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Originally Posted by JohnN
I'm not an agent, but have bought many a home over the years.
Agents represent the seller unless they tell you otherwise,
and TV sales reps always represent the seller.
you're on your own and better do your homework, including figuring what to ask and offer
MLS is a bit more buyer-friendly, but get the expectations of representation up front
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...what JohnN said. That's the way it is.
--and now for my morning dissertation. Today it is about real estate.
Where I live, the agent always represented the seller. The MLS listing contract is between the seller and the MLS through the listing agent and the agent's brokerage. That contract means that every agent in the MLS is working for the seller. --even if the agent is the one driving you around, maybe even buying you lunch, and who has never even laid eyes on the seller.
It is the selling price that dictates how much the listing agent, the selling agent, and the brokerage for each get paid. Therefore, everybody in the MLS is working for the seller. An agent makes the most money by selling his/her own listings. A brokerage makes the most money when the agents sell in-house listings.
But there is a reason why I said "represented" above instead of "represents." There is something relatively new in my state. It's a buyer's agent. But they are still paid by the seller so I don't quite get it. I think it has to with a disclosure form that says they are working for the buyer. - not sure.
VLS agents are a hybrid of sorts so it seems. They do not come under the MLS. I believe they once did, but that has all changed. My best guess is that their first obligation is to the developer. That's OK, too. You just have to understand it.
JohnN said it well.
You have to realize that you are really the only one who is working for you. A good agent of either the MLS or the VLS must be able to bring it all together in what has been called
The Art of the Deal. But you have to do your homework and know your postion.
The TV market is probably going through some transition right now. Agents there were once able to give potential buyers a do or die window of just a few hours to make the decision to sign on the dotted line. Potential buyers had often just sold their homes in other parts of the country for quite a nice profit. All of that drove the market in TV. The houses there were selling really fast. Urgency was constantly in the air. My guess is that things have calmed down a bit.
Anyway, find yourself two agents, one VLS and one MLS. Make sure you are comfortable with them. Tell them what you want to see and where in TV. Don't waste anybody's time by looking at homes out of your price range or in a location you would never consider. TV hosts a lot of Open Houses which can help you get a feel for the various models.
You have to be clear on how agents get paid. It's OK. But you just have to keep it in mind, all through the process. Agents earn their pay by selling houses. The higher the price of the house, the higher the paycheck. But a good agent knows how to put a deal together. A good agent needs to be able to do more than just remain in "take it or leave it" mode.
It always comes back around to the fact that the market will bear what the market will bear.
But through all kinds of real estate markets, the buyer must understand his/her position. You look out for your own interests. That may be by hiring an attorney to make sure you are clear on everything. That attorney would be on your dime.