Working with real estate agents
February 5, 2008 at 5:33 pm | In Advice, Bank Owned, Buyers, Mortgage, Sellers, Uncategorized | No Comments
Tags: buyer's agent, compensation, laws of agency, military uniform, miranda rights, North Carolina Bar Association, North Carolina Real Estate Commission, seller's agent, working with real estate agents
I work at Century 21 Champion Real Estate in Jacksonville, NC. . .and I am a licensed real estate broker and a REALTOR. . .and I want to talk a little about agency. In the State of NC, when you approach an agent and begin to "talk shop". . .once the conversation turns from basic chit chat perhaps about the property and the market in general to your specific needs, financial status, etc. . . .sort of like Miranda Rights, you have the right to remain silent. Until you sign a buyer's agency or seller's agency with that agent, they are required to share that information with their clients if it is advantageous to them. "I just won the lottery, love the home you are marketing on Main Street and plan to offer a lot less than the list price." Well, if you aren't in a contract relationship with me, I have to tell my sellers that information, which, would be less than advantageous to you. There are Seller's Agents, Seller's Sub Agents, Buyer's Agents and Dual Agents. . .different hats of disclosure and responsibility that the very same agent can wear.
If you are interested in a copy of Working With Real Estate Agents, I would be more than happy to email a copy to you as it is too long to post here in a Blog format. Know that regardless of what agent you speak to or in which town in the state of North Carolina, you are to be presented this at "first substantial contact". . .which might not be the very first conversation, but once the topic shifts to your personal needs, financial information. . .or, techinically, if you are active duty and in uniform, as a Marine Brat, I know how much you make just by looking at your rank insignia. Knowledge is power and in a real estate transaction, I want you to feel you have the best advantage and best representation possible, even if it isn't with me. . .and the only silly questions in real estate are the ones you don't ask. So, ask away!
Learn a little more at http://www.ncrec.state.nc.us/
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