The fact is, real estate law is complicated and ever-changing. It is not easy for the average individual to keep up with the constant transformations of the market. While it is easy to get lots of information about the market, including specific values, when it comes to protecting your best interests, your real estate professional knows how to evaluate that information to determine the true value a property holds for you based on your specific criteria and short and long-term objectives.
In addition, there are increasing numbers of inexperienced agents providing inaccurate real estate advice and making promises regarding getting you the best deal on a property that no one can assure, resulting in serious financial consequences to you.
A good real estate broker does research, understands the complexities of a real estate transaction, and remains on the forefront of new changes and updates in the industry. In addition, he or she will present clients with a realistic assessment of their individual real estate matters while addressing their concerns and questions. Make sure your Buyer’s Agent is in good-standing with their state real estate commission and are members of the local REALTOR® board with positive personal testimonies from real clients. Remember, there’s a top ten percent and bottom ten percent in every field.
Real estate is local. In the state of North Carolina, a well known axiom is true: Buyer Beware. In North Carolina, until a buyer is formally contracted with a real estate agent as Buyer Agent, that agent is considered to be a seller’s agent, representing sellers in general. If you’ve toured a home with a real estate agent without benefit of having that Exclusive Right to Represent Buyer Agency Agreement contract in place, you had no representation. However, once you are under contract with an Exclusive Right to Represent Buyer Agency Agreement, that contract changes the relationship you have with your real estate agent. Now your Buyer’s Agent’s fiduciary responsibilities are to you alone, unless dual agency exists. Dual agency has two facets. Dual agency exists if the real estate broker (a) is also the listing agent of a property you’re considering, or (b) if the property you’re touring and may be considering is listed by any member of your Buyer Agent’s firm. Is it possible to assure that the agent you’re working with represents you and you alone? Absolutely. The key is to contract with your real estate agent at the first possible opportunity to put in place the buyer agency agreement so that the agent’s fiduciary responsibility is to you alone.
An Exclusive Right to Represent Buyer Agency Agreement also prevents a third party from forcing you to perhaps also pay them for procuring cause if they introduced you to a property and could prove they continued the conversation that led you to purchase even while contracted with your preferred and contracted Buyer’s Agent. It attempts to eliminate the scenario where one party does all the work and a side party comes in and makes claim to the deal.
Too commonly, a buyer new to the market looks at a first property, perhaps with Agent A who opens the door and says welcome, but the client is unsure of the deal and doesn’t proceed with an offer. The buyer then spends weeks with Agent B looking at everything else meeting his criteria, getting a grasp of values, strategy of return on investment (ROI), strong offer strategies, appreciation potential, etc. with Agent B and goes back to property one for a purchase…the biggest issue and problem that the real estate commission handles every year is procuring cause: who made the deal on property one happen? Your formal relationship with your Buyer’s Agent puts all agents on legal notice to send all information and make all contact through your agent, who works exclusively on your behalf to protect your best interests.
To protect your best interests from contract to close, make sure you employ an experienced and knowledgeable Buyer’s Agent in every real estate transaction. This professional service is a free service to you. Builders and sellers whose homes are listed in the MLS system already include this fee. Who’d pay thousands of dollars for a professional service and then not utilize it to protect his best interests?
My Commitment to You
As your Buyer’s Agent, I commit to provide well-planned tours of numerous communities, neighborhoods, and homes that meet the guidelines you set, and to represent your best interests from contract to close. I pledge to:
◊ Communicate clearly and provide information pertinent to your housing, price range and special needs.
◊ Adapt to meet your changing needs as you reset priorities.
◊ Use a well organized, systematic approach to the process that helps you maintain focus on your personal priorities of housing, education, lifestyle, price range, commute time, and family needs.
◊ Advise you on issues that are common to this market that may affect your decisions.
◊ Approach For-Sale-By-Owners (FSBO’s), Auction Representatives, and Custom builders on your behalf to arrange for home tours.
◊ Provide you with the history of the listing, recent sales in the neighborhood of like properties, flood plain information and, in general, give you the information that you will need to make the most educated decision.
◊ Provide you with the details on how to make the strongest offer on a home, negotiate the offer for you, set up and attend inspections, and negotiate the request for repair details.
◊ If building is your preference, I’ll guide you through the lot selection process, interview solvent builders of good repute who build in your price point, and work with you from contract to close, including attending all meetings with the architect, builder, and materials selection, etc., overseeing the process in the smallest detail.
◊ Assure that you receive and approve the HOA Covenants and Restrictions, if applicable, prior to going under contract.
◊ Complete all the necessary paperwork required by both state law and the real estate firm.
◊ Provide lender contacts and discuss financing options and strategies.
◊ Set up the closing with the attorney and provide all necessary contract documents needed, and let you and the listing agent know time and date for closing.
◊ Contact and follow up regularly with the lender to ask what is needed.
◊ Provide contact with several insurance providers so you can set up Homeowner’s Insurance.
◊ Accompany you through final walk-thru to confirm repairs have been completed in a workman-like manner.
◊ Follow up with lender to make sure loan package has arrived.
◊ Make sure everyone is ready for closing and know what is needed.
◊ Review and explain HUD statement prior to closing.
◊ Accompany you to closing.
I look forward to working with you as you pursue the joys of home ownership.
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A Charlotte area native, and licensed in NC & SC, Chrystal is very experienced with international relocation, home buying and selling and with rental portfolio development and holds MASTERS Designation specializing in New Construction, Finance, Marketing, Objection Handling, Relocation, and Technology and is a member in good standing with Charlotte Regional Association of REALTORS®, North Carolina Association of REALTORS® and National Association of REALTORS®