensee on independent contractor basis and not as an buyer agent, however buyer cannot force an agent to work with them on "independent contractor" basis. As any agreement in real estate, the agreement between buyer and broker is negotiable, however most brokers and agents prefer to work on exclusive representation basis simply because exclusive representation is less complicated from business perspective and more fair to agents who expect to be compensated fairly for their work. I'm sure though that some brokerages specialize in independent contracting instead of exclusive representation.
Midoriku,[Content removed by Zillow Moderator. Please see our Good Neighbor Policy]
Some resale homes have fewer problems than the new construction homes, because all the problems have already been corrected during the warranty period. Resale homes may not have the new house smell, but they are often a much better investment. Also the contract itself on new builder home can be more tricky than on resale home. YES, do arm yourself with a good realtor and a lawyer (and a home inspector) :-)
At this point, it's the seller's decision. It's either the lenders not approving the short sale or the seller not agreeing to the conditions of the short sale. You cannot force the seller to sell their home against their will.You do not know personal and financial situation of the seller. It's up to the seller to decide what is best for them. Short sale approval is a contingency on the seller's side, the same way home inspection, HOA docs, etc. are contingencies on the buyer side.
Clearly, there was miscommunication and the case was not processed properly. At this point, it does not matter who is at fault - the federal law rules. Truthfully, there was NO short sale approved because the seller was not released from the remaining debt by the second lender. Even IF the first lender was not Fannie Mae, the second lender's refusal to release the debt, would give the SELLER the right NOT to agree to the short sale and cancel the sale. Legally, the seller is under no obligation to accept the short sale conditions as many sellers have other options: stay in the home, bring money to the table, bankruptcy, renting out, etc. I am surprised the transaction survived undetected to the settlement day. Most short sales are never easy and never short. Learn from it and better luck with the next contract :-)
You are absolutely right. The MLS should have shown the correct living area and the correct garage area separately. I think your best option is to go through your broker. There is fault on both sides: the listing agent should have entered the correct footage and your buyer agent should have checked it. You might want to consult with a real estate lawyer, however considering the cost and time, it might not be worth it. I'd involve your broker first and see if they can work it out with the seller - if indeed your complaint is justified.Good Luck.
Do you already have a buyer for your property? Commission is negotiable, but unless you already have a buyer, you are lowering chances of finding a buyer for your property if you are limiting yourself only to buyers who'll agree to dual agency or purchase without buyer agent representation. You also need to know that your agent (listing agent) will not be able to advise you (or the buyer) in dual agency.The commission you pay is a compensation to your Listing Broker for marketing your property and finding a buyer. If a buyer is brought by another cooperating broker, that buyer broker is compensated by your listing broker.
"Use agent representing both buyer and seller?"How do you know the buyer will be purchasing unrepresented? What if the buyer already has an agent and is bound by the Broker Agreement? How do you know your buyer will agree to dual agency? They do not have to. Commission is negotiable, but you are lowering chances of finding a buyer for your property if you are limiting yourself only to buyers who'll agree to dual agency or purchase without buyer agent representation. You also need to know that your agent (listing agent) will not be able to advise you (or the buyer) in dual agency.
Pasadenan,You can argue the semantics of the question until the end of the world, but I believe the poster is asking about FACTUALITY of the change in the law that took effect July 1, 2012 in the state of Virginia, NOT the INTERPRETATION of that law. This is an important change for Virginia home buyers because prior to July 1, 2012 agents could show homes and offer real estate advice WITHOUT the signed Agreement. Could you please stop making this question into something it is not or to more than it is? The poster of this question did not come back to question the answers posted here, therefore I believe the poster is satisfied with the information he/she received.
hpvanc wrote: "As Chas has pointed out the buyer may choose instead to sign an agreement waiving their right to an Exclusive "Buyers" Agency agreement." hpvanc, NO, this is NOT true. There is NO such thing as buyer signing a waiver. Buyer has TWO options:1) Buyer can hire a BROKER to represent him/her in a real estate transaction, in which case the Buyer MUST sign Buyer-Broker Agency Agreement - it's not an option, it's the law.2) Buyer can purchase WITHOUT Buyer Broker Representation - however, if the contracted home is listed with a Broker, that Buyer must sign "Disclosure of Brokerage Relationship For Unrepresented Party(ies)" which informs the Buyer that the Listing Agent represents the SELLER. Chas mentioned DUAL AGENCY; however, Dual Agency must be approved by the SELLER --- it is NOT for the listing agent (or the buyer) to decide Dual Agency. IF the Seller is NOT comfortable with a Dual Agency, the Seller does NOT have to agree to Dual Representation. It is an excellent law and long overdue. It puts everything in WRITING to protect the public and agents from a legal liability. Buyers have the SAME options as before - buyers still can purchase without buyer broker representation.