Are You My Agent?

With the passing of the stimulus credit and the implementation of the first time home buyer's tax credit, we as real estate professionals are hoping the buyer's will be seeking our help and expertise in purchasing a home. Since first time home buyers have limited or no experience in this area, it is important that they fully understand the purchasing process.

Here are a few buyer myths that I have come across that can cause buyers to misunderstand agency relationships:

Myth 1 - If an agent is showing me properties, that agent is working for me!

Fact - This is a common misconception. Unless you have entered into a buyer's agency contract with that agent, that agent is ultimately working for the seller.

Myth 2 - If I want to see a listed property, I have to call the agent on the yard sign!

Fact - The truth is any real estate agent who holds a valid license in the state can show you any listed property. It is critical that the agent know the market, however.

Myth 3 - If I want a real estate agent to help me write my offer on a property, I need a buyer's agency contract.

Fact - You do not have to enter into a buyer agency contract to have a real estate agent write an offer for you. Even though the agent writing the offer does not represent you, he or she must adhere to the code of ethics which specifically requires him or her to be honest and fair with you.

These are just a few of the misunderstandings that may occur. When beginning your search for a new home, work with an experienced agent that you like and trust. He or she will be more than happy to answer any agency questions you may have.

Happy house hunting!

Take care.