March 26th, 2008 - Options Realty - Laurie
Recently, we’ve received several inquiries from people interested in vacation/second/retirement homes on the North Fork of Long Island, New York.
While the majority of people are in the early stages, there is confusion- take the plunge, or wait?
Statistics are offering a clear indication that we are in a buyer-friendly market. As buyers, you control the market- a welcomed change from the days of frantic bidding wars, and disappointment.
Do buyers truly understand the power that they wield? I don’t think so- at least, not in New York.
And certainly, not on the North Fork. Here’s why:
The North Fork is a “last bastion” of seller-friendly real estate agents. While many are willing to go “out on a limb” in order to represent buyers with a broker agency capacity, few are willing to offer fiduciary (and the accompanying “liability”) to the current MVP- the BUYER.
Buyers have been forced to participate in the buying process in a two-on-one game- with both real estate agents representing the best interests of the seller. That this creates vicarious liability (not good) for sellers has gone unnoticed- or is simply misunderstood.
The resounding word used by local agents that eschew buyer agency is “liability”. Hmmm. Fear of a buyer suing an agent for violating the required fiduciary spelled out in a BUYER AGENCY AGREEMENT.
Please follow this link to read the rest of this great post from Laurie at OptionsRealty.com
Thanks Alot!
Comments(2)