As buyer’s in a real estate transaction you owe it to yourself to obtain as much information as possible regarding the area that you may be moving to. The best way to accomplish this is via the internet. Once you have obtained your information it is in your best interest to sit down with an Accredited Buyer’s Agent as recognized by the Real Estate Buyer’s Agent Council. Explain to the agent what your goal is and enter into a confidential discussion of how to best obtain your goal. You will also want to enter into an exclusive buyer broker agreement in writing. As a buyer you have the right to have an agent that represent your interests in the transaction. After all the subdivision agent represents the seller, not you.
It appears that a new home agent in Woodbury Junction New York is attempting to slow down the use of buyer’s agents in this subdivision by challenging the rights of an agent to include information about the subdivision on his website. Why would the agent do this? The main thought that comes to mind would be so that the real estate commission would not have to be shared. Another reason would be that the buyer’s agent site does a better job than the subdivision site.
This was a question asked on Saturday at the Home Buyer’s Seminar. Several of the attendee’s had recently visited new home subdivisions on their own and when telling the on site sgent that they were working with a buyer’s agent, stated they really got a cold shoulder. They wanted to know why? Other than the fact that the on site agent would now have to split the commission, there does not seem to be a good answer.
I know many on site agents, and they do not have a problem with a buyer having representation from a buyer’s agent. As a matter of fact, while waiting for a buyer to get to his walk through last week the on site agent told me that she and her partner had written contracts on 10 homes in the new subdivision the previous week. After congratulating her I asked what they attributed their success to. She told me that they had gone to many of the local brokers meetings and promoted the subdivision. She also stated that several agents in her office had inquired as to why they would do this and have to split the commission. Her responce was what I would have expected from her, half of something is better than all of nothing.
With the recent data provided by the National Association of REALTORS showing that new home sales were not only down for last year, but not expected to rebound as quickly as resale home sales this year could shed some light on the question. Possibly the subdivisions that were visited by the attendees were being represented by agents who had experienced the downturn in sales and income in the previous year. Regardless of the situation, my recommendation to all agents is to treat all buyer’s with due respect.
On Saturday March 24, 2007 at 10:00 am a free Home Buying Seminar/Workshop for any prospective home buyer’s in Atlanta will be held in Duluth. All home buyer’s will want to attend this dynamic home buying educational workshop, however space is limited to the first 20 families that register.
Attendees will learn about various loan programs, home inspections and warranties, how to hold title to property and title insurance, your rights as a buyer and so much more.
Please register early as these workshops tend to fill up quickly. For additional information and to register just click here.