So you have been thinking about buying a new home. You want more room, you have your stuff crammed into every nook and cranny you can find and you come to the realization that you just simply need more space. Or, your kids have flown the nest and the house is cavernous at this point with rooms you really don’t use anymore and it is just more than you want to maintain at this stage in your life.
You decide to drive around a neighborhood you really like and see a home that looks good with a sign in the yard. You call the number on the sign. What you need to understand is that the Realtor you have called represents the SELLER and their main responsibility is to look out for the sellers (their clients) best interest and they will negotiate on the sellers behalf to get as close as possible to the sellers asking price. So remember, the seller’s agent works for the seller, NOT the buyer.
There are times when a seller’s agent can work with a buyer too. In this case, the selling agent becomes what is called a dual agent. Some states allow dual agency and some do not. Ohio IS a state that allows dual agency. However, in a dual agent situation the dual agency MUST be disclosed. There is a form called an Agency Disclosure Statement that, by law, must be completed in every real estate transaction. It is on this form that the agent’s role in the transaction is clearly defined and you are required to sign the form to acknowledge that you understand who the agent(s) represent in the transaction. You also need to know that in a dual agent situation, the agent CAN NOTnegotiate on behalf of either party nor can they divulge any information what so ever to either party without the permission of that party. They, in effect, become the conduit between the seller and the buyer. The buyer makes an offer and the dual agent presents that offer to the seller and then presents any counter offer the seller decides upon back to the buyer and so on until all aspects of the transaction are agreed upon.
When you are the buyer and you have found an agent you really like and want to work with, it is a good idea to sign a Buyer Agency Agreement with that agent and I say this for a couple of reasons. It lets the agent know that you are serious about buying a home. It lets them know that all the time and effort they are putting into looking for a home for you is wisely spent because they know it is information you really want and appreciate during your home search. It also gives you peace of mind knowing your agent works for YOU. When your agent is scouring listings with your must haves and needs in mind you know they are doing so on your behalf and no one else's. When your agent speaks with a selling agent about a home you are interested in, they are advocating for YOU. Lets get started and get Pre-Approved NOW! Click here!
