Quote:
Originally Posted by BrianL99
Yeah, let's ban Buyer's Brokers, because no one needs them. Who cares that AARP, the Consumer Federation of America, Money Magazine and the Federal Trade Commission, all advocate the use of a Buyer's Broker.
Florida’s Dirty Little Secret: Transactional Brokerage Leaves Consumers as Clueless as Ever
"Ralph Nader, the AARP, the Consumer Federation of America, the Federal Trade Commission, Money magazine and other media advocated that buyers should seek out and work with buyer’s brokers to assure that their interests were truly represented." |
In SOME STATES that may be true. In Florida, no. A buyers agent here is not held accountable for a thing because there is no contract with the buyer. If a buyers agent can say and do as HE PLEASES without any recourse, how is the buyer being represented fairly?
A seller HIRES an agent to sell his home. They discuss a price that covers the commission and then signs a contract. In the end, the commission is paid through the seller's funds.
A buyer is not involved in commissions with an agent. The buyer agrees to a purchase price. That is his only commitment.
Since the seller hired the agent and is the only person responsible for paying commissions, it can be rationalized that all agents represent the sellers. Until the SELLER accepts an offer, an agent(s) does not get paid.