Orlando FL Luxury Buyers Agent is a necessity for any homebuyer seeking to purchase a luxury home. Buying a Luxury home in Orlando is not a simple cookie cutter transaction. Not only is there is a lot more money at stake, there are also more components that can go wrong. Keep reading and you will understand.
3 facts about Florida representation that buyers don’t know
1. Florida is a “Buyer Beware” state the does not have mandatory agency disclosures. This is the only state that I know of where the broker does not have to tell you, the buyer, that they work for the best interest of the seller... A scary thought for sure….and yes, that means you are on your own, unless you hire a Luxury Buyers Agent to guide you around potential problems. Not that everything is a problem, but there are a lot more problems than any buyer realizes. We will discuss some shocking stories later...
2. Almost all brokers in Florida work as “Transaction Brokers” with absolutely no fiduciary duties to you the home buyer. No loyalty, no full confidentiality, no full disclosure. A Transaction Broker strives to facilitate the transaction with both the buyer and the seller at the same time, so they keep both sides of the commission. Sure, the state allows them to call it “limited representation” but if you read the Florida definition of what that really means, it is NO TRUE REPRESENTATION AT ALL. None….zippo. And it’s your hard earned money you are spending...An experienced FL Luxury Buyers Agent will help you invest wisely.
3. Florida Agency Laws protect the Broker $ commission $, not you the consumer. Broker responsibilities have been diluted so much that in most cases, it is either non-existent or such a watered down version that it does nothing to protect the buyers interest. When you work with a Transaction Broker “facilitator”, that broker is simply in the middle trying to keep both sides happy. Color it however you want, but lets face it, buyers and sellers have opposing interests. Seller wants more money and you want to pay less.
Buyers Broker of Florida is an Orlando FL Luxury Buyers Agency
On a positive note, our unique Buyer Brokerage office does fully represent only the home buyer and never the seller. We have been in business for almost 30 years, exclusively representing home buyers with expertise and enthusiasm. Call us for a no pressure complimentary chat about your home buying needs. 407-539-1053. Check our 5-star reviews here. To understand your choice of a Luxury Buyers Agent in Orlando, it is important to understand what the duties of brokers are in Florida. Read the whole story here.
How to get started with an Orlando Luxury Buyer Representative
While we are the premier Buyer Agency office in Central Florida, you might run across some traditional brokers that may claim to be an exclusive buyer representative. Don’t be fooled. If the office lists properties, they owe allegiance to the seller. The law in Florida does not allow any broker to serve two masters...which is exactly why we are only on the buyers side. That way, we have no conflict of interest, and are under no obligation to promote any particular seller properties.
We welcome your interview and look forward to building a mutually satisfying relationship of trust. Ask us anything…407-539-1053
How an Orlando FL Luxury Buyers Agents sizes up the home
As a Dedicated Luxury Buyers Agents, I want to know everything about the property being considered. I gather all the information available and if I find a negative, I tell the buyer. No secrets. If the buyer chooses not to buy, that is OK, because there is always another property to buy.
Here are a few things that an experienced Luxury Buyers Agent investigates:
Check ways to learn how long the property has really been on the market.
Compare the property to what has sold recently.
Review all the price changes...drops or increases.
Examine google maps to see what is located around there
Find out why the property was under contract and now back on the market
Check the tax records for anything unusual
Maybe even check with the city or county for violations
Ask for any inspection reports
Evaluate why has the property has not sold
Ask about previous offers
If remodeled, check for permits
Ask the listing agent questions...if they balk, I ask a different question. While some sellers agents may not say much, others divulge more than they should.
Benefits of having your own Luxury Buyers Agent
The Shocking True stories...
Story # 1 Complicated property.
Private compound with two homes, two pools, airplane hanger, and commercial building.
When viewing the property, the listing agent comments that the downstairs of main house has new carpet and new paint due to water damage. I ask from what and was told that the pool overflowed. I notice that the house sits about a foot higher than the pool and the pool sits on a lake. Common sense tells me that if the pool overflowed, the water would go in the lake, as water does not flow uphill.
I check with the city for permits and learn that a water pipe burst in the bathroom walls and flooded the first floor...now that is a totally different story.
I was also told that another buyer is interested in purchasing and they are communicating with the city about future plans. I am curious about my buyers competition, so start asking questions from the city clerks. I learn that years ago, when the property was built there was a water line that was not connected to the meter and the water for one house has been on the city meter...using city water...for free.
The city had notified the owner several times in the past 6 months. The city cited violations and requested that it be reconfigured or they were going to cut off the water to the property. The city was requiring a water line search and an independent engineer to submit drawing on how they were going to rectify the problem. We provide the listing agents with all this information including the contacts; their response was that we were wrong and we did not know what we were talking about.
Meanwhile, we negotiate a contract for the buyer with the condition that the owner rectify the water problem. A couple of months go by and nothing is done.
Finally, the sellers representatives set up a meeting with the city and the city attorney decides that since this property is being sold that they are going to change the deed restrictions that are on the property. Instead of having several water meters for this compound, they are now only going to allow only one meter for all the buildings. Is that crazy or what? The reason given was the convenience of reading the meter...
Not only is the city overstepping their boundaries, the listing agents think that this is a good idea and are talking the seller into accepting this proposal. That would change what the buyer is actually buying. It would mean that if the buyer ever wanted to rent out any portion of this large property, they would not be able to separate out the water usage. The existing meters would be worthless. Why DEVALUE the property?
We discussed this with the buyer and their attorney and they did not want this material change either. The buyer withdrew from purchasing the property. Today the property sits vacant. How much do you think the next buyer will know?
What do you think would have happened if the buyer had not hired us?
Story #2 Lakefront acerage.
One-of-a-kind gorgeous Vacant Land acreage between 2 lakes. Access is through two neighbors property. We advise the buyer about doing proper inspections: a survey, (to verify the boundaries of the property), wetlands study (to verify how much land is actually buildable), and adding the access easement to the survey (confirm legal access to property). The Title company wants to exclude that from the title insurance policy as the survey shows that the legal easement is not adequately described and therefore cannot be insured. Making the easement an exclusion on title insurance is not acceptable as the buyer then has no guarantee that they have access to their own property.
Buyer withdraws from the contract. Seller goes back to their original title company to correct. That title company revises and then pays the neighbors for their cooperation in granting legal access. After recording proper access, buyer goes back under contract at $10K less…
There is vacant land sold every day where the buyer does not bother getting a new survey because no one has advised them how badly they need one.
Story #3 Repairs after inspections.
After inspections, on an “as is” contract, seller has agreed to our written request to fix the roof leak and replace the rotten wood. They fix the leak and cover the rotten wood, instead of replacing it.. We make them re-do and replace the rotten wood also. Shoddy work is never acceptable.
Story #4 Winter Park Luxury Home Septic.
Seller claims they are not on septic, but on city water. During home inspections, the Luxury Buyers Agent notices that there are no manhole covers in the street which indicates city utilities. The buyers agent texts the listing agent to again confirm that the property is on city water. The listing agent confirms that the seller said they are not on septic.
Long story short the property is on septic. Buyers do a septic inspection only to find that the septic lid is cracked with a tree growing inside...a real tree. Septic company does not bother to pump it out and closes it up. Not to mention, that the seller has added a bathroom to the property and the septic/drainfield is too small to handle that size of home. The seller has owned the property for two years...do you really think that the seller did not know he was on septic? Not a chance…
Buyer withdraws from the purchase wondering what other problems were not disclosed…
Story #5 Flawed tile on new construction.
New construction walk-thru. (yes, we always do them...with or without the buyer) Buyers Agent notices that the floor tile is flawed. Buyer does not notice and builders agent is not saying anything.
Buyers Agent makes builder replace the entire 2nd floor with new tile. Not only does a seasoned buyer agent notice things like that, they are also not afraid to speak up and make sure it is corrected for the buyer.
Story #6 Seller removing things of value.
Right before closing, I do a walk thru and find the side by side refrigerator missing, washer and dryer gone, the nice hunter fans replaced with cheap stuff. The chandelier removed, and even the fancy moen kitchen spigot replaced with junk. I might not have noticed the “spigot” part, but they left the box on the counter. I notify the listing agent of the problem. Listing agent says it is not a problem because the sellers were not “planning” on leaving them.
Yes, it is a problem. It is addressed in the contract. Sellers cannot replace or remove anything that is supposed to stay with the property.
I negotiate adequate monies for the missing/stolen items. Listing agent compensates the sellers.
Sellers routinely remove or replace items that belong to the buyer. We find missing mirrors off the bathroom walls, appliances replaced, and all kinds of stuff. We even had a transaction where the seller removed some shrubbery and the pavers from the driveway!
One time, the seller removed the elaborate security system from the house leaving large holes in the walls and ceilings. Not only did he take it, he actually paid a company to remove it! Yes, we made him hire a company to put it all back and fix the holes...
Many times, the listing agents think it is OK to replace things as long as it is similar. Not so. We often hear stories from buyers without proper representation how they got the short end of the stick. You have a choice to not go through this. Call us 407-539-1053.
What I have learned about Luxury Listing (Sellers) Agents
Listing high end property is very competitive and these “sellers agents” all want to sell the property for as much as they can. They can then promote their statistics and use that to get more listings.
One would think that the sellers agent knows everything about the house, but not so. Many times, I have learned things about the house that the listing agent was not aware of...sometimes they don’t want to know. If they are aware of negative issues, they are required to disclose, but that might not sit well with the seller, (who they represent), so that part you cannot rely on.
While full disclosure of material facts is the law, the reality is that “full disclosure” is a well protected secret. These sellers brokers are fierce protectors of the seller and keeping the property value high.
So, if you ask a direct question, a luxury listing (sellers) agents standard answers are:
“ I don’t know”
“they bought it that way”
“It’s grandfathered in”
...and more bogus claims.
Which is exactly why you need us...407-539-1053
What will your Orlando Fl luxury buyers agent suggest you inspect?
Luxury property always needs more than just a simple comprehensive inspection. You should inspect everything that may be a costly fix to you. Each property is unique, so inspections may vary from $ Hundreds $ of dollars to several thousand dollars. The property may have an elevator, resort size pool, and multiple sophisticated A/C units that most techs have never worked on.
Sometimes you need to bring in additional specialists to do a proper evaluation. For example, you may need an expert on technology or need a real roofer to actually walk the 10,000 square foot tile roof.
When you are spending big bucks of your hard earned money, it is important that you understand exactly what you are buying. This is not the time to cheap out on marginal inspections. Finding problems affords you the opportunity to re-evaluate the purchase or renegotiate the contract.
Buying your luxury home “as is”
Almost all home purchases in Central Florida are written on an “as is” contract. That does not mean that you must buy the property with the deficiencies. “As is” only means that the seller is not interested in fixing anything...it does not mean they won’t.
If the inspections are a contingency in the contract, and there are actual deficiencies you are not willing to accept, we do renegotiate the contract. We have received $ tens of thousands in repair credits and $ hundreds of thousands in price reductions after inspections. Sometimes the seller is already stretched to their limit, but regardless, we will always do our best to advocate your position.
How a Florida Luxury Buyer Broker gets paid commission
Commission is paid the same as any licensed broker in the State of Florida.
From the split with the listing office
From the seller
From the terms of the contract
There is no additional cost to have a Luxury Buyer Broker represent you. On new construction, all builders pay the buyer brokerage fee.
Luxury Buyers Agents gives tips to Luxury home buyers in Orlando
Use your poker face when viewing property when the seller or agent is there.
Be careful what you say...there may be cameras and recording devices.
Say nothing about yourself. The less the seller and their agent knows about you the easier it is to negotiate a contract.
The seller and listing agent are never on your side. What you say in front of them can and will be used against you to drive a harder bargain.
Our Confidentially: You can tell us everything. My lips are always sealed and your information is always confidential. True Luxury Buyer Reps do not blab, which is exactly why every luxury home buyer needs an Orlando FL Luxury Buyers Agent.