Bill Munro, buyer's broker, Atlanta, buy a home, purchase a home, real estate, reatlor

BUYERS FREQUENTLY ASKED QUESTIONS

When I work with a real estate agent, am I a client or a customer?

A real estate agent working with a buyer who has NOT signed a buyers agency agreement, is, according to Real Estate Law, working for the seller as a sub agent of the listing agent. Therefore, a buyer would be a customer, not a client, and your realtors loyalty would be to the seller. A real estate agent working with a buyer who IS protected by a buyers agency agreement is by law working for the buyer, and the realtors loyalty (Fiduciary responsibility) is to the buyer. So do not assume the agent you're working with is representing you. Many home buyers have made that mistake and paid a higher price for their home. Be sure to tell your realtor that you want to sign a Buyers Broker Agreement, it's for your own protection. By the way, the agreement is cancelable at any time by the Buyer or Broker.

I understand that I will be signing a contract that will tie me to one realtor. What if I would like to work with other Realtors?....Just FIRE your Buyer's Broker, then you are free to work with any realtor you wish to work with.

The contract between you and your realtor is for your protection, not the realtors. It allows you to have recourse against your realtor, if the realtors performance is not in your best interests. Buyers agency contracts are cancelable by the buyer at any time, just by writing a note of cancelation and mailing it to the realtor. You are in complete control of your buyers agent at all times while he/she is under contract to you. Let me add that it is in your best interest to work with only one realtor at a time. Here's why, all realtors have access to all of the marketable homes in the State, therefore there is no advantage to working with multiple realtors.

What does Fiduciary Responsibility mean?

It means that my loyalty is to you and everything I do for you must be done in a confidential and trustworthy manner, similar to the relationship you enjoy with your attorney, doctor or accountant.

Since the Realtor is paid a commision on the sales price of the home I choose, what is the Realtors incentive to save me money, when negotiating on my behalf?

Simply, "repeat business". Also, consider this. A $5000 reduction in price is only a $150 reduction to your realtor's commission. Remember, if I do a good job for you, you'll refer me to your friends and family, and that will increase my business. There would be no growth in my real estate business if I did not have a good referral base. And remember also, you may require my services again sometime in the future. In addition, it would be a violation of the buyer agency contract should I knowingly do an injustice to you and of course you could sue me for damages. A buyers broker, by Real Estate Law, must always consider his clients interests, before his or her own interests, even when it may not be in the realtors best interest.

Are you going to try to sell me a home?

No, buyer brokers do not sell real estate. We simply show homes that you are interested in viewing. We also advise you of the pros and cons regarding each home that you are considering. And, it is our responsibility to deliver to you all the pertinent information on the homes of your choice so that you can make an informed decision as to whether or not you wish to purchase a particular home.

Will I experience any pressure to purchase a home?

Buyer agents are professional consultants. We never pressure our clients to purchase a home. We do however, offer suggestions as to whether or not you should consider a particular home and the reasons why.

How will your negotiating skills help me?

First, I have over 40 years experience in the real estate industry with extensive experience in land development and construction. I know what to look for in respect to the construction and the future of the area, the future of the sub-division, the floor plan, acceptability, etc. This knowledge gives me a leg up on most realtors and puts me in a superior negotiating position. I also do a market analysis on every home that interests you. This will help me to determine what you should be offering to pay, and remember anything that I can find out about the sellers situation such as his need to sell, his financial situation and/or his personal problems will help me acquire the lowest possible price possible for you, my buyer.

What about new home subdivisions?

BE CAREFUL, it is not wise to sign anything in a new home sub-division without your buyers agent being present. Builders, for the most part, have their OWN contracts, which are slanted toward their protection. I need to read their contract and explain the pitfalls to you. Also, remember the realtor in the sub-division has a fiduciary responsibility to the builder and will try to sell you one of their homes, and if you decide to work with the builders realtor, you are NOT representated and the builders realtor will always convince you to pay more than you would, if you were represented.