First Hampton International Realty Real Estate HOT LIST | Seite 25

protect you and ensure that you are
able to back out of the deal if certain
conditions aren’t met. For example, if
you plan to buy a home with a mortgage but you fail to make financing
one of the conditions of the sale–and
you aren’t approved for the
mortgage–you can lose your deposit
on the home and could even be sued
by the seller for failing to fulfill your
end of the contract.
An experienced real estate agent deals
with the same contracts and conditions on a regular basis, and is familiar
with which conditions should be used,
when they can safely be removed and
how to use the contract to protect you,
whether you’re buying or selling your
home.

4. Real Estate Agents
Can’t Lie
Well, OK, actually they can. But
because they are licensed professionals there are more repercussions if
they do than for a private buyer or
seller. If you are working with a
licensed real estate agent under an
agency agreement, (i.e., a conventional, full-service commission agreement in which the agent agrees to
represent you), your agent will be
bound by common law (in most
states) to a fiduciary relationship. In
other words, the agent is bound by
license law to act in their clients’ best
interest (not his or her own).

5. Not Everyone Can Save
Money

In addition, most realtors rely on
referrals and repeat business to build
the kind of clientèle base they’ll need
to survive in the business. This means
that doing what’s best for their clients
should be as important to them as any
individual sale.

Many people eschew using a real estate
agent to save money, but keep in mind
that it is unlikely that both the buyer and
seller will reap the benefits of not having
to pay commissions. For example, if you
are selling your home on your own, you
will price it based on the sale prices of
other comparable properties in your
area. Many of these properties will be
sold with the help of an agent. This
means that the seller gets the keep the
percentage of the home’s sale price that
might otherwise be paid to the real
estate agent.

Finally, if you do find that your agent
has gotten away with lying to you, you
will have more avenues for recourse,
such as through your agent’s broker,
professional association (such as the
National Association Of Realtors) or
possibly even in court if you can prove
that your agent has failed to uphold
his fiduciary duties.

However, buyers who are looking to
purchase a home sold by owners may
also believe they can save some money
on the home by not having an agent
involved. They might even expect it and
make an offer accordingly. However,
unless buyer and seller agree to split the
savings, they can’t both save the
commission.

The Bottom Line
While there are certainly people who
are qualified to sell their own homes,
taking a quick look at the long list of
frequently asked questions on most
“for sale by owner” websites suggests
the process isn’t as simple as many
people assume. And when you get
into a difficult situation, it can really
pay to have a professional on your
side.
Your home is your biggest investment,
interview your local brokers and
choose the one that can provide the
highest level of professional services
and has a proven track record of
success and integrity.

Source:

Forbes.com