Your Home Sold! Who Did Your Agent Really Work For?

Your Home Sold!  Who Did Your Agent Really Work For?

Selling or buying a home is usually the single largest investment decision you'll make in your lifetime.  With that being the case it's important to ask; who did the agent who sold you the home or sold your house really work for? Having a REALTOR who represents your interests may be the key.

A REALTOR can work for a buyer or a seller as their fiduciary.  What does that mean? You have a choice to have a REALTOR work on your behalf as a buyer representative or work for the interests of the seller.  Huhhh???  In simpler terms, a REALTOR is legally bound to represent the interests of a seller, when they list their home or can have an obligation to represent the buyer's interests as a buyer's agent.  Either way the Realtor is legally bound to represent the interests of either the buyer or seller.  An Accredited Buyer Representative (ABR) has attained this designation through The National Association of Realtors having taken the course work, passed an exam and has proven buyer client transactions.

So what does a REALTOR owe their client, whether a buyer or seller? Fiduciary duties include reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account.  When you enter into a client relationship your REALTOR will keep your conversations in strictest confidence. It is akin to an attorney client relationship.  The REALTOR will work for you when selling your house to attain the highest price from the most qualified buyer or if purchasing a home, work to ensure you are not over paying for a home.

There are several ways to sell your home.  One option is to sell it "by owner" or in real estate terminology, sell as a "FSBO" (For Sale By Owner).  Using a REALTOR to sell your home has benefits since they know the market, have the tools to price the home accurately and can expose the house to all pre approved buyers.  "By Owners" usually believe they're "saving" the Realtor's commission but in effect you're taking on a tremendous amount of work that requires expertise in many disciplines, from marketing to title work, be prepared to wear many hats.  Although you'll certainly be representing your own interests you may not be the most qualified to do so.  Perhaps the most difficult task is overcoming the emotional attachment to the home.  Living in a space over long periods of time clouds clear thinking in regards to business decisions and the worth of your home.  Surgeons never operate on family members! 

When you list your home with a Realtor, that Realtor represents your interests.  However, the other Realtors showing your home can represent you or represent a buyer.

So when you decide to purchase or sell a home make sure you ask the REALTOR, who do you work for up front?  The answer to that question just might put more money in your pocket.

For more information contact Claire Bisignano Chesnoff,  N.Y.S. Licensed Real Estate Broker with Claire Properties direct at:  917-974-2238 or email:  clairechesnoff@gmail.com.  Visit:  http://www.claireproperties.com