Homebuyer FAQ
These questions will help you understand the role of the real estate agent and will explain the various options available to you, the homebuyer. Making an informed choice in your selection of a real estate agent and agency relationship can save you thousands of dollars on the purchase of your next home.
What is a seller’s broker?
Almost all real estate brokers act as seller’s brokers; that is, they sign an agreement with the seller (listing contract) and they are normally required by that contract and by law to represent the seller’s best interests and to try to get the best possible price for the seller’s house. Buyers should avoid working directly with a seller’s broker.
What is a buyers agent?
Buyers agents do for buyers what seller’s brokers do for sellers – protect the clients interests. (NOTE: To better understand the advantages of working with an exclusive buyer broker, see the very last question in this section for a more detailed explanation of an exclusive buyer broker)
What is a buyer broker?
A (non-exclusive) buyer broker is a real estate agent who works at a firm that represents sellers. (Non-exclusive) buyer brokers represent both buyers and seller.
What do you mean when you say you “represent” your buyer-clients?
The best way to summarize our services is to say that we treat our buyer-clients the same way we would treat a family member. Working with a buyer agent like having a sister or brother in the real estate profession. Again, for a detailed explanation of the services we offer, and the advantages of working with an exclusive buyer broker, see the very last question in this section.
What are the added costs when working with an exclusive buyer broker?
Zero. Zilch. Nada.
So what’s the catch?
There isn’t one. Deciding to work with an exclusive buyer broker during your next home purchase is the easiest decision you will make.
Does Toles, Temple & Wright, Inc. have access to the Multiple Listing Service (MLS)?
Yes.
Could Toles, Temple & Wright, Inc. help me with New Homes?
Yes.
How about properties “For Sale By Owner”?
Yes.
How about bank repossessed properties?
Yes.
How about HUD and VA repossessed properties?
Yes – Every kind of property.
Could you explain in more detail what a buyer agent is and does?
Our definition of a buyer broker is an agent who acts solely on behalf of the buyer. For Toles, Temple & Wright, Inc. to say, “I REPRESENT SOLEY THE INTERESTS OF THE BUYER” means:
NO SALESMANSHIP: A buyers agent delivers a service. The buyera agent must deliver all pertinent information for the buyer-client to be able to make an informed decision on whether or not to purchase the targeted property.
NO PRESSURE: Buyers agents are professional consultants. They never pressure their client to make a decision to purchase a particular property. Nonetheless, when appropriate, and still without exerting undue pressure, the buyers agent must advise the buyer-client of the ramifications of acts such as delaying decisions and making inappropriate offers.
REASONABLE CARE AND DILIGENCE: An buyers agent is responsible for researching a targeted property and its surroundings to discover all material information prior to a buyer-client making an offer to purchase.
NEGOTIATOR: The buyers agent has assumed the responsibility to make sure their buyer-clients never unknowingly over pay for the home being purchased. It is the exclusive buyer broker’s job to do a market analysis on every home the buyer-client intends to make an offer on. If thebuyers agent knows of any information regarding the seller’s willingness to accept less than the listed price, it is their fiduciary responsibility to inform the buyer-client of such facts.
LOYALTY: A buyers agent must always think of the buyer-client before him or herself, even when it may not be in the buyer agent’s best interest. A buyers agent must always be loyal to the buyer and never do anything that would intentionally jeopardize the buyer-client’s best interests.
OBEDIENCE: A buyers agent owes absolute obedience to the buyer-client provided that the buyers agent is not asked to violate any State or Federal statutes or regulations. The buyers agent has the job to search out the entire area to the best of his/her ability for the homes that best meet their clients needs, including for sale by owner homes and new construction. Doing otherwise would be a breach of contract between the exclusive buyer broker and the client.
DISCLOSURE: A buyers agent must disclose any information he/she knows about the seller to the buyer-client. A buyers agent must disclose any pertinent facts about the property and the immediate area known to him/her.
CONFIDENTIALITY: A buyers agent must keep all sensitive information concerning his/her client confidential, unless the client has given the buyers agent permission to disclose such information.