Winter, this can actually be a great reason to use what other states call a BUYER BROKER AGREEMENT as well. Here in Florida, we are now Transaction Brokers and the lines are very blurry compared to being a Single Agent or Buyer Agent.
Great job on the blog and clarifying all the facts.
For years Georgia did not have a buyer agency law in place. As a matter of fact, the only party to have representation in the transaction was a seller. However, the state of Georgia passed a law that provides the buyer to have the representation as well, but with a few provisions.
First, the buyer needs to put his request for representation in writing by signing a contract with a real estate broker. And, this request needs to be in writing before going to look at houses and certainly before writing a contract. Without this request in writing, every agent the buyer talks to is technically representing the seller according to the way the law is written. So, why would you want everyone in the transaction representing the seller??
Well most don’t. However, the way the law is written, without a buyers agreement, the agent is obligated to protect the sellers price and interests and is NOT allowed to offer advice or opinion to the buyer.
Unfortunately, what this means is that any agent the unrepresented buyer talks to should not be given any confidential information as it may be used to the advantage of the seller, whom legally, the agent represents.
So, let’s say that a buyer, who decided not to sign a buyers agency agreement, decides to put an offer in on a home. The buyer has to tell the agent exactly what they want in the offer, without any advice or guidance being offered by the agent and the buyer may or may not understand the contract or the real estate process, can find himself in a world of hurt.
Ideally, the buyer should seek representation as soon as they are ready to look at houses. I recommend even before hand because there is a lot of education that goes into lending laws, pre approvals, etc that can save a buyer a boat load of time.
And Just a Few More Tips When Hiring a Buyers Agent:
· When you Google the Agent, What Do Their Clients Have to say about their services?
· If you are concerned about the commission, remember the commission is paid by the seller and can be negotiated with a for-sale-by-owner seller as well.
· Meet with the agent first; see if there is a comfort level with both the person’s knowledge and personality.
· ASK QUESTIONS!
Remember, it doesn’t cost you a thing to have us represent you, but it could end up saving you a fortune. Visit http://www.seasonsrealtygroup.com/Our-Team.html to learn more about how our EXCLUSIVE BUYERS AGENTS can help you succeed in a world of uncertainty!