 In a real estate transaction,
the seller has representation - who is representing
you?
Until a few years ago, all agents in Texas represented the seller, whether you
contacted an agent to find you a home or just walked into an open house. Now
Buyers have a choice! The new agency law allows the buyer to choose an agent to
represent them and their best interest in the real estate transaction. This
will include a good understanding of your home criteria, thoroughly searching
the market area you desire (even going so far as to contact "For Sale By
Owners"), conducting a comparable market analysis to determine the lowest
purchasing price, assisting you with the best financing to suit your needs, and
being your advocate throughout the transaction.
Now, you might be wondering what our policy might be.
For those of you that are transferring or relocating into
the area or are first time home buyers, I will highly
recommend that an agent from our office represent you
as a Buyer Representative. For those of you who feel you
are "market savvy", it is completely up to you
- though why not take advantage of Buyer Representation,
after all it typically costs you nothing extra! I usually
receive my commission from the seller or their agent as
part of our cooperative fees offered through the Greater
Tyler Association of REALTORS Multiple Listing Service
or directly from the seller if you choose a "For Sale
by Owner." There are occasional times when a buyer may
have to pay the Broker's fee out of their own funds. You
will be given plenty of notice if that situation should
arise during your home finding process.
How will Buyer Representation benefit
you as the Buyer?
- Your advocate in all aspects of the transaction.
- Point out any negative features of the home or neighborhood your are
considering.
- Keep you advised of market trends in the area you are considering,
- Assist you in weighing the advantages and disadvantages of each house in
respect to resale.
Will the Buyer be required to sign a
Buyer's Representation Agreement?
When we first meet I will give you a document called "Information About
Brokerage Services" that explains representation. I will explain Buyer
Representation to you and give you a copy of the agreement for you to review,
but I will not insist upon you signing it immediately. I want you to feel
comfortable with me and for us to establish a raport. At the time an offer is
written, then it will be necessary to sign a Buyer's Representation Agreement
stating that I represent you the buyer. There is also a place in the Earnest
Money Contract that indicates who is representing who in the transaction.
Because of my dedication to the buyer, the amount of time I spend understanding
and knowing what is available on the market, the continuing education I take,
and the industry trends I keep abreast of, I hope that the buyer will stay
dedicated to me.
What about new homes and new
subdivisions?
Yes, I can represent the Buyer with purchase of a new home in an existing or
new subdivision. Most builders will gladly pay a real estate commission to a
Realtor who brings a buyer for one of their homes.
Oftentimes, there is a site salesperson at model homes or subdivisions who
represents the builder. Sometimes, there might be a real estate office at the
subdivision that handles a lot of the builders in that subdivision. In all of
these situations a Buyer should have their own representation with an agent who
is not representing the builder, subdivision, or developer. If you are taking a
drive around the county and checking out the new construction, please don't
sign in or register at any of the houses or with any of the sales people if you
are planning to use a Buyer Representative for your actual purchase. If
pressed, tell them that you are working with a Realtor and will return with
that Realtor if you are interested in that subdivision.
An interesting note, in our area the sales price for new construction with most
builders is non negotiable and remains the same whether a Realtor is involved
or not. Since it doesn't cost you any more, doesn't it make sense to have an
agent represent you?
What about homes "For Sale By
Owner"?
Yes, I highly recommend representation when dealing with "For Sale By
Owners". I will assist you in purchasing a home "For Sale By
Owner" so you don't overpay (most FSBO'S are significantly overpriced) or
get into a legal nightmare with people who really don't know much about real
estate laws or real estate transactions and are usually motivated by greed. I
will call the owner's for you and see if they are working with Realtors and
arrange a showing. If they are not willing to work with a Realtor be
forewarned, they may be trying to hide something!
Can any real estate agent be a Buyer's
Agent?
Yes, any licensed real estate agent in Texas may be a buyer's agent, but a very
small number of agents have studied the special issues of Buyer Representation,
taken a proficiency test and have documented performance levels in order to
become Accredited Buyer Representatives. I have gone to the extra effort of
achieving this special designation and definitely feel that it makes me a much
more effective representative
If Buyer Representation is so great,
why don't all real estate companies offer it?
Because of all the new laws and the fact that so many buyers desire
representation, many companies are meeting the changing demands of the
industry. Just be careful that the agent you choose is trained and prepared to
be a buyer's representative. If necessary, ask for references or see if they
have earned the Accredited Buyer Representative designation.
Can't I buy the house cheaper if I
call the agent whose name is on the sign?
NO! The listing agent owes their loyalty to the seller and will be
looking out for the seller's best interest only - you will be on your own. All
they will do is write up the offer to purchase at the amount you specify. AND,
be careful of what you say! The listing agent, by law, must tell the seller if
you indicate you are willing to pay more than what you offered for the house.
Remember - they work for the seller, not the buyer.
Can the agent who has my house listed
also be my Buyer Representative?
Most agents work with both buyers and sellers. Just make sure your listing
agent is just as talented in Buyer Representation or has an assistant who is. A
small number of Buyer's agents do not accept listings. Instead, they will refer
you to someone within their office who can serve you better.
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Tyler is a beautiful city filled with friendly people! 
If you have questions about any part of the real estate process, whether buying or selling or requesting a relocation packet - 
Hi! I can help you with all you real estate needs.
Buyer or Seller, I have the experience and expertise to help you have a smooth transaction! 