If someone told you have to buy from them but no one else, you'd better run!
I am a listing agent and also a buyer agent, I represent my seller or buyer, and I know how and what it takes to carry a transaction all the way to closing on either side.
We are licensed real estate professionals, also independent contractors; which means we get paid when we close a transaction, not just showing a house to a buyer or help a seller to put their house for sale alone. I wish it worked that way, but we are not. We are strictly commission based. In another words, the more we close, the more we make. It makes sense, doesn't it?
In a typical transaction, there are usually 2 agents involved, the listing agent represents the seller and the buyer's agent represents the buyer. It is easy to understand which agent represents who at this point, correct?
If you are a buyer and already working with an agent which means your agent has been showing you some houses, help you to find a house that fits your criteria, always keep in touch with you. You should always stick with your own agent when you want to see any houses on the market, you don't need to call the listing agent on the for sale sign. Remember your agent is working for your best interest.
Dual agency representation is allowed in Arkansas, which means the listing agent can represent both the
seller and the buyer in the same transaction, fully disclosed to all parties and they all agreed to it. There are times a buyer is not working with any buyer's agent and just want the listing agent to represent them also after they called on the house and decide that is the house they want. If you don't agree with dual agency representation, you will need to find your own agent to represent you.
I hope this is simple enough for you to understand so far.
If this scenario happens to you, a buyer, run as fast as you can:
You call the listing agent yourself, (some reason, you didn't call your own agent, not a wise move) and he/she shows you the house. You like it and express to the listing agent you are interested in putting an offer on the house through your own agent. **FLASH FLASH** The listing agent told you have to buy it from her, you can't buy it from anyone else if you want a good deal. STOP RIGHT THERE.
- No one can tell you who you have to buy the house from, you make that decision.
- If the listing agent tells you have to buy it from him/her to get a deal, that is not true. The seller is the one who has the final say so on the sales price, not the listing agent.
- If you choose to use dual agency representation is one thing, but the listing agent can't make you to use him/her to represent you in the same transaction also.
- It does not cost you anything to have a buyer's agent, the buyer's agent's commission is compensated by the seller, not you, the buyer.
- Trust your guts feeling, if you think the listing agent is trying to pressure you to buy the house from him/her, you probably are right.
If you have a good rapport with your own agent, trust their advice.
photo courtesy:http://www.flickr.com/philmcelhinney
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