Quote:
Originally Posted by EricN
Always do a walk through. It protects you from any surprises, as other posters have mentioned. You can have your Real Estate agent do it for you, as long as they know what to expect to see. You would need to take your agent on a walk through, prior to closing, so that they can see the property in the condition that you expect to receive it.
Please understand that there are 3 "types" of agents.
Sellers Agent: They represent the best interest of the Seller. Their fiduciary requirement is to the Seller. The will assist you, the Buyer, with the purchase, in the Sellers best interest. This is usually the agent you meet at an Open House. They are paid by the Seller.
Buyers Agent: They represent the best interest of the Buyer. Their fiduciary requirement is to you, the Buyer. The will assist you with the purchase, operating on your behalf. This is usually the agent you call and ask them to show you various homes. They are paid by the Sellers Brokerage Agency.
Dual Agency: In some states, if the agent represents both the Buyer and Seller, it is known as Dual Agency. The agent now has to be fair to both sides, but the fiduciary requirement is now towards the legal fulfillment of the sales contract. Personal interest or requirements of either the Buyer or Seller may, or may not, always be considered. They are paid by the Seller.
Many states require the agent to disclose to you, in writing, an Agency Disclosure that tells you who they represent. You should get this up front, before starting any transaction.
You can chose how you wish to go forward. Most transactions go smoothly with the Sellers agent assisting the Buyer. People usually only post the bad ones. You have the freedom to make you own choice. Just know your options.
Cheers!
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I expect the author is a broker or sales agent.
As a buyer, most of us are way outclassed. Most of us do not buy and sell anything in the price range of a home on a regular basis.
Add to that that you are riding around with an agent who works for the seller. You are lulled into forgetting that the person driving the car is working for the seller. Usually you do not make the decision alone. Your significant other is there, your kids etc. You see a house. You say, forgetting it is NOT PRIVATE.
Lets offer xxxxxx if we have to we can go up from there. Of course the agent, who works for the SELLER would never say to the seller they are offering xxxxxxx but I think they will go up from there.
Experience years ago-not in Florida. At the time, the resale market stunk. We made a written offer on a home. We later discovered that the home was sold for less than our offer.
I called the ETHICS board for brokers. They wanted ME to appear for a hearing. Fines damages etc. I asked and was shocked by the answer as to who gets any fines, damages etc.
It goes to their group. Not to the buyer, the damaged party.