Betsy
A.
Churgai Island Associates Real Estate
Specializing
in representing the buyer
(361) 749-4152
fax (253) 981-0412
Get real
representation with a buyer's broker
Kiplinger's
Magazine has this to
say about
buying property and
choosing a buyer's
broker
"The
last thing you want to
do is walk into an open house and start blabbing how much you can
afford to the agent who has listed the house. That agent owes
his
or her allegiance to the seller -- and only the seller. If
you're
negotiating with a pro, you ought to have a pro in your corner,
too." (That's where I come in.)
"It's commonplace now for
buyers to sign up their own agents to
represent their interests in a deal. Look for a buyer's
broker
who will represent you -- and only you. 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 you want? Local practices vary in such
instances, and everything is negotiable. If you want an agent
to
advise you and negotiate on your behalf, regardless of which house you
buy, get specific arrangements in writing.
But I can help you sell
your old home while I'm searching for a new one
for you.
"The absolutely best way
to select a broker is to ask for references
from satisfied customers. A broker will have substantially
more
knowledge and experience than an agent. Ask how long they
have
been a broker in the particular geographic area you're interested
in." Selling cars is not like selling houses. You
need
substantial local knowledge in order to make a good decision.
Check with the state licensing board to inquire about censures,
suspensions or revocations of a real estate license. Check
everybody in the office, as this may indicate poor management at the
top.
Advice from the Better
Business Bureau
on selecting a real estate
agent
"Whether
you want to sell
your
house or are in the market for a new house, you're probably also in the
market for a real estate agent or broker to help you with this complex
transaction.
Just what is a real estate agent or broker and what can they do for
you? A real estate agent is a person licensed by the
Department
of Real Estate (in Texas, Texas Real Estate Commission), to handle real
estate sales. A broker, also licensed by the State, is the
person
who may own a real estate company or who has overall responsibility for
the agent's actions. The agent or broker will have had to
take
real estate courses and pass an exam before he or she could have become
licensed to practice."
Note: I'm a broker with substantially more training and
education
than most agents or even other brokers. I'm an active broker,
not
merely an office manager. I would love to be your Port
Aransas
buyer's broker and help you to find the perfect property for your home
or business.
Sometimes, I help my clients look for a new place as well as sell their
existing one.
"If you want to sell your home, the agent can help you determine how
much your home is worth, devise a strategy to market your property,
help judge whether prospective buyers are financially qualified to
purchase it, and coordinate many of the financial details involved in
closing the deal. You should be honest with the agent about
the
condition of your home and what you will accept for a final
price. Remember that your agent represents you...
When a
potential buyer makes an offer on your property, the agent will arrange
to present a written offer to you and answer your questions, explaining
any contingencies on the offer contract and telling you how these
conditions might affect you and what is in your best
interest.
The agent will offer advice on strategy and counteroffers and will
communicate your counteroffer to the buyer. If you decide to
accept an offer, you should have an attorney review the purchase offer
before you sign it. Once an offer has been signed by both the
buyer and the seller, it is considered ratified and binding.
Closing the deal will probably take a few weeks while the buyer secures
financing. Your real estate agent will continue to monitor
the
loan application process for the buyer and will coordinate appointments
with home inspectors and appraisers. The agent will also be
present with you at closing when you sign the papers for the sales
transaction."
Note: In Port Aransas, many people close by mail. I
get the
settlement statement ahead of time, and look over it and the papers, to
make sure everything is in order. This is just an extra
service I
provide at no charge.
"If you want to buy a home... If you use an agent to help you find and
buy a house, a good one will ask you specific questions about your
wants and needs. The more the agent knows about your
financial
situation, lifestyle, and what you are looking for, the more he or she
can do for you."
"The agent will conduct a financial assessment, and based on this, can
help you to realistically balance what you need or want with what you
can reasonably afford. He or she may also be able to
recommend
lenders who can help secure a mortgage for you."
I work with several area lenders. One has a really easy and
simple "paperless loan", which relies on your credit score.
Getting a loan can be simple if your credit is good.
"Using a buyer's broker... Because some home buyers do not feel
comfortable working only with an agent or broker who is receiving a
commission from the seller, they hire a "buyer's broker" or "buyer's
agent" to represent them. As with the seller's agent, a
buyer's
agent can research the area and type of house you're interested
in. Beyond that, a buyer's agent can suggest sale prices and
terms that may differ greatly from listing agreements, since he or she
is obligated to represent the buyer's interest, not the seller's...
Although buyer's agents are becoming more common, it may not be easy to
find one in your area." I'm one. Click here to contact me.
A good strategy is to contact the broker's former clients and ask them
the following questions.
1. Did you feel the broker was honest?
2. How long did it take the agent to find a house for you or
sell
your house?
3. Why did you choose this broker?
4. Would you use him again?
5. Did the broker return your phone calls promptly
6. Did the broker give clear answers to your questions?
The Better Business Bureau has this to say about using a dual agent:
"Suppose a real estate agent is selling a house for one party and
becomes a buyer's agent for another. What happens if the
buyer
wants to buy that particular seller's house? In this case,
the
agent is considered a dual agent." (In Texas, we use the term
"intermediary".) This is OK, as long as both parties agree to
this in writing. The broker must treat both parties fairly
and
cannot give advise to either party as to what to offer or what to
counteroffer. This is the traditional way real estate has
operated for years before buyer's brokerage became popular, and many
people still go this route.
Smart Money: A Personal
Shopper for
Your Dream House
by Pam Black
"When Sallye and Jim Ryan wanted to move from
their Tampa
apartment to a three-bedroom home this spring, the busy couple used a
buyer broker, Beth Tansey, to help. Within a week, they had
bid
on the house they now own. Sallye liked being able to
delegate
the house-hunting. "With both my husband and me working, it
was a
lot easier," she says. "I don't think I would have found this
house that I really love without her. There are so many homes
for
sale here, I would probably still be looking."
"Because Tansey is a buyer broker, who represents the home buyer's
interests, the Ryan's trusted her to find the best deal on a house that
suited their needs. By contrast, a traditional real estate
broker
is legally bound to work for the seller who pays the commission and
therefore may be more intent on selling listed homes than finding your
dream house. Even Realtors who don't hold the listing on a
given
house act as subagents to the seller. So unless a broker says
that he or she is working for you -- brokers are now legally obliged to
disclose who they represent -- you can assume the broker is working for
the seller."
"Because these brokers are obliged to get buyers the best deal
possible, they approach houses with a critical eye for apparent
flaws. You'll still need an inspector to uncover hidden
defects,
however." "A well-trained, experienced buyer broker is a
great
asset," says Peter Miller, author of How to Sell Your Home in Any
Market ($12, Harper Perennial) and other real estate guides.
"You
won't do any worse, and you may do a lot better."
"Usually, the buyer broker splits the sales commission with the
seller's agent, just as a subagent who didn't have the listing would
with the broker who did. So the fee still comes out of the
sale
price. Some people might assume that buyers' agents have an
incentive to keep the price high. But again, the broker must
get
you the best deal. "In my experience, all of them do," says
Stephen Brobeck, executive director of the Consumer Federation of
America"
Exclusive buyer's agents
by Elizabeth Razzi
"Exclusive buyer's brokers
work only with buyers and don't take listings. They're
obliged to
help you find the best deals and lowest price. Unfortunately,
agency standards have changed so much in the past ten years that real
estate agents themselves are likely to be confused about their
obligations to buyers and sellers, even though in most places they are
supposed to give you a disclosure form explaining your
relationship."
(I'm not
confused! Here in Texas
we use a
form called "Information on Brokerage Services" that simply and clearly
outlines our duties. I go over this with my clients when we
first
get together to eliminate any subsequent misunderstandings.)
House Hunting? Save by
hiring your own
broker
by Carla A. Fried
"If you ever doubted the value of real
estate agents who work solely
for home buyers (as opposed to traditional agents who report to
sellers, consider this: A recent study by U.S. Sprint found that 232
relocating Sprint employees who hired buyer's brokers paid an average
of 91% of a home's list price. People who us traditional agents
typically pay about 96%. On a house priced at $150,000,
that's a
difference of $7,500."
