Should I Call the Agent with the Sign in the Yard?

Why it is best not to work with multiple buyers agents picture

When looking for a home either by driving by, going to an open house or online, you might end up with questions about the home or some interest. Who are you going to call?

If you see a sign in the yard why not just call that agent, as who knows more about that property? Do you think you will get a better deal?

In North Carolina the agent who lists the property commits to the seller in a written contract that they will:

Look out for the seller’s best interest by listing the property in accordance with the agreement they have with the agent

Owe them faith, loyalty, obedience, skill and fudiciary duties

They assist the seller in negotiating the offers and risk that come from a buyer

If you are a buyer, you are a customer to a seller’s agent. The agent owes their duties to the seller, not to you. It is just like going into any store where you might negotiate a price and having someone with inside information trying to assist you but they are not looking out for “you.” They have a responsibility to the seller.

So, you ask doesn’t the agent and seller want to sell? That is the whole purpose of listing right?

The agent does want the property to sell, and will present an offer on your behalf but will advise the seller on how to counter offer. Also, what if unknowingly you told them pertinent information like how much you were prequalified for? Most offers require a prequalification letter from a bank or proof of funds to be provided with the offer to make sure seller is working with a ready, willing and able buyer. This information you shared so willingly can come back to haunt you. Why? You shared it with the selling agent. You are not being represented at all, but it can cost you thousands more.

How are you protected as a buyer?

North Carolina has buyer’s agents. A buyer’s agent works with you as a buyer and represents you and only you. Just like an attorney who represents you they do not represent both sides. You will sign into an agreement just like the listing agent does with a seller, so the buyer’s agent is committed to serving you as a “client” not a “customer”.

What does a buyer’s agent do for you?

Buyer’s agents are required by law to perform the following duties:

Look out for the buyer’s best interest in assisting them to find a suitable property within their price and specific needs

Owe them faith, loyalty, obedience, skill and fudiciary duties

They assist the buyer in negotiating the offers and risk that come from a seller

A buyer’s agent does so much more, but these are the truly costly ones. They assist you in finding inspectors, attorney, CPA’s, securing funding, and following through all the steps until the home is closed and you are happy in your home. To really great buyer’s agents it is not just a transaction. It is your home, it is personal.

To make sure you are being taken care of as a buyer, interview buyer’s agents. Good ones will inform you of what a buyer’s agent does for you. Be expected to sit down with them and discuss financing, and what your needs are and many other important items you might not have thought of. Once you have chosen one they will ask you to sign an agreement between the two of you so when they call to make appointments on your behalf they can say I am representing the buyer. If you don’t have an agreement and they show you the property they are representing the seller. It is in both of your best interests to sign the agency agreement. The agent is then committed to serving you and you can stop worrying about calling all those agents to see their homes and know someone is on your side!

Agent and Buyer Shaking Hands

Sandra LoCastro Asheville NC Real Estate BrokerBecause buying or selling a home is a big decision, you need to trust in Sandra LoCastro, a real estate professional in the Asheville area, with Exit Realty Vistas. You will have step by step guidance and access to resources to make your transition a smooth one. Call me today at (828-768-4481). www.buyashevilleproperties.com (www.sandrasellsasheville.com)

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