Who Represents You in a Real Estate Transaction? Why Should You Care?

July7


Phil Collins – Do You Know, Do you Care?

It’s 2011 and in almost every state in the United States, buyers have the option of being represented by their real estate agent.  This relationship creates responsibilities that require the agent put their client’s interests above their own.  This could lead to a discussion regarding whether that is possible for humans, but we’ll leave that for “Philosophy 101″!  Prior to 1996, the fiduciary responsibility of a real estate agent, whether they were listing and marketing a home for a seller OR driving buyers around to identify their next home or investment, was to the seller.  YES, even if you were working with the buyers, you actually “represented” the sellers!  Like a lot of antiquated ideas, it sounds ludicrous now!

In 1996, thankfully everything changed to reflect the reality of real estate relationships!  Now when a seller hires an agent to help with pricing, staging, marketing, negotiation, implementing repairs and more,  they have an agent working for them!  When a buyer enlists the services of a real estate agent to help them get pre-approved, determine their housing needs, brainstorm values, negotiate and more, they have an agent working for them!  And, there is the occasional example of the agent who is truly “win-win” and can handle both sides of the transaction, but you see it less and less because of the increased liability.

The duties a buyer or seller can expect to received (among others) are honesty, accountability, full disclosure, representation and reasonable skill and care.  In a nutshell, the agent who represents you is working in your best interest!  It’s a special relationship that doesn’t exist with most of the other professionals involved in a real estate transaction.  Mortgage and title officers are limited to their duties of honesty, accountability and specific requirements under the Real Estate Settlement and Procedures Act.

This special relationship with your real estate agent makes it advantageous to have them help coordinate your efforts with the other professionals in the home buying process.  Since most buyers’ and sellers’ transactions are infrequent, a trusted agent can bring valuable experiences to the transaction!

About the Author | Janeese Jackson

My job is service...service to you and your real estate transactions! How can you benefit from my 25+ years of experience and expertise? What can I offer to make the process more productive? * Current information on available housing...comparative and competitive market pricing and analysis * Daily involvement in the local real estate marketplace * Thorough, comprehensive knowledge reflecting years of helping others complete their real estate business * Extensive network of professional resources to make the process as smooth as possible My commitment is to you! Being available to you...returning your calls...answering your questions...addressing your concerns...respecting your money...matching your timeline...meeting your expectations...helping accomplish your real estate goals!!

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