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Buying Property With a Destin Realtor®
The real estate industry is going through a lot of positive change these days. One major shift is that property buyers can choose to work with a dedicated Buyer's Agent, instead of a listing agent whose main responsibility is to the seller. The comparison has been made that having a single real estate agent act as a "go-between" for both the buyer and seller is like suggesting that a single lawyer can effectively represent the plaintiff and defendant in the same case! The last thing you want to do is walk into an open house and start chatting about how much you can afford to the agent who has the property listed. That agent owes his or her loyalty to the seller - and only the seller! If you're negotiating with a pro, you ought to have a pro in your corner too!
The slow-but-steady spread of buyer-brokerages gives would-be home buyers the option of having a professional representative on their side, whose sole responsibility is to negotiate the lowest possible price for the property. Many buyers initially resist when presented with the option of retaining a buyer's agent; however, this resistance has more to do with a lack of understanding of the role of a buyer's agent than it does with an actual dislike of the buyer's agency concept. It's commonplace now for buyers to sign up their own agents to represent their interests in the transaction. Look for a buyer's broker who will represent you, and only you!
Before the advent of the buyer's agent, all real estate agents owed their fiduciary responsibilities to the seller. The Destin real estate agent was responsible to the seller since the seller paid the final commission and had signed a listing contract designating an agent to represent them in exchange for the commission. As a result of this logic, real estate agents involved in a transaction could only be devoted to the one side of the transaction - the seller's side! This was true even when an agent had only been working with the buyer and was responsible for writing and presenting the offer to purchase! What did that mean to the buyer? It meant that if their agent knew proprietary information about the seller (which could help the buyer in formulating their offer), the agent was not allowed to share it with the buyer.
For example, let's assume that the agent who brings the buyer knows that the seller is under great pressure to sell due to 1) a relocation, 2) a difficult divorce or 3) financial pressures. Although this information could be useful to the buyer in deciding what to offer, none of it can be shared under the traditional definition of agency. Likewise, if the buyer had confided with his agent a willingness to go higher than his original offer then, in the traditional agency situation, the real estate agent would be obligated to share this information with their actual client, the seller. It wasn't until real estate buyers began to demand fair and equal representation of their interests that the concept of buyer's agency took hold.
For these reasons it's important to always establish what agency relationship your Destin Realtor® is working under, and who they're representing. I'm not suggesting that an agent would intentionally cheat anyone. I am merely stating that if you are not being represented you are not stacking the cards in your favor. I can't speak for any other agents, but my clients benefit from my Buyer Broker services at no additional charge when they purchase a listed property. The question then becomes, "Why would anyone not use a Buyer Broker?"
Service a Destin Buyer's Agent Should Provide:
- Providing you with detailed information on current market activity and current listings.
- Keeping you informed of new listings that hit the market.
- Coordinating property showings and either accompanying you on the showings or previewing properties on your behalf.
- Reviewing and explaining all pertinent legal forms and contracts with you.
- Researching the seller and their property to discern any problems or unique issues that might influence your decision to make a particular offer.
- Advising you on how to write an offer and what to include in that offer.
- Negotiating for you with a commitment to protect your best interests.
- Assisting you with arranging property inspections and financing.
- Representing you by keeping your personal and financial position confidential and being willing to offer you anonymity if requested.
Skills a Destin Buyer's Agent Should Possess:
- A strong familiarity with the local marketplace, including recent sales, pricing trends, and current inventory.
- In the Destin market a buyer broker should have a comprehensive knowledge of area condo developments and factors effecting cash flow and occupancy rates. They should also have a good grasp of financial and statistical analysis and tax consequences of real estate investments including being well versed in tax deferred exchanges and be prepared to use this knowledge on behalf of their clients.
- An enthusiasm towards the negotiation process. If you are paying to be represented during the sale, then make sure you hire someone who is aggressive, persuasive, and excels at the role of negotiation.
- A willingness to keep you constantly updated as to properties that might suit your needs.
- A commitment to show you those properties or preview them for you on your behalf.
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Last but not least, most buyer's brokers also work as seller's brokers, which raises an interesting question: Who represents you in negotiations if your buyer's broker also happens to be listing the home that you want? Local practices vary in such instances and are usually negotiable. If you want an agent to advise you and negotiate on your behalf, regardless of which house you buy, be sure to get specific arrangements in writing.
Contact Karrie Rose for more information on working with a Destin Realtor®, or to start your home purchase today!
