Quote:
Originally Posted by frayedends
Just found out from a prominent villages real estate agent (MLS) that there can indeed be a contract for a buyers agent in Florida (though she rarely uses one). Also the agent can act as a transactional agent representing both buyer and seller. But that can get tricky if issues arise. Her video is on YouTube. Her name is Robyn Cavallaro. The video title mentions what buyers agent can do. She basically confirmed everything I’ve said in this thread.
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You must have misunderstood her. A dual agency in Florida is prohibited. Read the Florida real estate law. No one on this thread stated a buyer could not have a contract in Florida with an agent. We all stated it is a choice. You DO NOT have to use a buyers agent to close a real estate transaction.
Yes, most buyers agents in Florida do not use contracts. The reason? The buyer would have to pay the purchase price of the home PLUS A FEE to the buyers agent.
A buyers agent does not get paid until the SELLER accepts an offer. The buyers agent then receives his commission through the SELLERS FUNDS. This is the reason for the lawsuit. It causes inflated commissions for THE SELLER.
Once real estate laws change due to this lawsuit, a buyer will HAVE to pay his agent out of his pocket. I highly doubt a buyer is going to pay his buyers agent an additional $12,500 on top of the purchase of a $500,000 home. They will deal direct with the listing agent where they will have no additional cost. See? Inflated commissions gone!